Automate Payroll
Payroll leaves no room for error. Failing to pay the proper amount of payroll taxes and having to pay out a lump sum at the end of the year can put a company out of business. Not to mention the additional penalties the IRS often issues small business owners for payroll errors (for example, not paying the right amount – which can end up costing a business up to $1,000 in penalty fees). Even without mistakes, processing payroll manually is time consuming and costly. A payroll service will help prevent errors and save your company time, money and manpower.
Given the sensitivity of the information needed to process payroll, it is critical that the right service is selected for your business. Depending on your needs and the accounting software you select, a few examples of payroll software to consider include Gusto, Zenefits, Inuit and ADP.
Building a Comprehensive Cloud Accounting Strategy
Building a Comprehensive Cloud Accounting Strategy
Building out your cloud accounting stack is a continuous effort. As with building any infrastructure, the process requires an understanding of the strengths and weaknesses of each component and knowing which features and capabilities are non-negotiable for the business. Does the stack need an integrated system to track payroll? What about travel and expense reimbursement?
Understanding which capabilities and integrations are needed for your cloud accounting stack can be daunting, but if businesses consider the following recommendations, identified by Omar Qari, co-founder of Abacus, they will be on the right track to creating a sound, fully integrated strategy.
