Payroll management is at the heart of every business with employees. And it is often one of the most time-consuming functions, as well. There is an alternative.
One option, of course, is to simply have someone else do your payroll for you. While this can be a truly cost-effective move for many companies, it may not always be the best move. And trusting your payroll integrity and efficiency to your nephew's wife who took some bookkeeping classes might never be a good option.
Precisely because there is so much at stake with your payroll management process it is vital that you avoid the prospect of errors while reducing the workload for you or you staff. While outsourcing all of your payroll functions to a professional firm may not be feasible for every business, investing in quality payroll automation can be.
Payroll Management Software Can be Your Best Option
Payroll management software can provide an cost-effective solution to your payroll management. The fact of business is that payroll management can become overbearing and time consuming. Far too many companies, especially smaller businesses, tend to have HR and payroll departments that are understaffed and overworked.
Businesses of any size put their business at risk by not having adequate payroll resources. This is another good reason for considering a software automation solution.
3 Reasons Benefits of Payroll Management Software
There are probably dozens of advantages and benefits that come from moving to a software-based payroll process. And whether you opt for a cloud-based solution, or choose to have it installed "in-house", the end result will be time savings, decreased labor costs, and increased accuracy and efficiency.
Here are three of the main reasons you should opt for investing in payroll management software:
1. Increased Efficiency
Investing in a full-featured software program to accurately manage your payroll will allow your HR and payroll staff to process payroll quickly and easily. This can mean faster turn-around, elimination of errors, and few staff hours dedicated to payroll.
Accuracy, speed, and the elimination of much of the typical paper-based processes usually involved with a manual payroll system means a more efficient and error-free process.
2. Assured Compliance
With the complexity of payroll complexity, the best way to manage payroll and comply with state and federal laws is to make use of robust payroll management software. Stricter financial regulations, such as the Sarbanes-Oxley Act of 2003, require companies to protect and help their employees and staff.
Simply keeping up to date and complying with the vast number of regulations is an HR burden for most companies. There are new regulations every year, or adjustments to existing laws, and the time involved in learning is costly and mistakes can be even costlier. In addition, many smaller businesses have their payroll staff filling multiple roles, which leaves little time for staying on top of the compliance requirements.
3. Full Automation
According to statistics from the American Payroll Association (APA), businesses that have automated their payroll process can reduce payroll costs by as much as 80 percent. A significant portion of that amount is the result of fewer errors in invoices and with checks that are issued.
Another study done by The Hackett Group also found that almost 90 percent of companies now use paperless payroll distribution systems. With direct deposit and payment cards now a common feature in payroll, paperless payroll and the growing options of self-service features empowers employees by allowing them to enter their own personal information into the automated payroll systems.
Help With Your Payroll Management Automation
You have enough projects to deal with and buying and implementing a payroll management system should be done with reliable guidance. However, that guidance should come from a payroll management services company that understands small businesses.
In addition, you want to look for a company that has value-added services that can you can make use of as your business grows and outsourcing becomes your next option.
Accuchex is a leading provider of payroll management services in California and we provide full payroll management services in all 50 states.
A company’s responsibility toward their employees is to pay them accurately and on-time. That’s why Accuchex makes it easy to do payroll your way; by phone, fax or by accessing the proprietary cloud-based Time2Pay payroll management solution from Accuchex – anytime, anywhere.
Accuchex and its Time2Pay payroll management solution help you streamline business processes with the high-tech and high-touch services and support you want. Take the human error off the table through the integration of your Timekeeping, Human Resources, compliance reporting, accounting and insurance services.
Get your Free Download: Payroll Outsourcing Guide to help you make an informed decision or call Accuchex Payroll Management Services at 877-422-2824.