Managing payroll can prove to be a cumbersome and time-consuming affair for your business, however big or small it may be. This is especially true if you have been using outdated or manual payroll management tools such as Excel Spreadsheets.
Most spreadsheets are reliant on day-to-day manual inputs for remaining relevant. In most cases, these data capturing tasks are tedious, repetitive, and prone to errors. In this scenario, and with more and more administrative headaches coming to the fore, SMEs, businesses and corporate establishments are choosing to outsource their payroll processes to third-party payroll and HR management companies.
If you have been falling behind on critical business operations because you have been too involved in payroll/ HR administrative tasks, then it’s certainly the right time for you to migrate to a cloud-based payroll system and stash your outdated payroll legacy system.
Here we aim to give you a closer insight into some important benefits of payroll management that your business needs in 2018:-
- Get more time on Hand
Manual payroll management processes such as uploading, assessing and updating data, computing complex and iterative calculations, or aligning daily administrative tasks with regulatory norms can take up many valuable work hours. By opting for cloud payroll software, you will be able to manage all such repetitive administrative tasks with enough time on your hand to take care of more business-critical areas of operation. By outsourcing payroll management, you can lay greater focus on key business areas like succession planning or expansion strategies.
- Cost-effective Payroll Solutions
More time spent on basic payroll administration results in saving lesser money. Cloud payroll management software solutions help you allocate extra time to billable work. This effectively means that you can make more money through easy-to-use, cost-effective software solutions.
By choosing to go the full way with a cloud-based payroll system you can waive off your concerns for troubleshooting, software updates, customizations, maintenance, security management and integration requirements. These IT needs tax your money resources unnecessarily in the form of payments and fees that add up quickly. By migrating to a cloud-based payroll management solution, you can get access to consistently updated and well-maintained services at no extra cost.
- Minimal Errors
Manually managed payroll systems are more vulnerable to human errors as your in-house resources may miss out on important details, compute your company tax erroneously, or overpay employees. In most cases, these mistakes lead to serious payroll headaches that end up costing more time – and hence, more money.
Another aspect of business payroll management that’s prone to human error relates to compliance. By using manual solutions, you may not be able to ensure legislative compliances in terms of regular updating of tax tables, consistent testing of spreadsheet’s formulas, etc. Automated cloud payroll software will take care of tax calculations as well as payroll administration for the sake of keeping your business payroll tasks compliant!
- Ease of Expansion
In case you have been struggling with payroll management at the current size of your business then you might hesitate in hiring more people because of the existing difficulty of handling them properly. An important benefit linked to payroll software pertains to them being scalable. With a cloud payroll software to bank upon, you can add new employees without creating any extra work for your business; as and when required.
In addition, cross-border payroll solutions will enable you to expand your operations to new regions and countries without worrying about keeping up with payroll regulations.
Way Forward
As a manager or business owner, manual management of your payroll may have been the most practical available solution when your company was launched. With several technology changes taking place, payroll processes are no longer as time-consuming as they are perceived to be. Along with smaller-sized companies, the positive outcomes are quite evident in the case of multi-national organizations that have to take various employee-based regulatory requirements and local legislation (across different time zones) into consideration for attaining better performance metrics.
Go ahead; make investments in a cloud-based payroll software management system at the earliest to see your time and resources enable your business growth.