Online Payroll Innovations for Small Business

payroll-clipart-payroll

Now that I am helping my husband get our new carwash up and running, this article definitely caught my attention.  There are so many new things for me to learn now that I will be transitioning from online marketer to carwash payroll/ bookeeper.  I hope this information can help you as well.

Online Payroll Innovations for Small Business

When a small business owner thinks about managing payroll, he or she is thinking about more than just making sure employees are paid on time. Today, health care and other benefits may be tied to how many hours an employee works in a given period of time. Furthermore, the introduction of the Affordable Care Act means that there is more information than ever that needs to be tracked and monitored. How have the latest online payroll innovations made the lives of small business owners easier?

The Cloud Lets You Submit Information From Anywhere

If you have a device that can connect to the internet, you have what you need to do your payroll. Whether the business owner does it him or herself or the task is delegated to the person who handles accounting, information can be uploaded and approved in a matter of minutes.

Employees now have almost instant access to vital information such as how many hours they worked in the last pay period and how much they were paid after taxes. They can also look to see how much vacation time they may have accrued or whether they made contributions to a retirement or health savings account.

As it is now easier than ever to direct deposit employee paychecks into their bank accounts, there is no need to waste time signing paper checks or submitting paper pay stubs. This saves a lot of time and money as well as helping a company act in an environmentally responsible way.

HR and Accounting Can Work Together As One Unit

In a smaller company, there may not be enough money to have a dedicated human resources official and a dedicated accountant. However, new software options allow companies to use one program to keep track of payroll and other vital information such as whether or not an employee was hired, an employee was just terminated or whether an employee may have changed his or her address.

In some cases, software programs can make it easy to track health benefits used, manage deductions and even ensure that taxes are properly deducted. This ensures that employees get everything that they have earned and that the company is compliant with all state and federal employment laws.

Stay in Compliance No Matter Who Your Workers Are

In recent years, there has been a shift from traditional employees to freelancers making a large portion of the workforce. Through the use of modern software programs, you can create both W-2s and 1099s with ease. This can be especially helpful if you have a combination of both traditional employees and contractors who you outsource tasks to.

Tax forms can even be created and sent to the proper government agencies for you. If you are a small business owner, the last thing that you need is an audit or an investigation into your company because payroll taxes were submitted late or incorrectly. Even if the problem is identified and corrected, fines and other penalties can cripple the organization’s bottom line.

Small businesses need to look for time and financial savings wherever they can be found. Through the use of software programs that can be used on any device that has an internet connection, it allows a business to save both time and money on payroll and human resources tasks. Therefore, a company can spend more time on customers, product quality and expansion efforts and less time on tedious administrative activities.

Bio –

This guest post contribution was made by Payroll Express, a cloud based payroll company specializing in small businesses. P.E. offers payroll services in Boise as well as Idaho payroll services.

Photo Credit:  www.clipartpanda.com

 

Comments

  1. All good points to ponder. And I’m so excited for you with this new business!!