Digital payroll solutions can be extremely useful to businesses of any size, but they’re especially beneficial for SMBs (Small and Medium-sized Businesses). These businesses have the most potential for growth, but also the highest likelihood for failure. Therefore, they should take advantage of any affordably-priced solutions available that can save them from needing to hire multiple employees to manage tedious, manual tasks. Using solutions that are designed to increase the overall efficiency of the company will give them the best possible chance at success. Throughout this short article, we’ll be taking a look at small business payroll software: why you need it, the benefits it provides, and how your business will be better off by using these software solutions!
You Won’t Need to Hire a Large Payroll Staff
Payroll is an extremely time-consuming task, especially if you’re managing it manually. Business growth is the goal of most companies, but unfortunately, if you’re using manual processes, you’ll need to increase the size of your payroll staff as your business grows. This is counterproductive, as it cuts into your profits without doing anything to reduce the amount of time needed to process your payroll. However, by implementing payroll software, you can not only process payroll faster using automation but also cut down on your payroll expenses by reducing the size of your staff! Although you’ll still need a few employees to overlook the department as a whole, the vast majority of payroll tasks can be completed by the automated system instead.
There’s No Risk of Fines
Managing payroll and maintaining compliance go hand-in-hand. If your payroll isn’t compliant with all relevant laws & regulations, your business may be subjected to costly fines, so you should take a proactive approach to prevent this from happening. The easiest way isn’t by employing payroll specialists to manage your payroll (after all, people are prone to making errors from time to time!); it’s by using software solutions! Payroll systems like UZIO use information from centralized databases to complete their payroll calculations. These databases include the latest laws, regulations, and tax rates which are then applied to your payroll, ensuring complete accuracy while eliminating the potential risk of fines.
Payroll Will Be Less Stressful
Finishing payroll calculations on time can be extremely stressful, especially for the specialists tasked with completing it. Unfortunately, stress does very little to aid the process overall: in fact, being stressed actually increases the likelihood of things being overlooked and errors being made! However, this can easily be avoided by providing your specialists with payroll software solutions to help manage the payroll. Since the software handles the vast majority of payroll calculations, specialists can focus more on managing employee data within the system and less on completing payroll calculations by a certain deadline.
Your Business Can Scale Easily
As mentioned above, you’ll need to hire additional payroll staff members (assuming you’re still using manual payroll processing methods) when you decide to scale your business. This is counterproductive, as the main goal of scaling your business is to increase overall profits: that’s hard to do when your overhead costs are scaling as well! The obvious solution is to cut costs, which is where using payroll processing software offers a clear advantage. Ongoing costs for these systems tend to be far cheaper than employing a dedicated payroll staff, yet provide the same (if not superior) payroll services that your business needs to thrive. Exact pricing will vary depending on the particular needs and size of your company, but you can get a general idea of the costs by clicking here.
Many Solutions Are Multipurpose
While standalone small business payroll software is definitely beneficial, why not kill two birds with one stone? Companies like UZIO offer “complete payroll solutions”, that provide a wide variety of HR services alongside payroll processing software. If your business is already using HR software, then consolidating both departments to a single platform can help reduce costs. An added bonus? Complete payroll solutions share a database between HR and payroll, reducing the number of duplicate records!
Clearly, payroll processing software offers a lot of different advantages to a business of any size, but this is especially true when it comes to SMBs. If your company isn’t already using software solutions, it’s probably time to make the switch—your business (and your payroll department) will surely thank you!