Payroll software – jargon buster
When starting a small business there are many factors that have to be taken into consideration due to the tricky nature of this activity. As well as working out a brand identity to match the products that you are trying to sell, there is also ordering appropriate equipment and working out who potential customers are. However, one of the hardest, yet most important tasks faced by a budding entrepreneur, is successfully and accurately maintaining accurate bookkeeping which is usually done by in-house software. This is not helped by the reams of niche specific jargon which can make the whole oblique process seem even more abstract and harder to understand. Once the main terms are learned, however, it is much easier for a business to see what they are doing and the whole process becomes illuminated. There are a few key terms that are invaluable and imperative to know for a new business using payroll software.
This just refers to software, the programme you will most invariably use for accounting and payroll.
This is making certain that all types of software, applications or programmes you use mesh together well and can be used in conjunction with each other to ensure smoother running of a business.
Integral for moulding software to your own needs, it is imperative that appropriate small business software can be tailored to the specific needs of your business.
This is the main menu that appears when using software and where all options to you should be available.
These are the individual tasks that a programme can carry out – for example a feature could be used to calculate maternity leave pay, or holiday pay or to calculate annual pay including overtime.
This allows two different software products, both of which must be compatible, to interact with one another.
Many people, for reasons ranging from lack of time to apathy, do not bother to read instruction manuals. This refers to how easy it would be to understand the software as being straight forward without having read any instructions.
This refers to the transfer of data from one application to another and can be done for many reasons – older software may have become outdated or a company may have decided to take all the fragmented compartments of their account into one centralized system.
This refers to whether you are using an Apple (Mac) or Microsoft (PC) system. Some payroll software is compatible on both these platforms whilst other applications can only operate on one of the two systems so it is worth checking this out before purchasing any hardware or programmes.
It is not rare for software to come in various versions to incorporate new industry and legal legislations or to take into account other developments. It is possible to buy these options as a “plug-in”; rather than install an entirely new small business software application on a regular basis, updates simply take the data already available and tweak it to add in these new considerations.
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