Statutory payroll tax deductions

Processing payroll for small companies can be a huge hassle for small business owners, not to mention incredibly time consuming. Small business owners already have a lot of responsibilities to deal with, they shouldn’t have to worry about wasting so much time and energy on payroll management.

Fortunately there are online payroll solutions for this very reason. Managing your payroll online can save a lot of time, and involves much less annoying paperwork and calculations.

Take a look at the comparisons between online payroll management online, and filling out paperwork manually:

  1. Calculations
    Manual: One minute per staff member
    Online: 20 seconds per staff member
  2. Paperwork
    Manual: One minute per staff member
    Online: 10 seconds per staff member
  3. Checking Legislation
    Manual: Two minutes per month
    Online: 20 seconds per month
  4. Calculating Days Worked
    Manual: Five minutes per staff member
    Online: 20 seconds per staff member
  5. Creating Reports
    Manual: Two minutes per staff member
    Online: 20 seconds per staff member
  6. Add it up!
    Manual: 11 minutes per staff member
    Online: 1 minute 30 seconds per staff member

Online payroll management will save a great deal of time for any business, no matter the size, but it is particularly effective for large businesses. As a matter of comparison, doing payroll for 10 employee would take 15 minutes online, but would take one hour and 50 minutes manually. For 20 employees, online payroll would take 30 minutes, while manual would take three hours and 40 minutes. Payroll for 50 employees would take one hour and 15 minutes online, but would take a whopping 9 hours and 10 minutes to do manually.

It’s just not worth it to throw away so much time that could be better used elsewhere, on other tasks. Online payroll software can do the bulk of the work for you, saving you time and energy. Online payroll is also more convenient for employees, as they will be able to easily access paystubs and tax information through the online portal. More research here.