Fighting for Success: Solutions for Running a Small Business
Posted on July 5, 2016
Running a small business is no small feat. Every day is different and poses a new set of challenges for owners and employees alike. Being a small business owner can sometimes feel like fighting as a one-man or one-woman army. But you don’t have to fight alone: small business payroll, HR, and timekeeping solutions can be an invaluable resource to aid in your success.
Payroll & tax filing
Any small business owner recognizes the vital importance of good financial literacy and tax compliance. However, according to an Intuit survey, only 18% of small business owners scored above a 60% on a simple 10-question financial literacy test. Do you fall into the financially-literate 18% or are you struggling to stay on top of your payroll and tax compliance?
Are you sending in deposits late? Does the number of employees you have make your payroll workload unwieldy? Do you lack confidence in your calculations? Answering yes to any of these questions can have real financial repercussions.
Luckily, by outsourcing payroll, small business owners can avoid hefty IRS fines, disgruntled employees and can save huge amounts of time that can be better spent developing their business. Outsourcing payroll costs, on average, 18% less than doing it in-house, according to a study from PricewaterhouseCoopers.
Outsourcing payroll is a smart decision, but it is important to choose the right provider. Your payroll partner needs to be reliable, secure and trustworthy. An ideal partner also provides intuitive hr software that’s easy to learn and use. It’s also a good idea to find a provider with personalized customer service, so you can call a dedicated contact instead of a call center if you have issues or questions.
The HR needs of a small business are unique, but no less pressing than those of a major corporation. Laws and regulations are complex and confusing, and small business owners simply do not have time to keep up with it all.
Employee records need to kept, benefit plans must be managed, posters need to be displayed, handbooks and policies must be written. Further, recruiting, hiring and background screening new hires can be incredibly time-consuming. For small business owners who often wear many hats and have tight schedules, handling HR can become too difficult to manage alone.
But many of these important processes can be handled by HRIS systems, freeing up valuable time for small business owners. In addition, there are solutions like Paycor’s HR Support Center, an online knowledgebase of HR quick guides, templates, sample handbooks and law alerts to help small business owners stay on top of necessary HR tasks. There are even services that connect small business owners with HR professionals by phone or email who can answer their specific questions, such as Paycor’s HR On Demand.
Time & attendance
It is a simple fact: *a poorly maintained and loosely structured timekeeping system can make businesses vulnerable to Department of Labor fines, employee lawsuits, fraud and internal control problems*—especially small businesses. Handwritten time sheets and other manual timekeeping methods can be a major liability.
The best way to avoid all of these potential hazards is to take advantage of modern technology that ensures accurate timekeeping. Cloud-based time and attendance software that integrates with payroll systems is often easier to use than a stand-alone solution.
Timekeeping software provides the easily-accessible paper trail needed to survive an audit or a wage and hour lawsuit. In addition, more precautions can be taken to avoid fraudulent timekeeping schemes. These include thorough training of employees on timekeeping policies and developing a written policy outlining the consequences for fraudulent time entries.
Reporting & Analytics
Business decisions are driven by data and analytics, but sometimes the sheer volume of information you have can become overwhelming. While decisions based on inaccurate or incomplete data can lead you down the wrong path, smart analytics can lay the groundwork for a thriving business for years to come.
With a custom reporting solution, you can get quick and organized information that’s accessible from anywhere. When you understand how key information about your labor, payroll costs and benefits, you can take steps to build a more efficient business strategy.
As a small business owner, you are not alone in the fight for success. There are solutions available to maximize your triumphs, minimize your hassles and guarantee you come out on top. To learn more about solutions like these and others, contact Paycor.
Sources: Intuit, BizSieve
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