Many changes come along as companies grow; new people are added, additional office space may be needed, and processes are tweaked to accommodate for the expansion. We often find that processes that worked well for smaller business become less efficient as companies grow, and that’s ok; your company needs to adjust just as your product or service does. Instead of using outdated practices, evaluate from time to time to see if there are things that can be improved upon. Being in the payroll software industry, we see that payroll is one of the processes that tends to be overlooked when companies grow. So let’s talk about some tell-tale signs that signify your company is ready for payroll software.
Your Payroll Specialists’ Hours Fluctuate
One of the more obvious signs that your company needs to invest in payroll SaaS is when you notice your payroll department is working overtime the few days leading up to payday. I once called a company who told me their controller was working 80 hours a week to simply run payroll. Needless to say they were relieved to see that our software could simplify their payroll and drastically reduce their time spent processing.
Your Taxes Aren’t Being Paid Correctly
If you’re receiving tax notices from the IRS that is a good sign that you need some assistance filing your taxes. A big perk of payroll SaaS is that many of them handle all local, state, and federal taxes automatically; you literally do not even have to think about it. When shopping providers this is something you should inquire about. There are options when it comes to paying your taxes, but most companies will recommend tax management. Tax management is when your payroll software company pays taxes on your behalf from their bank account. Essentially they hold your tax money in their account and pay it out as needed.
You Need Help With the Affordable Care Act
Businesses across the country are suddenly tasked with having to track employees in order to see if they qualify for benefits or not. Unless you’re well-versed on the affordable care act and the ever-changing regulations, you might need some assistance. Given the need for such tracking, many payroll software providers have responded and created a way to track your full-time employees as well as full-time equivalents. Best part about this? You can create reports based on the information and get a clear snapshot of how many employees qualify under the ACA.
Chances are if you have one or more of these problems, you need a payroll SaaS. The benefits of the right payroll software will far outweigh the (potential) added cost of replacing your installed software.
Want a hassle-free quote from Dominion? Tell us a bit about your company and we’ll be happy to provide a free, personalized quote.