Is managing your company’s payroll a constant source of stress? Does finishing all of the routine payroll calculations (let alone complete them on time!) seem like an impossible task? If so, then it’s definitely time to take a step back and consider alternative payroll management options. While manual processes might be sufficient at the beginning of a company, manual approaches quickly become inefficient as your business operations expand resulting in your payroll department struggling to keep up with their increased workload. Fortunately, there’s a better way to manage your payroll: If you find your company struggling from any of the issues listed below, chances are, the time is now to make the switch to cloud-based payroll solutions!
Payroll Miscalculations Are a Recurring Issue
By nature, humans are prone to make errors, even if they’re trained and well-versed at a particular task. Unfortunately, even a simple mistake can be costly when it comes to payroll management, making it vital to avoid these expensive errors. When relying on specialists to manage your payroll, whether or not your business is subjected to fines is ultimately up to these specialists, but you can eliminate this risk by using payroll management software instead. Payroll systems like UZIO use a database of withholdings and deductions that is constantly updated to reflect the latest tax laws, ensuring all of your payroll calculations are accurate and error-free.
Payroll Expenses Are Too High
Even if they are prone to errors, you’ll still need to compensate your in-house payroll specialists, and these costs can add up quickly. The problem worsens as your company expands since onboarding additional employees means more ongoing payroll calculations for the team. To manage the increased workload, you’ll need to hire more specialists, cutting into any profits you might have made. With payroll software, although it’s true you will still need to pay for the service, the overall costs will be far lower than paying individuals to perform the job for you. Furthermore, onboarding new employees will cost a mere fraction of the salary you’d need to pay additional specialists, with many companies charging as low as $4.50 per employee on your payroll!
Employees Frequent the Payroll Department
Employees will sometimes have questions about their present or past pay stubs. When they do, a trip down to the payroll department is in order. This means that the payroll specialists will need to step away from their task(s) to answer any questions the employees may have, costing them valuable time. Many online payroll platforms offer self-service options that employees can access via web browser or from their mobile devices. By allowing employees to review current & past payroll data on their own, you can reduce the number of visits the payroll department will receive, allowing them to remain on-task and on schedule.
The Payroll Department is Overwhelmed
Although issues most often surface when a company expands its operations, an overwhelmed and overworked payroll department can happen in a business of any size. One potential solution is to hire more payroll specialists, but for many businesses, this isn’t a realistic option. Unfortunately, payroll isn’t an area where sacrifices can be made: it must be completed accurately and on time for each pay period. Thankfully, the widespread availability and relatively low cost of payroll software offer quick relief to this common problem. While a business that relies solely on manual processes must employ multiple payroll specialists to keep up with its payroll responsibilities, a company utilizing payroll processing software solutions can actually downsize its payroll staff. The software manages the majority of payroll responsibilities by itself, so specialists only need to oversee the payroll, rather than handle it hands-on.
If Your Business is Growing…
Then it’s surely time to give up your past manual payroll processing and upgrade to a more modern approach. With expedited payroll processing, reduced overhead expenses, and the option to easily scale your business, you’ll quickly see real-world results for your company. Ready to boost your business and enjoy the benefits that a software-based approach can have for your company? Then make the change today!