You’re an entrepreneur, and your focus should be on growing your business. However, the manual processes and paperwork related to keeping on top of payroll can be an obstacle that drains your time, distracts your attention, and creates unnecessary stress.
If one of your goals is to be more efficient with payroll, an important step is to ensure you have the right processes and tools in place.
Automating payroll using technology is one solution to improve your current process. It can significantly reduce the amount of time and effort you spend on this complicated, time-consuming task. In fact, you can reduce your administrative burden by up to 40% while reducing your risk of payroll errors and costly financial penalties.
Using a technology solution means your data is collected and processed electronically, eliminating your need to work with data manually using paper or spreadsheets – plus, it all lives in one, centralized system. This gives you more time to focus on what you should be doing: growing your business.
Here are some questions to consider when determining if this is right for you. And, check out this blog to read about another option for simplifying payroll – outsourcing it.
As a small business owner, you’re never disconnected from your business – even when you’re on vacation. If you’ve ever found yourself thinking that it would be great to check in or run payroll from anywhere with internet access, it might be time to consider using technology to make that possible.
One major benefit of implementing payroll technology that works with your time and attendance solution is that employees are enabled to update their records, manage their schedules, and make other adjustments.
This self-service functionality saves you precious time, and reduces data-entry backlog. Information is updated in real-time, maintaining transparency and making payroll calculations easier.
You can’t make smarter decisions about your business unless you have an organized way to see your data and understand the factors that drive and impact company performance.
An added benefit of using payroll technology is that you can generate valuable, detailed reports with the information you need, including trend analysis so you can see differences between pay cycles.
A key benefit of using technology for payroll is that you can modernize your processes and significantly reduce payroll paperwork and administrative burden.
For example, say goodbye to printing and distributing paycheques. Employees can opt for direct deposit, and you can also issue electronic pay stubs, reducing the time and cost savings associated with paper pay stubs.
You can also automate processes that can be otherwise arduous, and reduce paper pushing in the process. As two examples, you can reduce tax stress by automating your filings, and also set up automated reporting processes, which allow you to generate and share reports more easily.
You know that keeping track of compliance and legal issues is critical to the success of the company, but it can be hard to stay on top of changing and sometimes complex requirements when you’re constantly putting out fires or solving problems.
Implementing a solution that helps you stay on top of changing regulations means you can worry less about non-compliance, inaccuracies, and errors that could put the company at risk, and focus on more strategic projects, like documenting your pay policies and procedures, or performing workforce analyses.