One of the biggest challenges which are being faced by the majority of businesses today is increasing efficiency. Outsourcing of business processes, especially Payroll and human resources are being considered by more and more companies. This is happening usually because third-party providers can perform those functions more efficiently. Businesses often wonder if choosing an online payroll service is the right decision for their organisations.
Here are top pros you should know when deciding to use online payroll service.
- More Cost-Effective And Highly Efficient
Good payroll software enables you to finish payroll tasks within minutes and saves lots of time, which you can give to other important tasks of the business. You can easily calculate the salary based on hours, overtime and bonuses with the help of payroll software, while keeping track of PTO. You can use your employees to focus on the core issues, which will help your company to grow unprecedentedly.
A recent study stated that businesses that choose payroll outsourcing spend 20% less on average compared to companies that keep it in-house. Don’t forget that time is money, and payroll outsourcing is an ideal way to reclaim valuable hours.
- Taxes Are Filed On Time And Correctly
The ATO (Australian Taxation Office) penalises near about 1 out of 4 businesses for their errors in payroll and millions of AUD is issued in penalties related to employment taxes. Choosing payroll software or payroll outsourcing provides you an opportunity to work with tax experts and automated processes, which ensure accurate, timely and correct filing.
- Compliance Best Practices
Apart from tax compliance, a large number of payroll service providers can also offer assistance with labour and employment compliance through time & attendance solutions. As your business grows, you’ll notice that legal and regulatory compliance has become a lot more complex. This makes it a lot important for businesses to find a payroll service provider that can help with growth and mitigate risk involved in these areas.
- Speedy Access To Data And Analytics
With cloud payroll, you’ll get secure and on-the-go access, which automatically allows you to view and edit workers’ info whenever you need to. Custom reporting and analytics, dashboards are also offered by many payroll software providers so you can create all types of reports in a matter of clicks.
- Self-Service For Employee
One of the best things about cloud payroll is secure online access, which allows workers access to things like pay slips, time off requests and personal info. A few companies are now also offering mobile apps, so workers can get info directly on their Smartphone.
- Easier For Workers
A user-friendly payroll service will help workers to learn and use the services easily instead of a complex in-house process. Ease-of-use can play an important role in minimising workload for managers of a company that changes jobs every few years.