Any business owner who is still handling their payroll manually is definitely failing to take full advantage of their time, money and resources. After all, payroll is one of the most time-consuming processes that must be completed on a regular basis. By automating the process, you can make your employees happier and make life easier on yourself.
1. Save Time – According to Payweb, an authority for pay related solutions, an automated system allows you to credit your employees’ ATM cards directly and instantly keeping you from having to undertake the time-consuming process of writing out checks. Even if your business is small, you will be surprised by how much time automated payroll will save.
2. Instant Direct Deposit – Most employees want their checks to be directly deposited into their bank account. By automating payroll, you can avoid the process of manually initiating direct deposit for all of your employees.
3. Timely Payments – If you have an individual preparing and cutting payroll checks, there is always the possibility that the process will be delayed. By automating your payroll, you will always have checks available by a preset time every payday.
4. Save Money – Utilizing automated payroll does come with a cost, but it allows you to free up your staff’s time for more important things. You can also eliminate the payroll coordinator position, and the money that you save yearly by downsizing will more than pay for the cost of the automated process.
5. Increase Confidence – When a company prepares checks internally, it sends the message to employees that the owner is behind the times. Most companies use some form of automated payroll, and this is what your employees expect.
6. Reduce Stress – When payroll checks are cut manually, the owner or a high level employee is typically responsible for signing each of them. This can add a lot of stress, especially if payroll day happens to fall on the same day as an important meeting. By automating your payroll, you can remove the need to sign checks by hand.
7. Eco-Friendly – Most companies that have automated payroll and direct deposit are no longer printing out paper stubs for their employees. Instead, a copy of each stub can be viewed online. This one step alone can allow you to advertise that your company is taking steps to be more eco-friendly.
8. Increase Efficiency – The overall efficiency of your office will be increased with an automated payroll process because your employees will not spend a lot of time filling out manual time cards.
9. List it as a Perk – When you are interviewing new prospective employees, you can mention that your company offers automated payroll and, if applicable, direct deposit.
10. Quickly Solve Payroll Disputes – Because the information is all calculated automatically, you can easily determine if an error was made without needing to blame a specific person. Not only will this let you look into errors and correct them quickly, but it will also help to maintain a steady level of morale in your office.
As you can see, the automated payroll process is much easier than hiring a staff member to manually process checks. By making the switch, you will enjoy a less stressful work environment, and you will also save money.
Photo Credit: Keijo Knutas