For a company to reach its full potential, it needs the help of the right workers. Without talented staff to assist with everyday operations, bottom lines are likely to come up short, but the past few years have proven challenging when it comes to reaching hiring and productivity goals. As the economy as a whole improves, organization leaders may again find themselves in good enough shape to bring on new workers or even give their current ones raises, but it's important to keep in mind that managing finances can be difficult in its own right. To keep profits healthy, tools like payroll software can be significantly beneficial.
Using small business payroll software, owners can ensure that all accounts payable records are being accurately compiled. By turning away from less efficient methods of bookkeeping that rely on an employee to log hours and do calculations manually, it's more likely that each staff member will receive a correct paycheck in a timely manner. Not only does this mean that all workers are satisfied with their management's performance, but it guarantees that companies won't need to waste time rectifying errors. The entire operation benefits from this data being properly entered the first time around.
Hiring rates strong in April
As more enterprises get ready to add employees to their payrolls, it's important that helpful technological solutions are being deployed. According to the Bureau of Labor Statistics (BLS), April was a positive month for the American economy. Approximately 165,000 jobs were added last month, and results for February and March were revised up by an overall total of 114,000 positions.
The BLS noted that some of the most significant payroll gains were in professional and business services (73,000 jobs), retailers (29,000 jobs) and healthcare (19,000 jobs). The only sectors that saw slight declines were construction and government.
TIME Magazine pointed out that one of the more positive signs in the BLS report was the unemployment rate. While it only fell slightly, down to 7.5 percent from 7.6 percent in March, this reading is the lowest in four years.
Managing new workers doesn't have to be difficult. With payroll technology at their side, business owners can reap the productivity benefits of a bigger staff while also keeping tabs on outgoing funds. Automating this recordkeeping process reduces the likelihood that little errors will turn into big detriments to bottom lines.