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 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.
- Online Payroll is More Affordable 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.
- Payroll Software Minimizes the Risk of Human Error 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.
- Online Payroll is More Time Efficient 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.
- Better Equipped to Meet Deadlines 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.
- Easily Access to Documentation 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.
RELATED ARTICLE: The True Cost of Payroll Services
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.
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