4 myths of Payroll BusinessAashiel Shah
Running the payroll is a very complicated task for any small, medium or big sized organization. Removing this burden from the in-house team is a relief for the employee as well as businesses. Outsourcing this job to other agencies helps in streamline both HR and accounting tasks and saves a lot of time and money too. Here comes the roll of payroll bureaus and accountants who manage this most difficult task for any organization.
Payroll processing is very intricate and at the same time has to do with utmost accuracy and precision so while outsourcing payroll, businesses always make sure that the outsourcing payroll bureau is reliable and accomplishes the given task on time with accuracy.
Thus if you are into payroll business, winning your client’s trust becomes very important for you as you are dealing with the most critical part of his business. And not only one client, but you are also dealing with the payroll processing of so many clients at the same time.
Payroll is not a onetime task, it has to be done regularly, each day and every day, for your clients. If you fail to complete the tasks on time, it will keep stacking up and the payroll of your clients will get delayed and there are high chances that they get penalized which would ultimately lead to loss of good clients for you.
To maintain and grow your business by getting more clients, you have to perform the payroll task with more speed along with accuracy.
So are you facing these payroll challenges? Are you working desperately to meet your client’s payroll requirements but failing to do so? Is your current payroll processing system not efficient enough to satisfy your needs? Are you planning to upgrade to the latest payroll system for ease of operations but certain myths of Payroll service are refraining you from embracing the change?
If the answer to all the above questions is YES, this blog post is going to be an eye-opener to demystifying all your payroll business myths and will help you decide in adopting new technologies for fast and reliable payroll operations.
Payroll is the procedure by which businesses pay an employee for the work they have accomplished. So whenever any business is outsourcing this responsibility it becomes very important for you as payroll bureaus or accountants to ensure that your client’s employees are paid consistently on time, with accuracy and at the same time complying with all government norms related to taxation to avoid any penalties.
Upgrading your current payroll system to advanced Payroll software is a great solution to achieve the highest precision in the payroll process of your client. A good payroll system offers much more than just calculating wages and printing payslips. It can automate the entire payroll process meeting all your payroll requirements by simplifying the process along with more speed, accuracy, and security.
Although by now we have understood that a good payroll system can benefit your payroll business to a great extent, many Payroll bureaus or accountants still prefer the tedious manual computing method using their old system which causes many glitches.
So at this point, it becomes very important for us to analyze to what degree are these worries legitimate. Old payroll systems have a lot of issues like high chances of frequent errors, time-consuming, delay in payroll and so forth. Regardless of these issues, bureaus are dithering before moving to advanced payroll software solutions.
So today let’s check what concerns or rather myths are holding them back from adopting to this highly beneficial transformation?
Now we are going to burst out the 4 common myths that are refraining the organization from moving to the fast, easy and reliable digital world.
# Myth no.1 – “Payroll is a liability and not an asset.”
Most of the payroll bureaus or accountants are concerned over the cost incurred in adopting a new system and see it as a liability.
Though your existing payroll system may have superficially a lower cost, however, the extra cost incurred by it on mass handling or even the time required and expenses caused on changing mistakes and moderating compliance risk credit to a higher rate to your business than the one-time investment on an advanced payroll software system. The latest payroll software solutions offer many advanced techniques and user-based pay features which ultimately reduces the financial burdens as you can tailor solutions are per your requirements.
You must also take into account the amount of time you spend on managing the payroll system of your clients. Adapting to the advanced payroll software gives you access to highly proficient tools helping you complete the entire process in minutes with the highest accuracy thus improving your efficiency with reduced time. So you can manage more clients in the same timeframe which can eventually lead to more business and higher profits.
Another huge advantage is that with the latest system, your presence in your office to manage various payroll accounts is not mandatory. You can manage the payroll process from anywhere in the world, all you need is just a laptop and internet connection.
Considering all these and a lot more advantages that tag along by changing over to the advanced payroll solution, you can figure out that the concerns associated with payroll software are outshined by the paramount remunerations it offers.
The value for money investment in good payroll software can guarantee enhanced work quality, accuracy, and efficiency. So deciding on one time payroll software investment is the greatest asset for an organization to get the best incentives in the future.
# Myth no.2 – “If it isn’t broken, don’t fix it!”
You all must have known the famous saying “If it isn’t broken, don’t fix it”. It’s a universally accepted truth that most people do not like change since it may invite some menaces which may lead to failure. But on the contrary, there are many reasons to embrace change, the topmost being: Invention and Growth.
There is no possibility of achieving growth and progress without adopting new changes. The human race has evolved from an uncivilized world to today’s 21st century modern civilized society only by changing from time to time. Just think of the people in the early centuries had been satisfied with their existing communication system, mobile phones would have never been invented.
So even if your current payroll system is working, it does not imply that it’s ready for new generation competition. You must keep your system updated to move ahead of the competition and achieve new growth opportunities. The advanced software has innumerous advantages and benefits over the old ones which will inevitably bring ease of work with more efficiency and increase your chances to attract more clients.
Eradicating this myth lets replace the above quote with the famous quote by George Bernard Shaw: PROGRESS is impossible without CHANGE
# Myth no.3 – “Migration is a hassle!”
In a manual payroll system or your existing system, payroll data is configured in the system which keeps on being utilized with no alteration or upgradation. If any data migration is scheduled, it turns out to be a nightmare for you as you are dealing with employee data of many businesses. But this was a hassle with the old software system which has been successfully overcome by the new age payroll system. The advanced payroll software is designed with ultra-intelligence and can auto-configure rules and compliances. Choosing the right software can simplify the transition process for you. Moreover, the user-friendly interface and inbuilt pre-designed report generation make the entire process easy and fast ensuring less effort spent in managing and validating data.
The working of any business is profoundly reliant on data. So preserving and safeguarding this information becomes the most vital responsibility for you as the outsourced payroll bureau. New age payroll software solutions offer highly intellectual migration tools that effectively maps the past information into the new framework. It does not just audit the existing data for any rectification before migration, but additionally empowers payroll data quality check with zero mistake resilience approach. The new-age software also offers anytime anyplace access to your data.
Moving payroll is no more a difficult task. Software companies like Brainy Payroll, having excellent command in developing new generation payroll software offering custom solutions to suit your specific needs and simplify the transition process. Moreover, with a dedicated payroll specialist to answer your queries and walk you through the entire process, you can be at ease while your payroll system is being upgraded.
# Myth no.4 – “New technology can be confusing and complicated.”
Busting out this myth is very important at this point for those who still believe that new technology is confusing and complicated. The new age payroll systems are developed to give more n more comfort to your life and easy the payroll operations.
The payroll process is complicated and needs a lot of time, planning, accuracy, legal knowledge and staying organized. But with the new system having all these features at its core there is no more complexity. As stated above that change is inevitable to achieve growth and transition from existing to new technology is no more complicated, the new-age software deployment will improvise your work process by increasing work efficiency and reduce time and effort spent.
The new age payroll software has a very well designed user interface for ease of operations and is coupled with constant updating to keep you up with the latest payroll trends. Three major payroll problems – error, tax compliance, and delay are completely eradicated by these solutions. The payroll modules are well organized into various categories for ease of understanding and specialize in tracking any kind of payroll data in simple, easy to understand format in seconds.
Payroll Businesses must rely on the latest technology to overcome present hassles. It’s imperative to maintain an updated system for optimum growth so do not oversee the requirement for the latest technology as an added cost. Basic add-on arrangements can streamline complex payroll process saving your valuable time over a long period.