One of the fundamental advantages of computer accounting and software technology in general is the ability to scale specific computational functions.
The ability to automatically recognize and repeat the same calculation over and over again tends to save someone a lot of time! Needless to say, there’s a ton of this in accounting.
One of the most important accounting functions that has to occur at scale is payroll calculations.
An employee frequently sees nothing but their paycheck voucher stub with little appreciation for the number of tax withholding calculations that go into weekly, quarterly, and annual payroll accounting.
Nowadays, with computer accounting, more and more business owners and accountants can also take the rote number of calculations for granted as a computer screen spits the answer back out.
One of the things that limit the benefit of these rote calculations is a staff with high turnover for which new accounting files and payroll setup needs to be done.
Wouldn’t you know it? That’s exactly what today’s “Gig” economy in which workers jump around from one project/contractor/employer to the next leads to. Not to worry, these marketplace realities haven’t escaped the attention of today’s accounting software developers.
With the right software and the right accountant, you can set up new employee accounts and file away the electronic documentation in a tiny fraction of the time as old-fashioned systems.
From new software delivery systems to more user-friendly platforms to more responsive app development, newer computer software solutions are stepping up to the plate.
In fact, an entire subsection of the accounting industry is sprouting up over the concept of serving granular companies and workers who operate in this “Gig” economy. You won’t find a better example of this industry development than the portmanteau branding of the company Gigcountant.
But even setting aside these types of niche companies, mainstream payroll software providers are emphasizing the intuitive and versatile nature of their products with an eye toward this evolving workforce and accounting services.