Accountancy is about looking after the money of a business. All businesses, regardless of their size must keep detailed financial records of money coming in – income – and money going out – expenditure.
Payroll is an important aspect of accountancy. The payroll can be defined as
- the list of a business or company’s employees and the amount they are to be paid – this could be weekly pay or a salary paid on a monthly basis
- the sum total of how much a company pays in wages
There are many ways of running a payroll, from a manual process to the use of accountancy software. An acknowledge leader in this field is a company called Sage. Producing all kinds of different packages to suit various accounting needs, many people with an interest in accountancy will study a variety of Sage payroll courses.
Being familiar with the software and how to use it to the best of its ability will mean you are equipped with sought after skills.
From paper to software
Up until the 1980s, it was common for even the biggest companies to have a manual or paper process relating to payroll and accountancy. Slowly, as technological innovations grew, accountants were able to transfer some of their tasks to software programs.
As the technological age advanced at a pace, accountants in the modern day now use exclusively software programs, like Sage, to record, store and analyse financial data. Sage payroll courses also equipped people with the necessary skills and insight into the program to effortlessly run payroll on a weekly, monthly or ‘when needed’ basis.
There are many benefits to a business investing in such a system and thus, by investing in Sage payroll courses, they will be opening up a whole new world when it comes to financial data and running payroll:
- Automated – there are columns and ledgers, rows and rows of figures some of which need adding together. There are also times when a business needs a daily figure or a running total. Prior to software, this was all done ‘by hand’, working calculations out on pieces of paper and so on. Sage software, along with other accountancy packages will do all this for you allowing the mundane task of adding up to be done via the program.
- Accuracy – software is designed to be accurate to the smallest of details. Modern software packages will also show when there is a conflict or red flag information that looks to be odd or out of place. This adds an extra layer of accuracy and monitoring to financial work.
- Data access – many companies enjoy the information that software programs of this kind can give them. For example, understanding the ‘wage bill’ through payroll, and how many employees earn below or above a certain level are just some of the details that companies will want to know.
- Reliability – accountancy packages also offer a high level of reliability. A business needs accurate financial information on which it can rely and base sound financial decisions.
- Scalable – no business stands still; in fact, most businesses actively look to expand. When a company is driving its growth, it needs a financial software package that can grow with it. For those in accountancy, monitoring financial growth is part and parcel of their activities, with software helping them to do this.
- Speed – there is no waiting around for software. Even with the biggest number crunching project or data that a company asks for, it can deliver it far quicker than someone with a pencil and calculator.
- Security – accountancy software packages are secure, often with two or three layers of security to pass before getting to the valuable financial information of company accounts and payroll.
- Cost-effective – speed, accuracy and reliability are all attributes that a business needs when it comes to its financial information thus, investing in both software and training makes for a cost-effective package.
- Visual – columns and rows of digits, highlighted in red or black does create a vision nor an overall sense of how well the company is or is not doing financially. When using a software package, the accountancy team have the opportunity to creatively present financial information, giving not only a fuller picture but one that people can understand visually too.
- Forecasting – a business needs to look forward, using information from its past to gauge an idea of what could happen in the future. Contingency planning is important, as is the ability to project forward when it comes to cost. Software can help to identify patterns in business finance.