Perhaps one of the most tedious tasks you have to deal with as a small business owner is managing payroll and timekeeping. If you don’t handle that personally, perhaps you are paying one or more of your employees to spend valuable working hours on this time consuming task. If either of those are the case, now is the time, more than ever, to consider making the switch to a digital payroll and timekeeping system.
Here are 8 reasons why you should look into investing in a payroll management system:
1. Manual data entry takes time which costs you money. Very few employees like being tasked with manual data entry, particularly when it's essentially the same data, month after month. Liberate your employees from this tedious task and have them use their time more productively, efficiently and valuably in other areas!
2. Human error costs you money. Manual data entry is exactly the kind of place where omissions, mistakes, and errors occur. Limit the possibility of this happening by moving to a digital system which will pick up mistakes and discrepancies for you.
3. Tracking payroll and timekeeping via software makes it easier to access and search through your records – monthly, quarterly, yearly, by name and numerous other categories. Staying on top of your records this way helps you keep a tighter leash on the company’s finances and means better overall management.
4. Well-maintained payroll and timekeeping records (including those planned out in advance) makes declaring your taxes a whole lot easier! Handling taxes is stressful for any business owner. Limit that stress by investing in a good software system means all the information you need to take care of your taxes is available in one place. Same goes for monthly paychecks!
5. Engage and empower your employees by giving them better access to payroll. With payroll software, employees can access their account, create profiles and choose how they get paid.
6. If you have a slightly bigger business, with 50 or more, you have even more reason to invest in a payroll solution. With the introduction of the Affordable Care Act (ACA), you will need to pass on more information about your business and employees to the federal government, as well as adjust with-holdings depending on employee salaries.
7. Save employees’ time and don’t leave room for error or ‘embellishment’ by getting rid of a paper-based timekeeping solution. An integrated payroll/timekeeping solution will offer online or software-based automated timekeeping.
8. Behind every digital payroll and timekeeping system, is a professional support team ready to help you with any issues or questions you might have. As well as using the software, make sure you utilize the expertise of these professionals when necessary.
Make the most of the numerous payroll solutions on offer and find the one that fits you and your company. A good payroll system allows you to streamline of the most important aspects of business management, and you will ultimately save yourself a lot of time, stress and money.