A common mistake in thinking with small and mid-sized companies is to avoid investing in technology early in their growth process. In reality, investing early in the right software, including online payroll software, is essential in managing the challenges of growth.
To understand the importance of early investment in online payroll software, consider the following three issues that can easily become a problem for HR and payroll staff in a rapidly growing company.
Faster Onboarding and Processing of Employee Pay
With an online software solution to manage payroll accounts and other HR functions, including onboarding for new employees, there is no delay. This means new hires are paid on time from their first pay period and throughout their employment.
Employees that are paid on time and have predictability with their payroll deposits report higher levels of satisfaction with their employer. In a growing company, retaining employees is critical.
Reduce the Costs
The affordability and the scalability of online payroll software make it a cost-saving decision for a company. The system simply expands to provide the services needed as the company grows. There is no need to hire additional HR professionals, bookkeepers, or accountants to manage payroll, taxes, and other administrative types of activities.
Limited Error and Increased Compliance
Single point of entry for data combined with integrated compliance features help to prevent payroll errors. This is not only important for employee satisfaction, but it also eliminates concerns for a business in missing important reporting or filing dates and deadlines. Click here for more information.