Does processing your payroll ever take you away from managing your business? Processing payroll on your own takes time away from improving your company and attending to more important pressing issues requiring your attention. Using an online payroll platform streamlines your payroll process by freeing up more valuable time to focus on other objectives and goals that you desire to help grow your business. Now, paying your employees and guaranteeing they are being paid on time is a very important matter, but why not take advantage of what leading payroll professionals have created to make your workplace easier and more efficient? Payroll platforms help reduce the stress of all the pressing issues swirling in your head that you think about every day on how you are going to pay your employees but there’s no time to do it. Businesses doing their own payroll are usually trying to collect employees’ timesheets every payroll period and calculating minutes to hundredths of an hour. Now that can cause anyone to say, “processing payroll is the worst part of running a business.”
Payroll software helps calculate employee taxes and helps your business stay in compliance. Keeping up with federal and state updates is difficult and is a very expensive part of the payroll process. Most businesses wind up spending unnecessary funds on HR consultants and accountants, when the easier solution is to find a payroll platform that does automatic tax withholdings and updates. You can’t let new regulations slip or you will face fines and penalties. Real-time calculations and automation help you maintain cost-efficient payroll processing. Life is much easier knowing you are paying your employees and taxes correctly.
Companies spend more time on calculating payroll and taxes every month than focusing on strategies and improvements to grow their business. Payroll tasks pile up with leave requests, approving overtime forms, and manually adding employee timecards. The most frustrating point when processing payroll is viewing a hand written time card and not being able to read it. Payroll platforms hold employees accountable to timekeeping and streamline the approval process. No more running around the office like a chicken with its head chopped off when it comes time to run payroll before the deadline. Now, timekeeping disputes with employees will be at a minimum with a payroll platform audit trail. Reducing the time spent on tedious payroll administrative tasks will get your business to where you want it more efficiently.
Reduce Retro Pay and Errors
Fixing human errors can be time-consuming, costly, and stressful. Investing in payroll platforms will help prevent errors before they occur. Paying an employee retroactively can cause a huge dent in your expenses. Think about it. You forget to pay an employee for eight hours of sick leave. There are multiple steps to ensure you are addressing this process correctly. First, you must go back and audit the original pay check issued. Secondly, you must confirm that employee provided you documentation on the requested sick leave which can take you away from other pressing matters. Thirdly, you recalculate the eight hours of sick leave and tax withholdings to write the new check. Lastly, there could be unnecessary fees associated with the timely delivery of a newly issued check. This process can be very complicated and frustrating. Taking that time to find a payroll platform that fits your business instead of spinning your wheels fixing errors will benefit you in the long run.