It's no secret that managers and employers hate payroll. It takes hours to process, requires mind-numbing attention to detail, and comes with hefty repercussions if you screw up. No, nobody likes doing payroll. Fortunately, in 2021, the smart business owner knows that they don't have to anymore. With payroll services like Gusto and Intuit, you can have your entire payroll processing automated. So, everything is done automatically, without your input, and free from costly human errors.
Not sure what a payroll service is all about and whether or not it can help your business? Check out this comprehensive guide to payroll software and discover what you’ve been missing out on until now.
Payroll services are any type of service that processes your company’s payroll for you. These services come in several forms, including full service and software. While some corporations opt for a full-fledged payroll service, most businesses prefer the convenience and security of payroll software. We’ll get into a few of the differences below, but suffice it to say that both payroll services and payroll software add tremendous value to your business with features like:
Many payroll services will even provide HR benefits and services, hiring and onboarding, and accounting services. So, you really get a ton from this one piece of software.
Payroll services sound great. But you’re a savvy business owner, so you’re going to need to see the money. What can payroll software do for your business? How will this type of service benefit your company? And will the costs outweigh the advantages gained (ROI) at the end of the day? Let’s take a look.
Studies have shown that payroll processing and accounts balancing can take 40 hours a month for the average manager. 40 hours a month! That’s a tremendous amount of time that one of your top employees can use to do other, more important tasks (like managing their team, allocating resources, or analyzing data for better efficiency). With payroll software, your manager doesn’t have to do a thing. The system is automated, so everything runs hands-free. You set it and forget it, freeing up your most valuable employees to do the work they’re really good at and are needed for.
Plus, payroll is a tedious, annoying task. Taking this time-consuming frustration off their plates can only help to increase productivity and bolster more positive attitudes around the workplace.
Another extremely important benefit of payroll software is the lack of human error. According to statistics, businesses paid out more than a billion dollars in fines, miscalculations, and redistribution fees caused by improperly processed payroll. Mistakes happen. We get it. You may have put a period in the wrong place. You leave out an important digit. You press delete on the wrong cell. Unfortunately, these little mistakes can add up to major issues and costly fines for businesses. Payroll software eliminates this pricey issue.
Just when you thought payroll services couldn't get any better, they go and throw in tax compliance and filing into the mix. Tax filing is another time-consuming and frustrating task nobody likes to do. To make matters worse, tax regulations are constantly changing. So, unless you have someone with their finger on the pulse all the time, you are likely to make mistakes in your tax calculations (and an expensive mistake, to be sure). Fortunately, payroll software takes care of all of your tax filing and compliance requirements. You'll be fully compliant, always up to date, and calculator-free. What a relief!
Payroll software also offers better security by keeping your sensitive data in-house (a benefit the software option has over the outsourced payroll service option).
Ready to take this arduous task off your plate? Then check out our top picks for best payroll services in 2021.
Nobody likes doing payroll, and with such great alternatives, why would you even bother? Employ a reliable, efficient, and affordable payroll service to do your dirty work for you. And then you can kick back and enjoy the perks of more time on your hands.