10 Ways to Make Big Changes to your Small Business with Online Payroll
Smaller the business, the more the responsibilities. Right from managing the taskforce to generating inquiries- it is truly a challenge. While one may try to be a master of all trades, it often results in delays and grievances. Employees are the biggest asset of any business. And to ensure optimal employee satisfaction, it is necessary to oversee that they are paid on time, given all the perks and commissions, and can keep track of their data as well, you may need to make a paystub. This is where payroll software comes into the picture.
What Exactly is a Payroll Software?
A Payroll Software is just like your payroll personnel- but digital! Powerful Payroll software offers a complete payroll solution for all kinds of business needs. You just need to insert employee information like personal data, pay module, payment structure, payment date, and the software automatically calculates the payment of each employee according to their attendance records after deducting taxes and other claims. On payday, the payroll software either draws a cheque in the name of the employee or makes a direct deposit in their bank account.
Payroll Software houses added modern functionalities, multiple features, and a robust design that merges seamlessly with your accounting and employee data. You can choose one which meets your small business payroll software needs based on your budget, the number of employees, the size of the company, and other such factors. It takes care of your money while you go out there and earn some more!
Why Does One Need a Payroll Software for a Small Business?
The answer lies in the question itself. It’s because you are a small business that it is extremely vital to digitize and automize procedures that can eliminate human errors. Being a small business owner can demand your attention in numerous places at once. You have to juggle multiple roles of HR, Sales, Marketing, Finance, and Designer, etcetera. This leads you into doing non-revenue generating activities which hamper the growth of your newly flourishing business. Thus, it is wise to invest in a small business payroll software that adapts well to your business ecosphere and takes money matters out of your hands. Payroll software can be hosted easily on the cloud or can be stationed on your company’s servers.
What Are the Benefits of An Online Small Business Payroll Software?
There are immense benefits of incorporating payroll software in your business portfolio. It not only aids smooth workflow but also provides a detailed overview of how the business is performing financially. Some of the pivotal benefits are as follows:
- Eliminates Human Errors
Numbers can be tricky! Most often it happens that while assessing the final paycheck at the end of each month, a workday is missed or tax deductions are left out. This creates an avalanche effect on the payment structure. These difficulties can be avoided with the help of sophisticated payroll software that offers complete payroll solutions. Payroll software automatically calculates everything in the back-end so all you have got left to do is be the bearer of cheques!
Calculating payments for a number of employees manually is an extremely tedious and non-productive job. In this era of automation, the least one can do is put an end to never-ending paperwork and filing sessions. Payroll software frees up valuable time for you so you can spend your hours generating more profits.
- Updated With Latest Information
Staying updated with the latest norms in accounting, taxation, and book-keeping is essential to keep moving forward. Keeping tabs on each new piece of information is ideally not possible manually. With the help of online payroll software, this worry is rendered useless. The software is programmed to pick up relevant updates about tax regulations and integrate it into the system hassle-free.
- Timely Payments
Nothing boosts employee morale as much as a timely paycheck policy. According to the research “Getting Paid in America” conducted by National Payroll Week in 2018, 38% of employees said that it would be very difficult for them to meet their financial obligations if their paychecks were delayed by a week. For employees living paycheck to paycheck, having an orderly payment system makes your business valued. This helps in retaining employees which in turn boosts the company’s revenue.
- Easy Reporting and Charting
Payroll software can also be used to generate analytical quarterly reports and fiscal charts for comparison. This kind of charting takes immense manual labor and might end up being inaccurate if not processed properly.
- Remote Access
Be it vacation or work from home, technology never takes a day off! With a centralized system of book-keeping and employee data, each employee can keep a track of their records from anywhere in the world. It also gets easier for HRs to keep a note of employee timesheets, sick leaves, travel allowances, reimbursements, and retirement formalities.
Lesser the paperwork, the better the carbon footprint of your business. Going green is the new way of life. Payroll software minimizes the need for filing and storing records on paper. This helps in increasing the sustainability aspect of a business, which is the need of the hour.
- Ability to Upscale
No small business starts with the aim of staying small. Growth is always on the charts and to translate that growth on paper to reality, employee addition is the key. Payroll software takes care of added data without any added cost.
- Avoid Tax Penalties
According to a report by the U.S Department of Labor, the Wage and Hour Division recovered a whopping $322 million in back wages from non-compliant employers in the fiscal year 2019. Such scenarios can be avoided with the help of a small business payroll software that automatically updates and files tax-related information in the back-end.
- Data Encryption
In today’s world, data is the new diamond. Ensuring its safety is made easier with the help of payroll software that can be accessed with a password. This saves valuable employee and business information from getting into the wrong hands.
The benefits of investing in payroll software that offers a complete business solution are essentially endless. UZIO prides itself on its vast portfolio of payroll and HRIS software that can be customized as well. Save your precious time and go digital!