As a payroll manager or HR professional working with your company's payroll process, you may have found that automation tools like a payroll calculator can be indispensable. For a small business with a handful of employees, having access to a variety of online payroll calculators can be a valuable asset.
Accuchex has provided exactly that with their own series of calculators. While this approach is far better than other manual methods, there are still some distinct disadvantages to relying solely on calculators.
Five Reasons You Want to Move Up From Payroll Calculators
Don't misunderstand: tools such as our calculators are incredibly powerful and valuable resources for your payroll process. They are easy to access and easy to use. Just enter your employee’s pay information and the calculators will process the numbers to show you the amount to pay and how to deduct for taxes.
We ensure your computations are accurate with the most up-to-date tax tables, so you don’t have to think about it. Also, the calculators can be used to include overtime, bonuses, or payments. There are three different calculators for all of your payroll processing needs:
- Hourly Payroll Calculator
The per hour calculator estimates take-home pay for hourly employees after tax obligations and other deductions are kept. Merely choose the hourly pay rate alternative to enter the variety of hours functioned as well as the gross hourly price.
- Salary Payroll Calculator
The salary calculator determines take-home pay for salaried employees after tax obligations and deductions. Select the wage pay choice to enter into the gross income amount, and net pay is instantly determined.
- Gross-Up Payroll Calculator
With our gross-up calculator, you can compute gross pay based upon net earnings and allow for adjustments in 401(k) contribution quantity, changes in deductions for health and dental insurance and similar scenarios.
As good as these are, however, there are still advantages and benefits you miss by not taking your payroll process to the next level: outsourcing to a payroll management company like Accuchex.
Disadvantages of Not Outsourcing Payroll
- You must spend hours on your payroll process every pay period, manually entering data and figuring out deductions and contributions.
- You run the risk making costly mistakes from incorrect input calculations, or from missing changes in employee status.
- You have to manually file and pay all payroll taxes, accurately and on time, for multiple tax agencies operating on different filing schedules.
- You are required to maintain compliance for a number of issues and regulations, as well as keeping informed and up-to-date on every current change in payroll legislation and labor law.
- You have little or no support for answering your payroll questions, or resolving issues with payroll.
Taking the Next Step to Manage Payroll
The key is to think strategically, and act tactically. In other words, anticipate your needs and expected growth while taking steps today to improve and streamline your current processes and systems. In many ways, your payroll process is the core function that helps maintain your business. So paying your employees as cost-effectively as possible makes good fiscal sense.
With the wide variety of tasks and accountabilities HR professionals are responsible for managing, having the best tools at their disposal becomes an ever-present concern. Programs evolve, technology changes, and what was purchased and installed three years ago, for example, may not be sufficient for today.
While using calculators and investing in the best available software are viable options, the next step you should consider is outsourcing. This can be simply outsourcing one process such as payroll. However, with a full-service provider such as Accuchex, you have additional options for outsourcing as well.
Let Accuchex help you in managing your HR needs, payroll processes, and staying on top of compliance demands. Get your Free Download: Payroll Outsourcing Guide to help you make an informed decision or call Accuchex Payroll Management Services at 877-422-2824.
