Did you know that 40% of small business owners say that bookkeeping, taxes, and payroll are the worst, and are the most time-consuming part of owning a business? So, if your organization dreads the end of the month because of all the paperwork it brings, you are not alone.
Even worse than the entire headache that comes with manually managing your payroll, is the high chance of human error. Manual payroll management is prone to human error and unfortunately, this error can sometimes mean your employees don’t get the right salary. And, that is the last thing a business wants.
If these are some of the problems you’re being plagued with, it might be time to consider a shift. Here are the top five reasons you should start using payroll solutions.
Reduce Inefficiencies and Free up Time
Your HR and finance teams probably spend countless hours every month pushing papers, filing, and checking payroll forms. Not to mention all the stress and hassle that comes with preparing and filing taxes. With automated payroll software, all of that comes to an end and payroll gets completed every month in just a few clicks. This means your HR and finance teams are now free and can focus on things like cost optimization and employee morale that can directly impact your bottom-line.
No More Human Error
Manual payroll processing can never be fool proof. There are bound to be items that get ignored, wrong rates that get applied, and forms that don’t get filled on time. This is especially true in startups and smaller companies where experts on different payroll and taxation matters are not always available. This can have serious consequences like back-taxes and government notices. Switching to payroll ERP software ensures that every calculation is correct and all regulations and compliances are being dealt with. In fact, the payroll software will keep getting updated to incorporate the latest changes.
Don’t Risk Losing out to the Competition
Most major companies in India are already using automated payroll solutions. In fact, many startups and small businesses have also either shifted or are planning to shift to automated payroll software. This is probably because SaaS based payroll software are now available in the Indian market. These allow you to shift to automated payroll without a huge investment upfront. If you continue to stick to manual payroll processing, you run the risk of wasting your time on an outdated process while your competitors have more time to focus on important business problems.
Your Employees Will Be Happier
Fewer errors and faster payroll processing will make your employees much more satisfied. They don’t have to worry about whether their salary is going to come on time, and whether it’s going to be the right amount. Plus, they will have access to the employee portal through which they can access all their information. This includes pay and benefits records and important documents. More satisfied employees automatically translates to more productive employees.
Analytics to Help You Make Better Decisions
With automated payroll, you can get access to dashboards and reporting tools that can get you insights into your workforce. You can use predictive analytics to forecast workforce planning and make better HR decisions. This will result in higher productivity and more cost savings in the long run.
While it might seem like a big change, switching to ERP software more than pays for itself. It transforms a major headache for your company into a seamless and efficient process, freeing up time for more important tasks. Switch to cloud payroll software today to see a massive difference in your business.