This post was updated in July, 2019
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, today’s small business owner has powerful tools at their disposal to help with these complications. That’s where Payroll SaaS comes in.
What is Payroll SaaS?
SaaS stands for “software as a service” and is used when discussing software run entirely online or in the cloud. Cloud-based software solutions are extremely useful tools for small businesses with limited time and manpower.
Payroll SaaS greatly aides in the day-to-day tasks of HR and payroll employees. A powerful Payroll SaaS platform eliminates siloed employee information and feeds multiple sets of data into a single source. Hours flow directly into payroll and mounds of paperwork are a begotten memory; no more manually calculating time cards! By having access to employee data all from a single source, managers and supervisors can easily run reports and generate insightful analytics.
The benefits of payroll SaaS for small businesses
A single-source payroll SaaS provides a number of benefits to small business owners. They’ll increase efficiency in nearly every aspect of HR processing while eliminating redundant data entries. This ease in processing allows your team to focus their attention on your employees and clients instead of getting bogged down in needless paperwork.
The best ROI for using a payroll software for small business owners includes:
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 eliminates 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 from anywhere with an internet connection. Gone are the days of rummaging through old stacks of pay stubs to see how much you’ve contributed to taxes, retirement accounts, and health savings plans.
If you’re curious about the costs and advantages of single-source payroll software, reach out to a member of Dominion to review your needs and determine the best solution for your business.
What to look for in payroll services for small businesses
A payroll service should handle a number of processes for your small business. After all, if you’re outsourcing the process, all the familiar headaches and stress that come from deductions, taxes, 401(k)s and more should be nonexistent. Let’s go over a few of the basic features a single-source payroll software will automate and simplify for you.
Accurate and timely payrolls: First and foremost, you and your employees should be paid on time, every time, and in the correct amount.
Automatic tax payments: A payroll processor worth their salt should have zero problems accurately submitting local, state, and federal taxes when you submit payroll.
Expert customer support: Payroll is always going to be complicated, and there’s a lot of pressure on payroll processors to get things right every time. That is why it’s important to have a quality customer service team that you can rely on any time you need it.
Centralized data:A proper payroll processor will allow you to access important employee data all from one online location, whenever you need it. You shouldn’t be restricted from accessing your own company information. Run reports, check balances, and more, at any time.
Should I be concerned about sensitive employee information?
Nearly all payroll SaaS providers worth their salt provide exceptional data security to their clients. Typical security measures include client verification steps, intrusion detection, external hosting sites, and internal and external firewalls.
There should also be regular backups of data for protection against human-induced and natural disasters. However, in the event of a catastrophic natural event, cloud vendors ensure all data is secure online. Even if your office burns down or becomes flooded, your employees’ most sensitive information remains safe and sound.
Payroll processing can be a high task, but it doesn’t have to be. Check out our definitive guide to processing payroll in Michigan.
We know you might be convinced, but maybe your boss is still on the fence. Learn how to convince them otherwise.
Like any new technological process introduced to an office, the integration needs to be as smooth and painless as possible to get employees off on the right foot. This installation process can be a huge differentiator among payroll SaaS providers.
Take Dominion for example. We provide a dedicated specialist to walk you through as much of the payroll software as necessary to ensure a seamless transition from your previous provider to Dominion. Even at the end of the integration process, our entire service team, from client solutions representatives to account managers will be happy to help with any questions you have. If your interest is piqued, request a demo of our payroll SaaS today!