5 Benefits of Payroll Software

Kendrah Wick
9/11/18 11:02 AM

We all know payroll processing is a pain. No matter your pay schedule, you spend a considerable amount of time preparing, processing, printing and distributing pay to your employees. Where's the Easy Button?

The Easy Button is payroll software. We know it can be scary, moving from a manual to an automated payroll process, but these software systems specialize in handling the most complex payroll issues and are built with workflows in place to account for all types of rules and regulations. So stop scrolling through tabs of Excel files or thumbing through a paper ledgers. Forget miscalculating time-sheets, reprinting checks or paying penalties, and check out the other major benefits of utilizing payroll software:

1. Major Time Saving

Save time with payroll outsourcingPay is a time-consuming process. It's not just about printing checks. It's about calculating hours, deductions, paid time-off and sick time, taxes, direct deposits, the list goes on. By automating your payroll, you gain valuable time. Automation allows for building standards and workflows that account for all aspects of the payroll process from timekeeping, all the way through to direct deposit. This gives you back HOURS of time you can spend focusing on your core, profit-generating business. 

2. More Money in Your Pocket

Save money by outsourcing your payrollYou know the age-old-adage "time is money."  You can save money by saving time with payroll software. But time isn't the only thing that costs a pretty penny.  Manual payroll errors can be expensive and cost you in the time it takes to correct and re-issue.  With automation you can reduce manual errors like bad math, missed deductions and more.

 

3. Compliance

Follow state and federal payroll regulationsThere are complicated government regulations centered around payroll and taxes, not to mention new-hire reporting requirements, and state requirements around unemployment compensation and workers compensation insurance.  Its important to be and stay compliant. This is a service most payroll software systems provide and guarantee. Again, eliminating any errors and adhering to federal and state law is a great way to save you both time, and money.

4. Tight Security

Keep your company data secureSecurity is a huge issue for any company dealing with private employee information- like date of birth, SSN, and bank account numbers. Companies can also deal with larger issues related to security, like identity theft and embezzlement. Manual payroll processing often includes spreadsheets and paper records which can put you at high risk for theft and fraud. Even if data is stored on your in-house server,  you risk losing data or experiencing crashes without back-up. Quality payroll software systems invest in protecting your business with off-site storage, servers, and back-ups, and all types of password protection and bio-metric account access. These features protect you, your business and your employees. Safer is better. And cheaper!

5. Bonus Features and Services

Additional business services along with payroll processingOften times, payroll processing software systems offer additional services. Recruitment, benefit administration, worker's comp,  accruals, asset tracking and performance reviews are just a handful of added benefits of moving to an automated process. These additional features can save even more time and money. Information that may be stored in other software systems, or all over your hard drive or in filing cabinets on different floors of your building may now be stored in one place. You can essentially create a complete employee profile from date of birth, to work history, promotions and yes, PAYROLL!

For more information on the most common payroll errors and their impact on your business, check out these articles and request a demo of ONEMINT today!

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