When you first start your business, itís easy to feel like everything will take care of itselfóbut once youíve started generating profits, itís time to start thinking about what you want from your business. One of the best ways to do this is to leverage payroll and HR software, which can help you shape your business based on what you need it to be. Here are five ways to use payroll and HR software to shape your business.
Benefits Of Using Payroll And HR Software
Any small business that wants to provide employees with health insurance or retirement plans must use payroll software. Why? It’s complicated, but here’s a look at some of your reasons. The biggest benefit youíll find is simply ease of use. If you are planning on doing things on your own, chances are you donít have experience handling payroll. You may also not be aware of some very important tax requirements, like filing 1099s for independent contractors who have worked for you more than once during a year. In addition, if you work with independent contractors and international employees, having a global payroll in place is essential as payroll and tax compliance rules vary from country to country and to deal with this manually is a daunting and time consuming process.
Thatís where software comes in handy! It can help ensure that all 1099s are filed correctly and on time, which helps avoid hefty fines from the IRS down the road.
Use Employee Self Service Features
Provide your employees with multiple self-service options, including an online portal where they can access their paystubs, W-2s, benefits information, and more. As an added bonus, itíll help increase employee engagement because youíre empowering them. This is especially important for millennials; research shows that these younger employees would like more insight into workplace transparency. They want to feel like they are contributing by doing work that matters. Employee self-service features can provide that sense of workplace transparency while also giving millennial workers greater control over how they manage their careers within your company.
Streamline Your payroll process
Streamlining payroll can help improve efficiency, save time and reduce costs. For example, consider automating your benefits process by using a benefits broker. Benefits brokers have relationships with a variety of companies, meaning you can quickly obtain competitive pricing on health insurance plans. When you automate your benefits process through a broker, you can avoid spending hours shopping around for companies or policies that meet your needs. Many businesses also consider implementing an automated payroll system because it allows them to quickly pay employees via direct deposit or check – as opposed to having someone manually pay employees each week or month.
Invest In the software that suits your business
A lot of business owners choose not to pay for payroll software at all, preferring instead to invest in cloud accounting software. Thatís a legitimate option if youíre self-employed and really donít need anything but accounting. However, if you employ other people, it might be worth your while to invest in some sort of HR or payroll software package that will let you manage employee records easily, send out W-2 forms at tax time and handle other important administrative tasks. By using such a system, you can be assured your documentation is up-to-date and correct throughout an employee’s tenure on your team.
Get Mobile Access To Data On The Go
Mobile access gives you a way to manage your payroll anywhere, any time. So if youíre going on vacation, going out of town for a few days or stuck at home due to illness (or weather), you can still make sure your employees are getting paid as scheduled. Mobile apps also make it easy for employees with questions about their paychecks or benefitsóthey can quickly tap into information regarding payroll deduction changes, expense reimbursements, and W-2 forms. It all contributes to greater employee satisfaction and more productivity on your end. Get mobile access now!
People often think of payroll and human resources software as mundane toolsóbut we see them as a way to make our job easier, while also taking some of the headache out of work for employees.