Maintaining a business is challenging enough, but expanding and scaling your company is a different obstacle altogether. Whether you’re still in the planning stages or already in the process of taking action, it’s important that you fully optimize each and every part of your business to ensure that your expansion efforts are a success. Your current payroll setup may not be the first thing that comes to mind when you think of scaling your business, but the truth is, this is an area where many businesses are holding themselves back, especially if they’re still using manual processes. Today, we’ll be taking a look at the benefits of using payroll software to see why you should consider making the switch if you want to successfully scale your business!
As your company grows, you will inevitably hire more employees. Unfortunately, this means more paperwork that needs to be completed, a challenging task for your HR department (especially if you plan on hiring more than one employee at a time). Manually managing onboarding paperwork is also incredibly time-consuming, so wouldn’t it be nice if there was a better way? Turns out, there is! Most payroll management software can help you with the onboarding process by providing digital onboarding forms for new hires. The information from these forms is automatically added to your current payroll database, saving your HR employees the trouble of manually inputting the information themselves, which means you can hire more workers in a shorter amount of time without overwhelming your staff.
Even the most organized of individuals are prone to making errors from time to time, but payroll is an area where even the simplest of errors can cause a chain effect that renders your entire payroll inaccurate. Fortunately, small business payroll software reduces the likelihood of errors since it automates the calculation of gross income, taxes, and deductions to produce accurate paychecks every time! Beyond simply reducing the amount of time it takes to process your payroll, it also keeps records of the current and past payroll information on file, which can be invaluable when it comes time to produce business reports.
Low Overhead Costs
Budgeting and lowering overhead costs are essential to successfully scale your business. Normally, onboarding more employees would require hiring more payroll specialists to manage the increased needs of your business, but with payroll software, that’s not an issue. In fact, you can probably reduce the size of your payroll department! This is because payroll management software is automated and self-sufficient, requiring only a few payroll specialists to overlook its operations. Systems like UZIO are capable of managing as many employees as you’re willing to hire, so you won’t need to worry about expanding the payroll department as you continue your onboarding efforts.
Business reports are already a necessity, but they can be a useful plethora of information for companies looking to scale. Traditionally, creating business reports was an incredibly time-consuming process, requiring hours upon hours of effort by payroll specialists to create even a single report. However, payroll software for small businesses has taken this burden and made it into a blessing, allowing companies to produce entire business reports in only a few clicks! This allows for instant and informative insights into your company’s activities, enabling SMBs to make fact-based decisions, not educated guesses.
Time & Attendance Software
In an ideal world, every employee could be trusted 100%. However, as time card fraud statistics will tell you, that is not the case. If your company is still recording employee time & attendance (T&A) using paper timesheets, there’s a high likelihood that some workers are being wrongly overcompensated. This problem will only get worse as your company expands, so it’s important to take control of the situation before it runs rampant. An easy way to regain control is by using the T&A software within your payroll management system, which records employee hours digitally, rather than on paper. Some more advanced platforms even incorporate GPS tracking alongside their timestamps, guaranteeing employees are on-site, on time.
Payroll management may be overlooked by the majority of companies, but that doesn’t mean you need to go along with the crowd. By making the switch to using a digital payroll platform now, you’ll be enabling your company for future success!