Selecting Payroll Software for the Small Business

Payroll software is something that every small business needs.  Ideally, the program will be integrated within a well-structured database.  It makes things easier for management and inspires confidence in employees.

Buying an off-the-rack, one-size-fits-all program could waste your money and your time.  The programs can cost as much as $ 300.  The cheaper programs must be updated or replaced every year.

Installation can be time-consuming.  Entering all of your employee’s information and specifics about your company will take even longer.

An experienced database designer can take care of all those things for you.  He or she can include automatic updates and other time-saving features.

Your time is valuable.  Time saved is equivalent to money saved. A customized system is always a worthwhile investment.  As your company continues to grow, a good database will grow with you.

The database can keep track of employee commissions and expenses.  Your company’s computer can serve as a time-clock, keeping track of the hours worked by each employee.  The only things your employees will need to remember to do are to clock in and clock out.  Your database will do just about everything else.

The typical payroll software does not include those features.  Some of the more advanced accounting versions offer you the option of entering commissions or expenses, but those programs are more expensive.

They can be difficult to use and errors are common.  Everything depends on entering the information correctly. There are no true checks and balances.

The small business owner can compete with the big companies by taking advantage of the latest technology.  Owners can keep the best employees if their systems ensure accuracy.

Employees will quickly become frustrated with payment errors.  People will put up with a lot, but not when it comes to their money.

Small business management tools can be integrated into your database, as well.  Customized reports can be generated with ease.  Employee sales can be tracked.  Inventory can be monitored.  Those are things that off-the-rack payroll software cannot do.

You could continue to buy individual programs as the years go by.  On the other hand, you could have a database designer include all of the options you need now and those you expect to need in the future.
A well-designed database will help you grow your small business.

If you’re like most owners, growing your business is one of your ultimate goals.  Off-the-rack payroll software will not help you achieve those goals.

Inventory control is an essential part of operating a small business.  A big company might be able to afford losses.  They sometimes include losses as a cost of doing business.

Smaller companies need to keep their costs down as much as possible. It helps them remain competitive.  New technology has made inventory control easier and more accurate.

Investing in the technology today will save you money in the future. It could be the only way to keep your contracts.

The federal government and private companies alike have started requiring their suppliers to use RFID technology.  Barcodes may be on the way out.  The suppliers who do not have the technology will not get the contracts.

Your company’s equipment could be some of your most valuable assets. Knowing where the equipment is located at any given time and being able to print out accurate inventories could be necessary to keep or increase your line of credit.

Of course, the right tools for your small business depend on what your company does.  RFID tags are the standard in animal management. Transportation companies are using a combination of RFID and GPS technology to keep track of their vehicles.

An experienced database designer can help you find the right tools for your company.  Creating a customized system is so much better than trying to adapt an off-the-rack program to fit your company’s needs.

The big advantage of RFID technology has to do with the ability to evaluate current inventories accurately.  In the old days, we had to look in the back or estimate on-hand supplies.  On a yearly or bi-annual basis, we did a true count.  The discrepancies were often huge.

There is no reason for any small business to guess in this day and age.  Discrepancies are no longer inevitable.  Products can be tracked from the beginning of the supply chain to the end; from the shipping dock to the customer.

Companies using the latest inventory control technology have found that employee theft is reduced or eliminated.  The tools can be used to prevent embezzlement and fraud.

Within the retail establishment, the technology can be used to prevent shoplifting, another possible source of loss for the small business owner.  Shoplifters are discouraged by in-store signs.  If they happen to miss the signs, an alarm will sound if they pass through the door.  Either way, the theft is usually prevented.

Inventory control should be only one aspect of your business.  With today’s technology, it is one aspect you should not have to worry about.