Payroll can be a grueling task for any company, whether you have just ten employees or well over 10,000. The painstaking process gets even more complicated when tax season comes around and you have to check and recheck your documents for any costly errors. Major improvements that enhance the accuracy of your HR team can be attained with an online payroll solution.
In fact, a little less than 50% of small businesses say that taxes and bookkeeping are the worst part about owning a business, particularly because they are so time-consuming. If you fall into this statistic, looking toward online payroll solutions may be the next step in managing and growing your company in an efficient manner.
Before determining how online payroll solutions can benefit you, it is important to understand if and how your current system is acting as a detrimental product for your company.
Oftentimes, the methods of doing payroll are extremely outdated; nearly 30% of companies said their payroll solution is more than ten years old. With the ever-changing and improving world of technology, ten years is more than a lifetime for your payroll software.
If yours could use improvement, you are not alone. More than half of small businesses say there is room for improvement with their payroll process. By moving your payroll online, you can have access to a handful of helpful tools that will make your life and the lives of your employees easier, more productive and proficient.
Implementing online payroll solutions will free up time you never even knew you had, thanks to most programs' friendly user-interfaces and readable charts of information.
Fewer late nights in the office also lead to fewer mistakes, which are a major struggle for small businesses attempting to navigate complex tax laws while also juggling the rest of their managerial and HR duties. Companies that continue to use an in-house payroll system make up approximately 11.4% of payroll mistakes where online software makes only 6.1% of mistakes. Therefore, by switching to online payroll, you are reducing your rate of mistakes by nearly half.
These types of mistakes cost a fraction of small to mid-sized businesses around $845 annually. With online payroll solutions, you can avoid these fees. Specifically, businesses that use online payroll solutions save 18% more than those that try to tackle payroll themselves. In the long run, this software is more of an investment to your business than a cost.
On top of creating a less stressful and error-free environment for you and your HR team, online payroll solutions also greatly benefit your employees.
You might be surprised to know that 82 million U.S. workers - that's around 50% of the American workforce - are dealing with or had to deal with payroll problems. Over half of those who faced these problems would experience financial difficulty if their paychecks were delayed by one week. After two mistakes, almost 50% of workers would be looking for a different job.
Take the recommendations of over 30% of organizations and switch to a new provider for better user experience and enhance the accuracy of your HR team with more effective online payroll solutions today.