If you’re planning on rapidly growing your business in the near future, then it’s important to have a general plan in mind. You’ll also need to have the proper payroll system in place since expanding your company will generally require hiring more employees. Today, we’ll be taking a look at payroll software for small business: three ways you can use it to boost your business, how to go about doing so, and what advantages software holds over manual processes. Even if you have a non-payroll-based growth strategy in mind, you’ll still be able to benefit from implementing these three different approaches as well, so it’s worth reading if you truly want your business to be at its best.
1. Integrating Your Systems
Does your company currently manage payroll and HR (Human Resources) using manual processes? If so, you’ll definitely want to switch to a software-based approach in the near future, or else your growth potential will be severely limited by your payroll management system. On the other hand, if you’re already using payroll and HR software, do they operate on the same system using the same database, or is there a standalone application for each department? If you find your company falling into the latter description then it’s time to start thinking about complete payroll solutions.
Unlike standalone systems, complete solutions manage both payroll and HR using the same platform and share the same database. This is important because not only does it help with the onboarding process, but improves cross-departmental communication as well. Since information is stored in the same database, staff won’t have to submit information requests to the other department: they can simply look up the necessary data.
2. Standardize Your Payroll Processes
Using a payroll platform is the best way to make sure payroll is processed quickly and effectively. Most platforms can handle everything from T&A (Time & Attendance) tracking to the calculation and distribution of payroll. Advanced payroll software like UZIO offers mobile solutions, meaning employees can clock in/clock out using their mobile devices. Regardless of which system you ultimately end up choosing, it’s important to find one and commit to it. When all of your employees are familiarized and trained with the same payroll process, you’ll find it much easier to complete payroll every pay period.
The biggest advantage to using a software-based approach over manual processes is the amount of time and money you’ll save. Rather than paying multiple payroll specialists full-time salaries every week to calculate your payroll, you’ll be able to minimize staff and lower overhead costs (provided you choose the right payroll processing platform). Your payroll processing software will automate the vast majority of payroll functions; the remaining employees are simply there to overlook the process, add any additional data, and tie up loose ends when necessary.
3. Optimize Your Onboarding Approach
If you plan on growing your business then you’ll need to have a solid onboarding approach in mind. Ideally, you should have this process laid out before starting to expand your business, but you’ll need to confirm that this method can accommodate multiple new hires in a short period of time. This is where payroll software for small businesses comes in.
Although a standalone payroll system won’t help much with onboarding new hires, complete payroll processing solutions will. Since these solutions are capable of managing both HR and payroll tasks, information from the onboarding tool will be able to be directly imported over to the payroll department. Not only does having the new hires complete paperwork digitally save time, but it also prevents them from needing to fill out the same information twice: the system will do it for them. By using this all-around approach, your payroll & HR departments will be able to complete the onboarding process much faster, ensuring you’re not hiring employees faster than you can process their information.
Payroll, HR, & Business Growth
Each of the approaches above help set your business up for future success in different ways, but they’re all centered around one thing: payroll software. As you can see, having the right payroll processing system in place can make a massive difference in the overall growth potential of your business, so it’s definitely an area where you should invest some time into. By researching market options, comparing them to the needs of your business, then implementing these solutions before you begin your growth efforts, you can easily create the framework for a successful and scalable business moving forward.
