How Outdated software can be a silent business killer

How an obsolete software can be your “Silent Business Killer”!

Let’s play a rapid-fire:

Are your employees facing multiple bugs or errors while processing?

Is your software lacking features to tackle today’s challenges?

Are you missing deadlines because of your outdated payroll software?

If all your answers are affirmative then your software is suffering from a deadly decease, famously known as ‘Software Obsolescence.’

Your age-old software matched the pace and demands of your payroll business a decade ago. It was a wise investment, as the software helped you achieve better results. While you are still using the same legacy software, the requirements have changed, asking for more out of your workforce and system.

With today’s complexities, if you keep relying on unsuitable or old tools, the decease can risk you falling behind your counterparts. And when it comes to payroll, it’s even more critical, as it is the most essential organ of any business. An obsolete solution for payroll is prone to calculation errors, data loss, compliance issues, and delayed delivery, which can directly bring down yours’ and your client’s profitability.

In spite of this visible impact, business leaders are surrounded by multiple doubts that stop them from taking a firm decision:

Why should I change if it’s serving my purpose?

Why should I incur extra expenses?

Why should mess up with my proven workflows?

Here are some rationale attempts to guide you take an insight-driven decision on upgrading your software:

EXTRA EXPENSE OR PROFITABLE INVESTMENT?

A new software carries cognate investments such as cost of purchasing the upgrade, resource training, plus potential changes in the prevailing infrastructure. You might see this as an extra burden on the balance sheet. However, you tend to ignore the disguised costs like technical, operational, or financial costs associated with using old-fashioned software.

OUTDATED = UNSUPPORTED = UNSECURED

The biggest issue with the antiquated software is, you stop receiving the updates and security patches. It leaves you open to security vulnerabilities that hackers can easily find and exploit to steal sensitive payroll data! One data breach and your all-important selling point-reliability will be lost forever.

OUTDATED = SLOW SPEEDS = POOR EMPLOYEE EXPERIENCE = INEFFICIENT PROCESSES

In the modern business landscape, which is driven by technology, employees expect fast, accurate, and always on-time delivery from payroll. The scope for error is almost zero. Also, HMRC is constantly improving the taxation or pension laws by introducing new compliance rules and amendments. Is your software capable enough to process payroll without any compliance risks?

With the old-school system, you need to deal with numerous human steps for data transfer, documentation, and record check. It makes your process highly susceptible to errors, leading to daily inefficiencies. Time spent on menial tasks hinders employee experience, making their duty tedious and unsatisfactory. Consequently, reduced output per employee hours delays payroll processing, which results in unsatisfied clients.

OUTDATED = WRONG ESTIMATIONS = OVERSPENDING

A possible side effect of using outdated solution is your payroll team does not regularly track and report on KPIs. You won’t have enough data to analyse and optimise your processes for improved business outcomes. You keep spending on non-productive resources, limiting your business’s ability to reach its full potential, losing out on growth opportunities.

PROVEN WORKFLOW OR WORK WITH FLAW?

You might be in the predicament that introducing something new could just be confusing and mess up your workflows. But old tech is not equipped to cope up with the complexities and speed needs of today’s payroll. By following the unsuitable methods, you are asking your employees to produce high-quality results without empowering them with the latest features.

If above worrying symptoms didn’t convince you that you need to upgrade, or if you’re still unsure, you must go back to the users – your employees and clients. Talk to them and ask if they are finding any difficulties in daily operations, or they are able to get or deliver the desired performance.

It’s high time you re-evaluate your treatment strategy and save your business by proactively investing in new payroll tools that empower you with automated processes, anywhere, anytime access through cloud, in-depth analytics and engaging employee experience. It will unlock new doors for improved business profitability.

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