October 08 ,2015 | by Claire Payne

Free payroll software can help small businesses save time and money

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Although using qualified accountancy personnel is an essential part of the financial planning for any business, today there are many ways that the preparation of data can save time and money for small businesses and SMEs.

In fact, many accountancy sector professionals encourage small business to use payroll software that can help make data gathering less man-hour intensive and smooth the passage of information transfers to HMRC.

Free software

With this in mind, there isn't even the need for a small operator to have to lay out funds for expensive software - many free packages are easily up to the job.

Feature-rich suites that are accepted by HMRC and fully integrate with their systems mean that SMEs can be compliant with RTI requirements.

The range of products covers many essential tasks that are often outside the remit of a qualified accountant, but can save a business money on low-level bookkeeping tasks.

Features

Obviously, anything that needs to comply with HMRC requirements must be capable of printing key documents such as P45s on blank or HMRC paper.

Payslips are easily created by auto-enrolment processes that can deal with an unlimited number of employees in some cases.

The whole range of weekly, fortnightly or monthly payment schedules can be covered in this way as well as break down into basic, daily, hourly and statutory payments.

Although there is no free substitute for the experience and expertise that a qualified accountant will provide, free software does undoubtedly have its place in the great scheme of things.

Claire Payne

Claire Payne is a journalism graduate and News Writer for LSBF. She writes about SMEs, education and careers, entrepreneurship, women in business, and sustainability.

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