As your company begins to grow and expand, administrative tasks such as payroll management and tax compliance will start to have a real impact on your overall productivity. Payroll management is an essential task so it’s not something you can avoid, but at the same time, it’s also most likely something you spend too much time on! If your payroll is currently being managed manually in-house, chances are, it’s costing you a lot of time and money. Even if your staff uses a payroll solution, they are still the ones doing the work, so your ROI will remain low despite using payroll software. If you really want to save time and cut costs, then you need to utilize a fully automated payroll system like UZIO which runs on its own without needing constant staff input.
Why You Might Want to Consider Payroll Software
Using small business payroll software has many benefits. Your payroll will be managed by an HRIS (Human Resource Information System). The amount of input you will need to provide is minimal; the system will take all relevant payroll information and use it to generate tax-compliant paychecks each pay period for your employees. If your in-house staff is struggling to calculate paychecks on time, now is a great time to start using a dedicated payroll system. Doing so will free up a lot of time in their schedules so they can focus on other key items at hand, instead of dedicating the majority of their time to manual payroll calculations.
How It Helps
Payroll software is an automated payroll system in place dedicated to effectively managing your company’s payroll. Although there are definitely a few things you’ll want to consider before choosing to hand the management of your payroll over to an automated system, the overall benefits far outweigh the negatives. Here’s a small list of the positive changes you can expect from using payroll software for your business.
- More time. When your staff doesn’t have to handle the payroll manually, this will free up a lot of their time that was previously dedicated to payroll calculations. Calculating the necessary taxes, withholdings, overtime pay, and other factors of each paycheck is an extremely time-consuming process. When your staff is free from these tasks, it will give them a lot of time to focus their efforts on the other core activities of your company.
- Higher efficiency. Payroll software is made to quickly and accurately calculate your payroll. Even if you have a payroll specialist in-house, your staff simply can’t calculate the payroll as fast as a dedicated HRIS would. By using a payroll system like UZIO, you’ll never have to worry about your payroll being calculated on time because it’s automatically processed as the hours come in.
- Full-time tax compliance. Unfortunately, tax regulations are constantly changing, and that can make them hard to stay on top of (and stay compliant with). However, failing to stay compliant could result in massive fines for your company, so they’re not something you can ignore. When you use dedicated payroll software, you won’t have to worry about being tax-compliant, because the system will automatically update as policy changes occur, ensuring your payroll remains compliant throughout the years.
Five Things to Consider Before Making the Switch
Like most things, the decision to switch your company over to an automated payroll system isn’t one that should be taken lightly. We’ve gathered a list of the most important factors you should take into account before making the transition.
- Customer Support – Since you’ll be entrusting your entire payroll to dedicated payroll software, it’s important to make sure that the company behind the service provides adequate customer support. You should do some research online and check that other businesses have had a positive experience when working with this company.
- Integrating Data – Some payroll systems (like UZIO) have the ability to integrate data from other systems—such as retirement information—into their payroll system. If possible, try to select a payroll program that offers these integrative services. They will reduce the amount of duplicate data and paperwork needed to successfully process your payroll and HR paperwork.
- Tax Compliance – Any reputable HRIS will make sure your payroll stays tax-compliant throughout the year. This is a crucial feature that you cannot go without, because breaking compliance can lead to a variety of fines and penalties for your business, quickly cutting into any profits. Fortunately, most payroll software will manage your payroll compliance, routinely review policy changes, and update your data when necessary. Some may even help you file your yearly taxes!
- Additional Services – It’s worthwhile to check if your choice of HRIS offers complete payroll solutions. This means that—in addition to your payroll—they will also handle your benefits, time-tracking, direct deposits, and other related services.
- Timing – Timing is key when it comes to small business payroll software. The company sales representative you work with should be able to help you analyze this process and implement the new system pain-free. Remember, it’s always better to delay implementation until a suitable time, rather than implementing it anyway. The last thing you want is for your employees to receive incorrect paychecks, or worse, not receive a paycheck at all!
The best time to start saving time and money is today. If you’re being held back by long processing times, data integration issues, constant miscalculations, or compliance problems, then you’re ready to make the change. Don’t settle for a manual system with a low ROI and a high rate of errors. Make your life a bit easier, your business more efficient, and switch to an automated payroll solution today.