Keeping accurate employee payment records isn't just for hiring. Though bringing on new workers is often an excellent reminder for managers to make efforts toward optimizing their financial operations, payroll software comes in handy at all stages of a business' life. When supervisors want to make sure staff members are receiving their checks on time and for the correct amount of hours, advanced payroll technology is likely the way to go. By automating many of the processes involved in paying employees, these tools help accounts payable avoid mistakes, including slip-ups such as issuing the same check twice. Over time, these errors can take a significant toll on an enterprise's bottom line. In addition, executives could find themselves in trouble for violating U.S. payroll compliance regulations, which can also have negative affects. By simply upgrading to more accurate programs, the chances of this happening are lowered.
Hiring forecast remains stable
In the current economy, many workers are still looking for jobs. In order to bring individuals back to work, companies need to be willing and financially able to increase the size of their staff. According to a recent survey for CareerBuilder, some business leaders plan to expand their payroll during the second quarter of 2013. Over the next three months, 26 percent of the nearly 2,200 employers polled expect to hire, while only 9 percent expect they will have to downsize. This means that for most enterprises, workforce numbers will likely remain constant.
In terms of permanent, full-time staff additions, forecasts differed by organization size. Among those with less than 50 employees, 17 percent of employers expect payroll growth, compared to 21 percent for those with 250 or under. Large corporations - 500 or more employees - came in first at 33 percent.
CareerBuilder noted that at the end of the second quarter, hiring may prove to have been stronger than company heads anticipated. Oftentimes, the employment site explained, executives try to keep their estimates conservative. In a similar vein, expectations for job gains in 2012 were recently revised upward, according to the Associated Press. While previous statistics had forecast an average of 150,000 jobs added each month, the new figures corrected it to 180,000.
Business owners can take certain steps to grow their enterprises by streamlining operations. Using payroll software may be one way to avoid unnecessary costs, keep workers satisfied and expand their ranks.