Payroll Service Buying Guide for 2017
Between running a business, processing payroll and all of the administrative work that comes with having employees, you have a hefty workload that never seems to lighten up. Inevitably, you will be stretched thin and either unable to commit as much time to tasks as they deserve, or you will rush to get as much done as humanly possible, eventually leading to costly mistakes. Yes, growing a business takes a great deal of work and dedication; however, dedicating too much time to non-revenue-generating matters such as employee attendance and scheduling can detract from the growth that you strive for in the first place.
Today’s business owner needs a system that can handle the payroll processing and allow you to tend to matters that are important, such as growing your business. Likewise, when choosing a payroll service provider, a “one size fits all” approach should not apply. The unique needs of your business require an equally unique and tailored approach, which is why an “a la carte” solution will give you the most bang for your buck.
In addition to not having to worry about specific tasks such as employee payroll, attendance and/or schedules, you will know exactly where your money is going without paying for services you do not need or use. Let’s take a look at six of the top benefits that come with outsourcing the services offered by payroll software companies.
Focus Time on Revenue-Generating Tasks
Payroll processing can take a lot of your time on a daily, weekly and even monthly basis. In fact, an average of 70 percent of logged hours is spent processing payroll in some manner. Using an automated system can free up that time for other tasks. Whether you handle the payroll processing yourself or you leave it to your HR or accounting department, we are certain that having 70 percent more time for other tasks can be put to good use.
Full Tax Service Reduces Costly Mistakes
It might be hard to believe, but in an anonymous survey that was conducted on employees in different industries, an unbelievable 80 percent admitted to being paid for the time they never worked — in other words stealing time. While anyone can make an honest mistake when it comes to tallying up their hours worked (such as a transposed digit or an arithmetic error), it is still a mistake that cost you, the employer, money. A streamlined, automated system can help to reduce mistakes by alerting you to potential errors, or even those less ethical discrepancies like “buddy punching” or stealing time.
Ensure Payroll Compliance
As you know, record keeping, overtime pay and other payroll tasks are monitored by state and federal regulations. Without a reliable system in place, you could easily find yourself tangled up with some legal issues. As a result of the Affordable Care Act, employers must keep track of employee hours more closely than ever before, requiring even more time to be spent on payroll processing. With a courteous and professional staff that knows you by name and is well versed in your company history, along with a state-of-the-art system, your records will be accurate and your company will remain compliant without you having to spend inordinate amounts of time in order to do so.
Secure Cloud Data Storage
While there are plenty of systems available that have limited capabilities, such as managing time clocks, companies like iBusinessSolutions provide payroll services found in the cloud, which is cutting-edge in payroll technology and a remarkably secure solution to storing your most sensitive documents. With a simple sign-on, supervisors and employees can access their own accounts and you can determine who has access to what information. This means you do not have to worry about sensitive information being viewed by the wrong employees or lose sleep over documents getting lost or accidentally destroyed.
One of the biggest benefits that any employer can appreciate is reduced paperwork. With an automated system, you no longer have to worry about time cards, new employee documents or payroll paperwork building up on your desk that would normally create even more work for you just to dispose of it properly. The iSolved platform we utilize at iBusinessSolutions also allows employees to clock in and out using a mobile device that feeds directly into the payroll system for the administrator to view in real time. Employees can also access their individual pay stubs and upcoming schedules remotely, all without the pain of anyone having to complete unnecessary paperwork. Additionally, our payroll software also lets the administrator copy over the employee schedules from previous weeks, saving you from having to repeatedly plan the weekly work schedules.
Better Document Control
Document control is a critical task for every company, regardless of the industry it is in. It is also an important component of running a business that can make life a nightmare when documents turn up missing. A payroll management system can help eliminate some of the risks that are involved with document control by letting you file documents away without them having to be passed around from department to department.
As a business owner, your time is extremely important and limited. Why should you spend it processing a countless number of payroll documents when a cutting-edge payroll processing system can do it for you?