In a world that’s primarily dominated by large corporations and multi-million dollar companies, SMBs must find the most efficient processes and procedures if they are to grow a sustainable organization that won’t be driven out of business by larger companies. While this may have posed quite a challenge in the past, thanks to increases in available business software, even small businesses can easily increase their overall productivity on a budget. With increased efficiency and cost-cutting in mind, let’s take a look at some of the benefits small and medium-sized businesses receive when they use HR and Payroll software.
Access to Information Anywhere
When a small business uses a cloud-based payroll system, they gain access to all their crucial HR and payroll documents from anywhere with an internet connection. This means that the owner can check payroll on the go and HR staff can access files even when they’re not at their desk. Cloud-based payroll systems also provide a variety of online self-service options, allowing employees to check their timesheets, request time-off, manage their benefits, and review their paychecks online. Some payroll platforms (like UZIO) even use geo-tracking for time tracking, so companies can rest assured that their employees are in the right place at the right time.
Guaranteed Legal Compliance
While smaller businesses may not be held to the same strict guidelines that large corporations are, they still have a wide variety of federal, state, and local laws that they must abide by. Unfortunately, changes to these policies are quite common, making it nearly impossible for the average HR department to stay up-to-date and compliant with these regulations. Thankfully, small businesses that use cloud-based payroll software don’t have to be concerned with these constant changes, since the software they use automatically updates with the new compliance laws and ensures compliance with the new regulations.
Simple Data Retrieval
Manual storage of information is an outdated process. Not only is manually storing information a time-consuming process, but this type of data management also poses an issue when it comes to retrieving information in a timely manner. SMBs using a payroll system can simply enter an employee’s name into the search bar to pull all relevant information on that particular employee. Payroll software can be used to help evaluate employee performance, monitor turnover rates, check benefits, compensation records, and more. This saves HR staff hours of manually sorting through paperwork; instead, they can easily pull, compare, and review employee files in a matter of minutes using the cloud-based software!
Secure Storage of Vital Business Information
Physical storage of information has a variety of limitations, but one of the biggest limitations is security. A disgruntled employee with access to the office can easily alter or steal paperwork, putting the business at risk for compliance issues and potential lawsuits. Physical files are also commonly misplaced and easily damaged, which are both problems that don’t affect digital files. Using a payroll system, a company can keep their files secure, organized, and safe by storing them digitally in the cloud. Files are password-protected, have an access log, and are easy to sort through using a search bar.
Fewer Employees, Lower Costs
Running an HR department takes a lot of time and trained staff. The requirements grow as the business expands, lowering ROI and increasing the workload of HR employees. The business will also need employees dedicated solely to payroll processing, further diminishing the overall return. Fortunately, most of the HR and payroll needs can be handled by an automated payroll system, reducing staffing needs and cutting budgetary requirements. Payroll software can automatically calculate and process the payroll, even handing direct deposit for the entire staff. This leaves employees with more time to address other vital functions of the business, while leaving the payroll, time and attendance, and benefits management to the payroll software.
There are many different programs and software options that small businesses can pursue to optimize their processes and procedures, but an automated payroll system is one of the essential options that should be on any business’s list. Although implementing new software and changing procedures can seem daunting at the time, the long-term benefits for the business far outweigh the temporary setbacks of implementation.
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