Scarlett Brown at accomplishep.com
Every business today wants to enhance its productivity and operational efficiency by harnessing the power of technology solutions. Companies prefer investing in cost-efficient solutions that automate their workflow with minimal human intervention. Hence there is a paramount need for solutions that boosts business productivity and return of investment in the market. In such a time, online payroll software can be useful to drive productivity and efficiency in your business. Investing in a payroll solution can bring miraculous results for your business.
Payroll software helps you automatically calculate and process employee taxes, meet regulatory guidelines, track work hours, employee benefits, and much more. Investing in such a solution can help you surpass business competition easily. The time you save during payroll processing with an automated system can be spent on devising strategies for accelerated business growth. 40% of the small businesses in America struggle with payroll and timekeeping problems. So, it’s important to you stay away from such businesses by investing in an automated solution for your payroll tasks.
Now let’s look at how payroll software elevates productivity and operational excellence in your business:
Track Work Hours Accurately
Most payroll solution providers these days offer time and attendance tracking features with their solutions. Such time tracking tools allow employees to punch in and out. And, at the end of every pay cycle, the software smartly calculates hourly and salaried employee wages based on the integrated time cards/sheets. Make sure you choose a system that comes with integrated time tracking tools or one that provides API integration support with your existing time tracking software. This saves you from calculating work hours manually via erratic excel and paper sheets.
Saves Time and Money
According to the National Small Business Association’s Taxation Survey, 33% of small businesses in the US waste 5 to 6 hours each month processing payroll. This is due to manual processes and poor knowledge. By investing in a quality payroll solution, you can save valuable time with accurate tax and salary calculations, which not only saves time but also money in your business.
40% of small businesses in the US incurred an average penalty of $845 due to incorrect payroll filings. Small businesses also spent $1000 or more per month on payroll processing. To avoid such heavy penalties and spending, you can implement a payroll solution in your business to eliminate the need for an accountant or large in-house payroll staff.
Provides More Control Over Your Business Information
Almost every payroll provider these days offers an employee self-service app that enables your people to manage their organizational profiles on the go. Employees can view and update their payroll profiles easily with such tools. They can view and download paystubs, tax reports, fringe benefits deductions, and so on. Some software also enables employees to make adjustments in their accounts by uploading requirements documents as per their needs.
Automates Payroll Tax Calculation and Filing
Companies have to pay hefty penalties for failing to pay employees exactly or filling the payroll taxes late from the IRS. In 2019 alone, IRS has imposed penalties worth $13.7 billion related to incorrect payroll taxes. The biggest mistake businesses make is misclassifying workers. Studies show around 10 to 20 percent of small businesses misclassify their workers as independent contractors. So why take the chance? It is a better idea to shift to ACA compliance software that accurately classifies and pays your employees, as well as, perform accurate tax filings.
Ensures Effective Human Resource Management
Many payroll vendors offer unified HR software solutions these days with HR and employee benefits as an add-on. Such integrated solutions are a great value addition to your HR team as they can manage the entire workforce from one place. Unified HR software streamlines workflow in your business by connecting HR and payroll processes under one platform with a single employee database. You can use the HR modules present in such software for employee recruitment, onboarding, benefits administration, and much more.
Offers Multiple Wage Payment Options
Modern age employees expect a workplace experience that follows a suite: on-demand, online and self-service, whether it is learning, hiring, or getting paid. Your employees are looking beyond fixed pay cycles and printed cheques today. On-demand pay facility with other options like printed cheques, direct deposits, and pay cards are the emerging trend. So, make sure you don’t fall behind by implementing next-gen payroll solutions in your business. Mobile-optimized solutions can help you retain top talent and increase employee engagement.
How to Find the Ideal Payroll Solution for Your Business
For processing payroll accurately and efficiently, you need a reliable payroll solution that fits into your business workflow. To find an ideal solution, write down all your business requirements related to payroll, accounting, and compliance. The ease and simplicity of payroll software can only be justified when it is flexible enough to accommodate your requirements and operational needs:
Besides, while evaluating multiple vendors also consider aspects like:
- Size of the vendor company to get an estimate around average implementation time
- The budget allocated for payroll processing in your firm
- Familiarity with the vendor solution
- Legal and regulatory payroll considerations
- Level of safety and privacy offered by the vendor solution
Further, you should also make a cost versus functionality analysis. Although cost is a key factor, it should be your primary determinant when choosing a payroll vendor or solution. The cheaper the software, the more manual effort would be required for running it. Remember, the idea is to save cost and time, not overburden your HR staff. Expensive payroll software often provides higher cost savings in the long run.
The Bottom Line
Choosing an ideal Payroll software solution for your organization guarantee a considerable return on investment. The lower upfront investment and setup costs in payroll software help you save money and time when compared to manual processes. As discussed, payroll software saves valuable time that can be spent on strategic activities for growing your business. Furthermore, the ability to store all your HR, payroll, and recordkeeping information in one place with robust security and instant access options makes cloud payroll software even more desirable. Manual operations and outdated systems can obstruct your business growth, so it’s better to start with futuristic payroll software for improved results.
Scarlett is a content marketing specialist at Accomplish EP and has a keen interest in HR analytics software technology. She likes to stay aware of the latest technology trends and advancements in the HR domain. Writing riveting HR articles and training her team about different marketing strategies excites her the most. When not working, she can be found sipping coffee and chilling with friends at restaurants down the street