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Far gone are the days where managing payroll manually was an effective approach. Thanks to the convenience of small business payroll software, even companies with only two or three employees stand to benefit from migrating over to a paperless, software-based solution.
While we can’t argue the fact that personally performing payroll calculations yourself (as opposed to hiring a specialist) is the cheapest option, is it really worth all the extra effort?
After all, time is money, so you’re still paying, just not in dollars. Surely there’s some reason why online payroll solutions are so popular?
Well, there are multiple reasons actually, and in this short article, we aim to explain a few!
Faster Payroll Calculations
Manual payroll processing may be free on paper or spreadsheets, but once you calculate all the time spent reviewing timesheets and calculating paychecks, it quickly becomes apparent that there are more productive activities you could be doing with that time.
Don’t manage your payroll personally?
That’s worse!
Even after hiring an in-house team of specialists to manage your payroll, the process still requires a lot of time to perform all the necessary calculations (and now, you have to pay for them!).
It’s around this point that using payroll software becomes a much more appealing option.
Although you will have to pay a small fee for the convenience, your entire payroll can be calculated and ready to process in a matter of minutes, rather than days, by using a software solution—which only needs a browser with an internet connection.— instead!
Accurate and Compliant Paychecks
People are prone to making mistakes, so any manually-managed payroll is bound to have errors here and there.
Small errors now can easily turn into bigger issues later on, which may require reissued paychecks or even result in fines from the IRS!
Instead of spending time calculating gross income, computing the proper tax withholdings, and applying the necessary deductions, place your trust in an automated payroll system that does it right the first time, every time.
UZIO uses up-to-date tax rates and individual employee withholding information stored within its internal database to ensure that all withholding and deductions are applied correctly.
This approach to payroll calculations turns it from a minimum five-day process into a few minutes one!
No More Missing Paperwork
Physical forms, spreadsheets, and paper folders are easy to misplace.
As your company grows, the amount of paperwork you’ll have to organize will increase ten-fold.
When information is spread throughout various folders and multiple file cabinets, instant data retrieval is simply impossible.
Routine tasks like producing business reports turn into day-long assignments, and employee PII (Personally Identifiable Information) is open to theft. By choosing a cloud-based payroll solution, all your important f
Employee Self-service
When employees have questions or concerns about their current or past paychecks, they often have no choice but to head to the payroll department for answers.
This can be very frustrating, especially if they have to take time out of their busy schedules to wait around for answers to a seemingly-simple question.
Not only is this time-consuming for the employee, but it also takes valuable time away from the payroll specialists.
Thankfully, UZIO offers a solution: employee self-service portals!
Using these portals, employees can check their pay stubs and submit their hours online (if they are using the UZIO time tracking module as well) without ever having to refer to the payroll department.
If your company is using complete payroll solutions, employees will even be able to manage their benefits from this portal, saving them a trip to the HR department as well!
Your company will be “Green”
Staying environmentally responsible is important for any type of business, and one of the easiest ways your company can build rapport with potential (and current) customers is by “going green”.
Simply put, “going green” is making an effort to be more eco-friendly, either by eliminating single-use items, using recycled materials, or—in this case—reducing paper waste!
Beyond gaining a positive public rapport, using payroll software will also help cut overhead costs, since less paper used means less money being spent on paper products.
This may not seem like a big difference initially, but the savings will surely add up throughout the year!
Switching to Payroll Software for Small Businesses
Performing a major overhaul of your entire payroll system may seem like a daunting task, but in truth, it’s really not!
With the proper timing, planning, and the right choice of system, making the switch from a paper-based payroll to a paperless one is a simple transition that any company can do.
Of course, like any payroll task, there is a “right” way and a “wrong” way to go about it, so head over here for more details on how to get the transition started.
