How to bring your payroll into the modern age
We would all like to think that our business operation is one that is modern, comprehensive and efficient. This isn’t always the case, and usually, there are some areas that should be more accountable to this standard. Your payroll is likely one such area. This year, make it your mission to bring the business’s payroll into the modern age so that you and your team can start benefiting from the enhanced framework you are sorely missing.
Tighten up your practice
The days of manual spreadsheeting and casual data storage are beyond us, and what a relief that is! Not only were these measures not secure, but they are also time-consuming to manage. A modern payroll software solution will relieve you and your team from this task, thereby removing the responsibility of storing sensitive data onsite. There are some offices that will still trade on paper sign-in sheets to access hard copy data, a fact that is as redundant as it is dangerous. Don’t provide a situation where sensitive details can end up in the wrong hands and integrate a payroll software that takes those items offsite.
Reduce the pressure, or the headcount
Payroll is a responsibility that can feel endless at times. It’s not uncommon to have more than a few team members working on an array of payroll issues and items, week in and out. Exploring payroll software will streamline a lot of the mundane tasks to a point that you could reduce the pressure on a burdened team, or even reduce your headcount altogether. When you are reviewing your annual budget, weigh up the cost of salaries against payroll software and see what solution puts your business ahead. If you think that payroll software is only for larger businesses, you may be surprised to learn that many small to medium businesses are exploring these options in lieu of a dedicated employee in that space.
Start enjoying the end of the financial year
Tax time doesn’t need to be the headache it has been in all your years of business. It can actually be just another day with the right software to support you throughout the year. With the recent changes to payroll in 2018, Single Touch Payroll is a compliance requirement of all businesses and one that may be better suited in the hands of a payroll software provider. By pursuing this route, all of your financial statements and paperwork will be readily accessible and pulled together for lodgment, without the chance of any human error or rushed timelines. If May through July is a period of unrest in your business, it could be time to remove the issue altogether.
Total accessibility and mobility
Work doesn’t look like what it once did. You no longer need to be in the physical office to administer tasks and run operations. The same should be said for your payroll. The right software will allow you to access payments, reports and approve spends from anywhere in the world, at any time. The benefits of remote access payroll will afford your business quicker resolutions and a greater level of detail for all stakeholders. Take holidays and allow your employees to do the same, with any reconciliations and approvals administered with a simple keystroke.
There is only upside to enhancing your payroll practices, and one that will continue to pay dividends for years to come. There are enough responsibilities to demand your attention each day, from operations to customer service. Get ahead and hand over your payroll duties to an experienced operator and enjoy total peace of mind and greater compliance.