Managing payroll is an essential task that all business owners must manage. It's easy to fall into an outdated routine here, but inefficient practices are costly in many ways. You can save time, money, and effort when you move to more efficient solutions. Consider the benefits you can reap when you implement the right software solution for payroll
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According to SCORE, more than a quarter of small business owners spend between three and five hours a month on payroll tasks. Another 17 percent spend six to 10 hours on this job, and 11 percent dedicate over 10 hours a month to payroll duties. This could be an unnecessary investment of valuable time.
The right software can cut down on the hours you dedicate to this weekly task, freeing up time for more important endeavors. A product like Sage 100cloud BMS can minimize redundant data entry, so numbers go in once and are readily available to everyone on your staff. Cut out the hours you're spending on payroll and devote them to more important tasks, like business growth.
Time is money, and the more time you're dedicating to payroll tasks, the more you're spending to manage this part of your business. The right payroll software can also help you trim other costs associated with money management. The legal fees, tax administration costs, and internal costs associated with tax time total $10,000 or more for 28 percent of small businesses, according to SCORE. Simplify and streamline with software that tracks your payroll neatly and reduces some of these expenses for you.
Payroll errors are costly in myriad ways. The 2017 American Payroll Association's national survey indicates that 71 percent of Americans experience financial difficulties if their paychecks are delayed by even one week. If you're not paying your employees on time, or you're processing payment amounts incorrectly, this could result in serious financial strain for these workers. You'll find it difficult to keep top talent in this situation, leaving your business to struggle with the added expense of high turnover.
Errors that cause you to overpay employees are also expensive. Though you may not find your workers complaining, your bottom line will surely suffer. Using the right payroll software will help you keep track of finances properly so you can manage your money as efficiently as possible.
Providing Key Insights
Are your payroll processes giving you the information you need to properly manage your staff? If you're suffering from disorganization in this area, you may miss the number of overtime hours a particular employee is logging — and a simple schedule adjustment could keep these costs under control. Oversights in this area may also cause you to overlook issues like too-long lunches or improper management of sick days and vacation time. Keep a closer eye on employee hours with smart software.
Take a proactive approach to your payroll management and upgrade to a smart software solution now! You can stop spending unnecessary hours on this task and redirect your HR team to more important jobs that will help boost employee satisfaction.