Are you still using internal software or doing payroll by hand? While those options might work for some businesses, it may not be especially efficient or accurate. That’s why more and more companies are turning to online payroll solutions to improve their processes and accounting.
Whether you use online payroll platforms or hire a service provider who manages your payroll via an online portal, having all of your information in one spot on the web can make tracking and reporting much easier.
Online payroll systems have grown in popularity in recent years – and with good reason. Check out the benefits of online payroll solutions below.
1. Speed Without Errors
Online payroll systems allow you to complete calculations quickly and accurately. Basically, all you have to do is fill in the blanks and the system takes care of the rest. This makes calculating taxes and payments simple and ensures accuracy because you don’t run the risk of processing the wrong numbers or forgetting important requirements.
2. Complete Convenience
The major benefit of having an online payroll system is the access it brings. The person or company in charge of running payroll can get on the system any time they have an internet connection. That means if something needs to be taken care of after-hours or an issue pops up on the weekend, a resolution can be implemented right then and there. Additionally, business owners, HR leaders, billing and other stakeholders can view real-time reports and update information whenever they need to.
3. Employee Access
Using a web-based payroll platform allows your employees convenience as well. Many online payroll solutions will include an employee portal where your staff can access their own old pay stubs, tax information and W-2s. This makes your process more efficient, since payroll managers can focus on delivering paychecks and reporting taxes instead of juggling employee queries.
4. Seamless Integration Across Systems
Having an online payroll system usually means integration possibilities. You may be able to combine payroll platforms with your financial programs and your HR and benefits software. In doing so, you make all internal processes work together so it is easier to see the whole picture of your business operations. If they can’t fully be integrated, online payroll solutions can also export data to accounting systems so at least all of your financials can be together.
5. Reliable Storage
Since all of your payroll information would be stored online with one of these platforms, you never have to worry about a broken computer or buggy software. If your system goes down or something happens to your computer, you can still access your information as long as you have an Internet connection. Online payroll solutions can also offer improved security, as separate accounts means you can have different permissions for employees.
It seems as though most business processes have gone digital, and that includes payroll systems. Even if you are looking to hire a payroll service provider, try to get one that uses an online system so you can enjoy maximum efficiency and convenience.