The Benefits of Payroll Software as a Service for Small Businesses
3 min read
The world of payroll and HR can be complicated. Payroll and HR are jam-packed with data, compliance laws, tax regulations, deadlines, and more. Thankfully, small business owners have powerful tools at their disposal to help with these complications. This is where Payroll SaaS comes in.
What is Payroll SaaS?
SaaS stands for software as a service and is used when discussing software that runs entirely online or in the cloud. Cloud-based software solutions are extremely useful tools for small businesses with limited time and manpower.
Payroll SaaS aids in the day-to-day tasks of HR and payroll. A powerful Payroll SaaS platform eliminates siloed employee information and feeds multiple sets of data into a single source. Having access to employee data from a single source enables managers and supervisors to run reports and generate insightful analytics.
While having all the data stored in the cloud, the data is shared between the necessary personnel. Thus everybody has access to the appropriate documents from their personal computer, boosting efficiency significantly.
Additionally, payroll providers offer features that you can opt-in and out of like, Time and Attendance, HR management, and Employee Self Service. Each element is designed to specifically save you time and increase efficiency.
Time and Attendance allows you to collect employee punches from a time clock or computer and convert them into hours worked, which then flow directly into payroll. This eliminates the need for dual entry and cuts down the time it takes to process payroll.
HR Management can have features, including Benefits Administration that simplifies your open enrollment, Applicant Tracking that gives you one-click correspondence with your applicants, and onboarding. This allows your new hires to fill out their documents electronically from anywhere.
Employee Self Service lets your employees access and manage everything related to their job including; viewing schedules and punches, shop benefits, and request time off.
Each additional feature should be located on one platform therefore, they work seamlessly together without any hiccups.
The benefits of payroll SaaS for small businesses
The ease in processing allows your team to focus their attention on your employees and clients instead of needless paperwork.
Accurate and timely pay stubs: Payroll software companies are experts in processing tax codes, staying up-to-date on the latest laws, and can handle all manners of deductions, pay frequencies, and any other specialized request.
Saves an enormous amount of time: Businesses of all sizes benefit by delegating payroll processes. Outsourcing payroll allows you to stay focused on managing your employees and achieving company goals.
Long-term savings and peace of mind: While an outsourced payroll solution may seem expensive up front, it's more affordable in the long term. Paying for a single-source payroll solution eliminated tax errors and the need for an accountant solely focused on payroll processes.
Additionally, a Payroll SaaS allows HR staff and employees to access information anywhere with an internet connection.
What to look for
A payroll service should handle several processes for your small business. If you're outsourcing, all the headaches and stress that come from deductions, taxes, 401 (k), and more should be nonexistent. Let's go over a few basic features a single-source payroll software will automate and simplify for you. SaaS will automate:
Accurate and timely payrolls
Automatic tax payments
Expert customer support: when payroll gets complicated or you have questions, the customer service team should be able to help.
Payroll SaaS is very beneficial for small businesses. Outsourcing your payroll can ease a lot of stressors when it comes to payroll and save you money. A Saas automation helps businesses focus on the work that needs to be done. If you are a small business, schedule a demo with Dominion and see how our software can help your business.
Interested in learning how Dominion Systems can help your company?