Five Benefits of Online Payroll Software

payroll software

Online payroll software can help businesses grow and succeed of any size.

Businesses should look into online payroll software for many reasons, but efficiency is the most important. You could also outsource payroll. However, this might not be feasible for small and medium-sized businesses.

Outsourcing payroll can save time, money, and resources for staff, but you might not be able or able to pay outside human resources and payroll service. Nevertheless, outsourcing can be the best solution to your payroll problems. In addition, many payroll services, such as, offer related services, including insurance solutions, retirement planning, HR functions, and other services.

We also offer premium online payroll software solutions.

Cloud-Based Payment roll Computing for Your Business

Companies are becoming more conscious of the environment and have adopted policies and practices to reduce carbon footprints and eliminate excess waste. A cloud-based payroll computing solution is a greener way to run a cost-effective, efficient payroll process.

Online payroll software reduces paper usage and helps preserve our natural resources for future generations.

Employees are also taking advantage of direct deposits of payroll checks. This process is simplified by online payroll software. Paper checks are rarely required except for special situations. Direct deposit offers additional conveniences, such as that employees don’t have to travel outside of work to deposit their checks.

It is easy to set up your payroll online using an experienced online payroll service provider. The benefits are also beneficial for employees and employers.

Five Online Payroll Software Benefits

These are just a few of the many ways that an online payroll system can help your company and you:

  • Easy Access

No more data entry that is “store forward” or overlapping. You can access your web browser from any place you have Internet access to process your payroll. Online payroll software gives you the convenience and cost-effectiveness that comes with operating in a web-based or PC environment.

  • Direct deposit

Direct deposit allows people to access their funds almost immediately, rather than waiting several days for funds to clear. Employees don’t need to drive to their bank for a check deposit. It reduces the driving time and helps to protect the environment.

  • Retirement Account Reporting

An online payroll solution and other retirement investment account with comprehensive online access. Employees can check their accounts and make investment choices online. They also can access other information online rather than waiting for paper statements.

  • Benefits Information

Your payroll provider can set up online coverage for health insurance. It eliminates the need for you to mail out statements by U.S. mail. Online access is also available for employees to check the status of their medical claims.

  • Tax Reporting

All IRS forms required by payroll service companies can be filed correctly and on time by these firms. In addition, online payroll processing software will remind business owners when paperwork and filings are due. It reduces penalties and keeps them compliant.

Choose Online Payroll Software to “Go Green”

Although “Go Green” is a motivator, there are other reasons why you should opt for a paperless, green payroll process.

  • Employee Access via an Online Portal

A survey by the American Payroll Association, 2014 Getting paid in America, showed that more than 8 out 10 employed Americans have access via an employee self-service portal to their pay and benefits information. Cloud-based technology can help you streamline and improve your payroll process.

According to the same survey, over 49% of employees use a desktop computer, while 25% access portals using a laptop. 7% access portals via a smartphone. This direct access is preferred by employees, who prefer the flexibility to use different platforms.

  • Payroll Process Efficiency Increased

Although indeed, payroll management and HR functions don’t generate revenue, they can add significant value to your company’s bottom line by reducing expenses or lowering personnel costs. Implementing a paperless payroll solution can help achieve this. In addition, speed, accuracy, security, and convenience add uptime and cost savings.

  • Mobile Access to Pay Stubs

The APA surveys show that HR professionals have moved to mobile-enabled processes by more than 75% since 2012. These new uses are mainly in payroll, recruiting, performance management, and employee development. Survey respondents who still receive paper checks report using their smartphones to deposit the pay checks.

According to Talent Wise, a technology company that recruits talent, “Organizations are scrambling for mobile-friendly solutions for everything, as employees become more and more attached to digital tethers,” a whitepaper.

  • Secure Access to Payroll Information

Businesses and individuals need to be secure. Cyber theft and identity theft are a constant threat to businesses. The potential for sensitive information being stolen is greatly reduced by eliminating paper pay stubs. It is impossible to lose or copy a payslip if it doesn’t exist.

An online system gives your employees peace of mind and the convenience of accessing their pay stubs remotely and securely from home. In addition, online reports and a pay check system will ensure no lost records.

  • Reduce Paper Waste

The APA survey shows that over 40% of American wage-earners still get a paper pay stub. It is nearly two billion paper pay stubs per year. In addition, more than 74 percent of American employees still receive paper copies of their annual Form W-2s.

Although eliminating all paper is not practical right now, reducing paper usage and accumulating waste paper with a green payroll system is possible.

Save Time, Save Money and Help Save the Planet

Many businesses have the option of investing in the best online payroll software to manage their payroll processes. However, it would be best if you also considered outsourcing.

You can do this by outsourcing just one process, such as payroll. However, accuse is a full-service provider, so you have other options.