There are a number of ways to process payroll, each with their own perks and drawbacks. You can process in-house, use a CPA firm, or use a Software as a Service (SaaS). Using a SaaS has a ton of benefits, from reducing manual tasks to keeping track of all employee data in a centralized location. Payroll software is specifically designed to help make your job easier, so consider these options on how it can benefit you and your company.
1. High Adoption for You and Your Employees
One of the many perks of payroll SaaS is its accessibility from anywhere with an internet connection. Accessing the information you need when and wherever you are is a huge benefit. As a culture, we are becoming more reliant on our smartphones and having access to vital information at all times. A study by Business Insider showed that the average American spends more than 100 minutes a day online doing leisure activities. Your employees are already spending most of their free time online, and since most of them have grown up with technology, they are quick to learn and adapt. In most cases, they want to be able to check their paycheck, W2, or request time off from the convenience of their home.
2. Painless Upgrades
One of the best things about a payroll software is that it’s all done in the cloud. This means that you don’t have to install or wait for something to download because it’s already there. The tools you need to use are ready to go when you log in online, and whenever the software company makes an upgrade or improvement, the changes occur automatically.
3. Lower Costs
Online Payroll software is subscription based, so there are no licensing fees. You pay for what services you use based on how many employees you have. There is no need to pay hundreds of thousands of dollars upfront before even having access to use the software. This makes the initial investment less risky also. Some companies pay a lot of money to buy a license only to find out later that they were oversold on the product. You can start and stop service at your leisure and even add or remove additional features to best fit your company’s needs.
4. Seamless Integrations
No software can do everything a business wants. For example, different departments might use different software within the same company. Sales may use a Sales CRM while marketing uses an automation software, but both have information that is important to each other. This information needs to seamlessly flow back and forth through an application programming interface (API). With a payroll software that interfaces with other software, you can enable departments to work together so you can manage all your payroll and HR processes without having to worry about dual-entry.
To learn more about how a payroll software can help you and your business, request a demo below.