There are only a few areas of a business that remain quite sensitive to the automation and online wave that is sweeping through the past few generations. Accounting software, and in particular payroll, is one area that a lot of businesses are hesitant to take online. Data security and theft remain chief amongst the concerns for a lot of people. Although, advancements in technology and security have made it much safer than what it once was. Along with added safety the functionality and efficiency such a system can deliver could be a big win for any business. For those that are unsure, let this simple guide inform you why you should be paying attention.
Believe it not, for most employees your businesses efficiency isn’t their primary reason for coming to work. Shocking, I know. Employees come to work to be paid. Online payroll systems help to ensure that happens on time and without fail. That can only result in one thing, more satisfied employees that are willing to go the extra mile for your business. In addition to ensuring payments are made in full and on time, online payroll systems mean employees can keep track of hours and update them from anywhere. This allows you to remove the governance and capability required to manually track employees at all times.
If you have ever made an error either underpaying or overpaying your staff, then you understand the pitfalls this can present for both parties. Underpay an employee and you may lose their trust. Overpay an employee and your business suffers from additional liability and lost capital. Online payroll systems help reduce, if not remove, clerical errors which can damage your business. The risk of human error becomes a lot lower and you can even implement systems which provide safeguards against unusual payments.
One of the biggest barriers to implementing online payroll systems is also one of their biggest strengths, security. The word online comes with the hidden fear of hacking. It is a reasonable concern to have, however if you are paying attention and finding a system with state-of-the-art security and encryption services — you are in good hands. Most providers in the market understand and acknowledge the risks of data leaks, so in response use sophisticated security systems to ensure the safety of all personal and financial information handled. In addition, these types of online payroll systems allow you a source of backup if the worst were to happen and allow you to pick up where you left off.
Online payroll systems take the leg work out of manually calculating tax, superannuation and paper trails to ensure you can pass an audit by the tax man. Online systems automatically create a trail which will stand up to the toughest auditing rigours. These systems also create huge efficiencies in calculating tax for the business and employees. Come the end of the financial year, you won’t be spending huge amounts of man-hours pulling together payment summaries for staff.
Imagine if you didn’t have to stay back on pay day for hours to make sure all the staff were paid on time. Online payroll systems make it possible to complete these tasks from the comfort of your home, the local coffee shop or even a secluded island if it takes your fancy. Businesses are able to realise huge efficiency gains by accessing critical information anywhere and anytime.
Online payroll systems have a raft of benefits and solutions to solve even the toughest business problems. Delivering efficiency gains, added security and the benefit of access anytime, you should be asking whether you can afford to keep those offline practices going.