Payroll software has been steadily gaining in popularity over the years. Although many companies still rely on payroll services to outsource their payroll, cloud-based payroll management is quickly becoming the preferred option. From simplified procedures to faster processing times, there are many advantages of making the switch, but that doesn’t mean it’s for everyone. However, since most companies will see an increase in their ROI from using a payroll solution, you might be wondering if software implementation is right for your business. To help you decide, we’ve selected five key questions for you to ask yourself when making your decision.
Is there an efficient onboarding process in place at your company?
Most companies will already have some sort of payroll system in place, whether it be manual processes, outsourcing, or desktop software. Unfortunately, all of these systems have their flaws: manual onboarding is time-consuming, outsourcing may experience delays, and desktop software can be complicated to use. Cloud-based complete payroll solutions like UZIO present a superior alternative by offering efficient, instant, and simple onboarding via an online dashboard. These systems even can sync data with other departments (such as HR), cutting back on the overall processing time for each new hire.
Do deadlines present an issue?
Deadlines often pose a challenge for many small businesses. Your company may struggle to complete all the necessary paperwork on time, putting you at risk for potential (and unnecessary) fines. Payroll software can help you keep track of all your deadline dates, which can be a struggle if you’re using a manual process to meet ever-changing deadlines. Outsourcing requires you to rely on external payroll services, hoping that they’ll meet the deadlines on time. Even if they don’t, you’ll unfortunately still be held liable for any fees or fines incurred. Thanks to the automated, efficient nature of cloud-based payroll solutions, you can rest assured that your paperwork will be properly processed and your due dates will be met on time.
Are you struggling to accurately calculate paychecks?
When you use a manual payroll system, you’re relying on the expertise of your in-house payroll team to accurately calculate each and every paycheck. They may be the best payroll specialists in the world, but unfortunately, humans are prone to mistakes now and again. Although these mistakes may be small, they can quickly snowball into a larger problem, requiring you to reissue paychecks and amend your records. When you use complete payroll solutions, all calculations are handled by an automated system. This system calculates regular pay, overtime pay, any other forms of additional pay, then subtracts all the necessary deductions to quickly produce accurate paychecks for all of your employees.
Does timely payroll distribution pose a problem?
There was a time when handing out checks was enough for most employees. These days, however, the majority of workers expect to be offered direct deposits from their employers. This may seem like a simple adjustment with no real reward, but the change actually benefits both you and the employees. On your end, you’ll no longer have a hallway filled with employees waiting for their paycheck come payday, reducing the amount of time spent to distribute paychecks. Employees will enjoy getting money deposited directly into their bank account, saving them a trip to the etc. Implementation of a direct deposit system is quite simple and will be included with any reputable payroll software.
Is your company growing too big for your payroll department?
Often the reason companies consider outsourcing (as opposed to in-house payroll services) is because they’re struggling to manually process their payroll. It takes a lot of time and effort to process even a single paycheck, so as your company grows and expands, it will most likely become unrealistic to expect efficient performance from your in-house team. The problem with outsourcing is that you’re placing your finances in the hands of others. If they don’t accurately calculate and properly distribute payroll on time, then you could be faced with a bunch of negative repercussions. Instead, you should enable your in-house team to process payroll more efficiently using complete payroll solutions, which can handle payrolls with thousands of employees easily yet require almost no additional input.
Manual payroll processing and outsourcing may have been reasonable options in the past, but as the world around us moves faster, it’s clear that our choice of payroll system needs to be fast, efficient, and easily expandable. With complete payroll solutions, you can use a single platform to handle all of your payroll needs, reducing the amount of time employees must dedicate to payroll each month. Want to learn more about cloud-based payroll software (and how it can even help you manage your HR)? Click here!
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