At the end of the day, every business owner wants to increase profits while reducing expenses. Trouble is, that’s often easier said than done. With all of the crucial tasks (like HR and payroll) that your business relies on to run, it can seem nearly impossible to cut back on any of these costs without making a severe dent in the overall efficiency of your company. However, hope isn’t lost—you just have to make one, simple change! Here are five reasons why you should be investing in payroll software technology for your business.
1. It Makes Life Easier for Your Employees
If your business isn’t currently taking advantage of payroll software, your HR staff is most likely overwhelmed with a multitude of unnecessary (and repetitive) tasks. In addition to onboarding, hiring, training, and managing employees, they also have to dedicate a large portion of their work time to managing the company payroll. These tasks take a lot of effort from your HR staff, but you can make their lives much easier by using a small business payroll software! Automated HR solutions like UZIO can manage the entire payroll without needing additional input, freeing up staff time that can be devoted to other crucial tasks. Great HR software even offers self-service options for employees, so they can check their pay stubs, benefits, and update personal information without needing to go to HR.
2. Your Information Will Finally Be Organized
Manually managing an entire company’s paperwork is quite a task. Not only do file cabinets full of paperwork take up a lot of space, but they also make it extremely hard to find the right information if even one thing is out of place. Though this isn’t a problem with payroll software—HR staff can simply enter a name into the software and instantly have access to all relevant paperwork in one place. Using a digital payroll system drastically increases the efficiency of your business, offering an easy solution to long paperwork processing times. It’s also worth noting that payroll software can help reduce the number of duplicates you have on file since programs like UZIO can import information from payroll to HR, saving your staff the trouble of manually making copies and providing them with a single access point to all of the critical company data.
3. It’s an Effective Defense Against Data Theft
Unfortunately, property theft is a real concern, especially when it comes to employee information. If a disgruntled employee were to steal personal files from the HR department, that could cause a variety of issues for the employee such as identity theft, and for you in the form of a lawsuit! Using a secure, cloud-based platform can help protect you from this type of data theft since there aren’t any physical records that can be easily stolen. Of course, digital data theft is always a concern, so that’s why it’s important that you choose payroll software that puts an emphasis on cybersecurity. The reality is there isn’t a 100% foolproof way to keep data safe, but you are protected far more against theft if you’re using an online payroll platform than an easily-accessible file cabinet.
4. You’ll See an Increase in Your ROI
Much like anything else in business, your HR department is an investment. They’re there to help make your company run as smoothly as possible, but it’s hard to accomplish this when you’re needlessly spending funds. Employing an entire department of HR specialists to handle your business needs can blow your overhead costs through the roof, so you should save money (while increasing efficiency) by using complete payroll solutions instead. Not only can payroll software handle your payroll, tax compliance, and paycheck distribution, but full-service solutions can manage your employee benefits, onboarding, and time/attendance as well! The cost is much lower when you only pay for a single program that handles all of your HR/payroll needs, rather than a variety of specialists who get paid by the hour.
5. You Won’t Have to Worry About Compliance Complications
Federal, state, and local compliance laws are constantly changing, which makes staying up-to-date a challenge for even the most educated HR specialists. Sadly, not understanding or being aware of compliance laws isn’t a defense that will hold up in court, so even a simple misunderstanding could end up costing you thousands of dollars! Thankfully, dedicated payroll software like UZIO is always updating and adjusting to reflect these changes, ensuring that your payroll and other forms of crucial documentation are always in full compliance with government regulations. This takes the weight off of your shoulders, allowing you to focus on running your business without worrying about the potential lawsuit lurking around the corner.