5 Benefits of Online Payroll Systems
5 Benefits of Online Payroll Systems

5 Benefits of Online Payroll Systems

There’s no denying we live in a digital world. We pay for fast food with our phone and use Venmo to repay a friend for concert tickets. Digital transactions are everywhere—including the workplace as more companies move to online payroll software systems.

Many businesses conduct their payroll process in-house in the form of full-fledged payroll departments or small business owners attempting to do it on their own. But there are a number of advantages to switching to an online payroll service, including minimizing mistakes. Take a look at some of the benefits your company or small business could reap by moving to online payroll.

  1. Online Payroll is More Affordable
  2. Do the math. How many hours does your accounting department or HR professionals spend preparing to run payroll and manage tax filings? Now translate that into dollars. It’s easy to see how those expenses can multiply. Whoever is managing your payroll is probably wasting too much time on it. By making the switch, you and your team can avoid spending hours (and money) on administrative tasks that are automated with an online payroll system.

  3. Payroll Software Minimizes the Risk of Human Error
  4. Online payroll systems should offer a single source of truth, where employee data is entered one time and one time only. This significantly decreases the odds of data entry error—especially if the information has to be entered every pay period. With fewer opportunities to manually enter inaccurate information, online payroll minimizes the risks of mistakes.

    RELATED ARTICLE: The True Cost of Payroll Services

  5. Online Payroll is More Time Efficient
  6. After your online payroll system is set up, you’ll find that you’re able to complete payroll within minutes, not hours. The online format allows you to easily calculate pay based on hour, overtime and bonuses while effortlessly keeping track of PTO. This frees up your team to focus on more important things, like growing the business.

  7. Better Equipped to Meet Deadlines
  8. Online payroll platforms help ensure you meet all deadlines for direct deposit, payroll tax payments and other necessities. Unfortunately, this level of reliability is often lacking in in-house payroll systems. A missed deadline can be incredibly costly, potentially resulting in penalties and fines from the IRS.

  9. Easily Access to Documentation
  10. Whether it’s an employee looking for information on a previous paycheck or an executive trying to access a specific report, an online system makes it simple to find important records. Your payroll reports and information can be stored online and securely accessed by supervisors or managers who need to review them.

    The online approach to HR and payroll processing offers time savings, deadline alerts, easy access to data and affordability. All of these factors combined are beneficial to any company. Contact us for more information on how an online payroll solution can help your company or small business.


    payroll software

More to Discover

How to Process Payroll

How to Process Payroll

The best way to process payroll is to not process payroll. Your HR & Payroll provider should do that for you. The truth is payroll is too time intensive and complicated (especially if your business has locations in more than one state). Payroll compliance can get tricky too if you don’t have an expert keeping track of every new rule and regulation.The good news is, payroll software can help businesses automate much of the process, prevent compliance headaches and ensure you don’t pay employees incorrectly.Whether you are struggling to do it all yourself or have a payroll provide like Paycor take care of most of the work for you, it’s good to know all the steps that go into process payroll. Let’s walk through them.(If you are ever...

Webinar: How Businesses Are Managing the New Reality of Work

Webinar: How Businesses Are Managing the New Reality of Work

COVID-19 changed the way we work and left a lot of unknowns about how to move forward. Recently, Paycor surveyed nearly 600 leaders of small and medium-sized businesses about their plans for 2020. Watch to learn the results of the survey and what approaches business leaders are taking to solve problems caused by the pandemic. Speaker: Matt BergantinoAs Director of Content, Matt leads a team of researchers, journalists and subject matter experts who are plugged into the news of the day, 24/7. Paycor's content team is dedicated to providing business insights that are so valuable, timely and easy-to-consume that people keep coming back for more.

Webinar: Paycor Virtual HR Platform Overview - 10/21 @3pm ET

Webinar: Paycor Virtual HR Platform Overview - 10/21 @3pm ET

Focus on what you do best. We’ll take care of the rest, behind the scenes.Over the years, Paycor has conducted hundreds of user groups, one-on-one interviews, and group discussions with HR leaders. One thing we discovered is that HR teams spend nearly 70% of their time on inefficient administrative tasks, some of which are still paper-based. To make a difference in your organization, your team needs to simplify and streamline HR, benefits administration and compliance so you can focus on what you do best.Join us as one of our solution experts walks through how Paycor’s HR solution can help you solve some of your biggest HR challenges.Speaker: John Redding John is the Senior Director of Deal Success and Pre-Sale Support for Paycor. He is...

[Infographic] Here’s How Businesses are Managing the New Reality of Work

[Infographic] Here’s How Businesses are Managing the New Reality of Work

Paycor surveyed nearly 600 leaders of small and medium-sized businesses about their plans for 2020. In this infographic, the HR and CFO leaders we surveyed describe the impact COVID-19 had on their business, including whether or not they received government funding.Share this Infographic On Your SitePlease include attribution to Paycor with this graphic.