Online payroll software is a great next step for ongoing growth and success. Knowing the advantages of an online system can help you make that decision.
For smaller businesses, there are a number of reasons to consider transitioning to an online payroll process. A paper-based manual payroll process might be sufficient in the beginning of a business, but it is a difficult and labor-intensive process to maintain.
You may have heard that outsourcing your payroll can be a great option and this is true. Outsourcing payroll can save staff time, provide better security and accuracy, and can be a great payroll solution for many businesses. In addition, many payroll services offer related services like insurance solutions, retirement planning, and HR functions.
Fortunately, payroll service providers, such as Accuchex, also offer online payroll software solutions.
Considering Cloud-Based Payroll Processes
As we have become more environmentally aware and look for ways to reduce excess waste, it is apparent that a cloud-based payroll computing option can provide a "green" choice. Among other things, it greatly reduces paper usage, can save money, and provides a much less laborious approach to payroll processing.
For most owners, saving money may be the main reason for going with an online, or green payroll, process. For their managers and payroll staff, the objectives may be more about saving time, materials, and other tangible and intangible resources.
According to the American Payroll Association (APA) businesses save between $2.87 and $3.15 per employee each payday by using electronic payment methods, such as via payroll direct deposit, instead paper checks. In addition, these businesses save another $1.20 by providing employees pay stubs online.
The Five Main Advantages With an Online Payroll Process
A well designed online payroll process can free up valuable time and resources for you and your company. In fact, your savings are doubled since every hour not spent processing payroll is an hour for additional productivity.
Here are the five main advantages an online payroll solution that will help you and your company:
No more “store forward” and overlapping data entry. If you can access a web-browser, you can do your payroll, anytime, anywhere. You can enjoy the ease and cost-effectiveness of operating in a real time,digital environment.
Today most people have checking accounts linked to ATM cards, so having direct deposit enables them to have almost immediate direct access to their funds, instead of having to wait several days until the funds are cleared.
Retirement Account Reporting
A digital payroll solution that offers 401k and other retirement investment accounts can offer online access, so employees can check their accounts, make investment elections, and access other information online instead of waiting for paper statements in the mail.
Having your payroll solution provider set up online health insurance coverage for employees can eliminate the need to send out statements in the mail. Employees can also review the status of medical claims online.
Payroll service firms can file all the IRS forms that are required, correctly and on time. Online payroll processing programs will send out reminders of when filings and paperwork are due, reducing penalties and keeping business owners compliant.
Choose Online Payroll Software and "Go Green"
While the impetus to "go green" is an important motivator, there are many other good reasons to opt for a green, paperless payroll process. Here's an infographic that highlights the main benefits of this approach:
Using an online payroll system, such as Time2Pay by Accuchex, can provide an easy-to-use and integrated solution that is delivered directly from the cloud. In addition to reducing the processing time typically required by a paper-based payroll process, managers can provide employees with direct access to their own pay information anytime.
Save Time, Save Money, and Help Save the Planet
And while investing in the best available online payroll software for your payroll processes is a viable option, another direction you might consider is outsourcing. This can be simply outsourcing one process such as payroll. However, with a full-service provider such as Accuchex, you have additional options for outsourcing as well.
Let Accuchex help you in managing your HR needs, payroll processes, and staying on top of compliance demands. Get your Free Download: Payroll Outsourcing Guide to help you make an informed decision or call Accuchex Payroll Management Services at 877-422-2824.