Payroll management is one of the most difficult challenges faced by a modern business.
It starts with ensuring that every employee is paid regularly at their agreed rate, which varies from person to person. In most instances your employees are all compensated differently; some are paid an hourly wage that varies month to month, while others receive a fixed salary. There are also freelancers and contractors to consider, each with their own respective employment information that needs to be diligently recorded and recalled when needed.
Accurate employee data aids in sound decision making, operations and payroll processes, from submitting appropriate tax information to guaranteeing overall staff satisfaction.
Manually overseeing the various moving parts can be extremely time consuming and exposes you to an element of ‘well-meaning’ human error, which could be costly.
Let’s take a look at just a few ways software-based payroll solutions can improve your payroll process and operations:
Improve your payroll efficiency
The clear obvious advantage of a digital outsourced payroll system is that it gives you the tools to complete payroll tasks with fewer resources. The earnings of each staff member for a given period are automatically calculated utilizing modern payroll software, accounting for leave, sick pay, benefits and other variables. By outsourcing this administration to a technologically advanced payroll system or service, you can focus on the tasks that will determine your company’s success.
Reduce human error
Similarly, the errors made by human administrators are being gradually eliminated as digitalization spreads, and payroll systems are no different. In the past, an error could result in an entire workforce being underpaid for a given week or month, or an underpaid tax bill causing a significant headache for months on end. Payroll software supports you proactively by highlighting discrepancies before any costly mistakes arise.
Simplify your employee record-keeping
The learning curve of any new technology can at first appear steep and intimidating. A good payroll platform makes accessing information and records simple. It securely stores all your critical data, ensures the data is searchable, and administrators can examine the data in-depth.
Always pay your employees on-time
Another benefit of digitalization is that it makes it easier to pay your employees on time by automating the entire process.
So you don’t have to do it manually, the payroll software tracks each employee’s hours, calculates their pay based on their rate, and withholds the necessary amount of taxes and other deductions. Pension plan enrollment is also automated with the employee contributions automatically deducted. All this leads to fewer disgruntled employees and a motivated and satisfied workforce overall.
Accurate payroll and data reporting
You can make better business decisions when you are well-informed. However, communicating the complexities of a large scale payroll in an easy-to-digest format can be a challenge. With an intuitive payroll platform, these reports are now automatically generated effortlessly, with a wide data set across a range of dates. They’re all easily readable and searchable to get to the most pertinent information right away.
Ensure compliance with regulations
Navigating the various federal and state regulations, as well as state tax regulations is a maze, and there is little to no room for error or oversight. As an employer you have a huge responsibility to ensure tax information is correct and reported to the IRS and respective departments of revenue. This is where a reliable online payroll system can help you stay on top of compliance.
From recording the right information at employee onboarding to calculating the correct Medicare taxes, Social Security taxes, local taxes, and employee benefits(if applicable) and calculating net pay, payroll software helps alleviate the burden.
Better payroll with Simpay: end-to-end, intuitive and error-free
Simpay’s online payroll processing gives you all the capabilities to:
Increase payroll processing efficiency
Reduce human error in payroll processing
Always pay your employees on-time
Maintain accurate reporting
Ensure regulatory compliance
It’s more than just payroll software; helping you save time, cut costs and keep your staff thriving. It’s end-to-end employee management software. What’s even better? Simpay assists you to free up time so you can concentrate on running your business rather than on administrative responsibilities.
Get in touch with us today to discuss how Simpay can fit your narrow business requirements and keep your business moving. Contact us today at firstname.lastname@example.org or at 866-253-2227.