Those of us who are monetarily-minded tend to make a living managing funds. Whether you work as an accountant for a small business or for a hedge fund manager, you likely spend time handling wealth in some form or another. When managing this money, you will frequently need to supply business reports to the owner, shareholders, co-workers—anyone who requests information. This can be difficult without the proper tools. However, we think we’ve figured out a cheap and effective way to make this easier: payroll software.
You’re probably thinking, What? A payroll software? What does that have to do with anything? In fact, payroll software is a remarkably versatile tool. Most will allow you to automatically calculate taxes, and some have federal form filers built in. You can use it to print checks, make direct deposits, and protect your client’s sensitive data. Most offer technical support, which—when combined with the standard two-factor authentication—provides necessary peace of mind.
You might have known all of that. This might be new information. Regardless, we want you to know: payroll software is an excellent tool for generating business reports. Electronic payroll reports can be quickly exported to PDF, Excel, or QuickBooks, which—in sensitive or tricky situations—can be a lifesaver. The compiled data can be used to illustrate a variety of trends. Or, you can use the reports as they were intended to be used: filing payroll taxes, understanding tax liability, compiling employee earnings totals, and filing payroll details.
If you’re not in the business of handling and presenting money, this type of investment might not be for you. If you’re curious, we recommend giving it a shot. These software tools are often inexpensive, and most provide a type of demo you can use to see if it has what you’re looking for.