As payroll companies become more sophisticated and integrated with other types of business management software, choosing one can be tough, especially if you’re not sure how it will affect your company. But investing in payroll technology can greatly increase your company’s efficiency and profitability and save you time and money over the long term. To help you decide whether or not to invest in payroll technology, consider these reasons your company needs it.
Get rid of Manual task
The process of doing things manually may seem easy and convenient, but it actually can cost your company time and money. This is especially true when it comes to payroll. If you’re not using an automated solution, you’re likely spending hours each week inputting data into a spreadsheet and then running that data through a calculator or paying someone else to do it for you. The problem with spreadsheets, however, is that they don’t always work properly — and they often aren’t designed specifically for payroll purposes. This means there’s room for error during manual entries and calculation errors when working with numbers after an entry has been made.
Increases Productivity
By managing all of your employee’s personal information and direct deposit information, payroll systems save you time so you can spend more time on value-adding activities. You can use cloud-based payroll software to check employee status and find out if they have any changes in insurance, dependents, or 401k plans that need to be updated. This way, you aren’t calling each individual employee when these things happen—the payroll system will automatically update their records for them. Not only does it reduce redundant work for your administrative staff, but also allows your employees to get their questions answered faster by one person who knows exactly what is going on with their personal data.
Improves Employee Satisfaction
Making sure your employees are happy and satisfied at work can lead to them working more efficiently. When they’re working more efficiently, you’ll see a boost in productivity and that means less time is wasted for everyone involved. That’s an added bonus of investing in payroll technology: increased employee satisfaction, which leads to better communication and stronger relationships. This benefits your company as a whole, so it’s an important reason why your business should invest in payroll technology.
Important documents are easily available
Gone are the days of calling payroll, asking what your balance is, and making sure you have enough cash on hand. Mobile pay apps not only help you keep track of your remaining balance, but also let you know how much money has been withheld for taxes so that you can plan appropriately for future tax payments. It’s easy to use these apps whenever you need to withdraw funds—there’s no need to worry about running low on cash anymore! With access to all your information right at your fingertips, it’s easier than ever for payroll professionals, managers, and employees alike.
Employee self-service
If you manage a small business, payroll processing probably isn’t something you spend a lot of time thinking about. You probably just look at payroll as a tedious process that has to be done on time every two weeks. But when it comes down to it, payroll is a strategic business operation—if not handled correctly, it can harm your company’s finances and even damage your reputation with employees and customers. Even though they may not think about it in those terms, many businesses have already accepted that they need technology solutions to help them gain control over their payroll and operations—and they have found them in cloud-based payroll software like UZIO.
Makes the payroll process more strategic
By automating a manual process, you can ensure that your company is always prepared. It’s a win-win situation. On one hand, employees have access to their earnings as soon as they’re paid—which means better cash flow management and less stress for payroll personnel. On top of that, companies can free up resources from overseeing their payroll processes and focus on bigger things.
