One of the biggest hassles you deal with as a business is bookkeeping. Traditional, manual bookkeeping is a time-consuming and error-prone process. Fortunately, it will soon be left in the past.
There are now many online payroll systems available. If your business is still relying on traditional bookkeeping, it’s time to seriously consider making the switch to online payroll software.
How will online payroll benefit your business?
Read on to find out.
Traditional Bookkeeping is a Hassle
Unfortunately, there are a lot of issues with traditional bookkeeping. Since the process is done by hand, it’s prone to errors. Additionally, you have to dedicate financial and time resources to bookkeeping that you could focus on other areas of your business! The risk of disorganized information and human error can really hurt your bottom line. When you consider all of the disadvantages with traditional bookkeeping, it’s easy to see why to consider online payroll.
Benefits of Online Payroll
Online payroll has many key advantages for your business including:
Traditional payroll is a bi-weekly hassle that many companies just endure. However, it takes so much time to deal with, especially if you have to go back and correct errors. When you consider the corrections involved, bookkeeping can suck up a TON of time and energy.
Even with a dedicated person or department, bookkeeping just takes a lot of time. Online payroll saves you a ton of time and hassle. Most online payroll services will automatically calculate time and attendance, calculate withholding, draw up paychecks, and file a form with the IRS!
Even the best employees aren’t perfect. When a person must complete calculations and deals with bookkeeping, there’s a risk of human error. In fact, the IRS estimates that 1/3rd of all employees have made payroll errors including underpayment, overpayment, or late payments.
Handling payroll via online software reduces the risk of human error. Computers operate on set commands and equations, drastically lowering the chance of common human errors. Online payroll can complete precise, accurate calculations as well as automatically factor in any taxes, retirement funds, or overtime for each paycheck.
Stay Organized and Compliant
Part of the reason traditional bookkeeping is so prone to errors is because of all of the moving parts and different information. One misplaces paper file can lead to a whole host of problems.
On the other hand, online payroll makes it quick and easy to track and store all employee data. You can access the data at any time, and no longer have to rely on messy file cabinets for tax documentation.
The IRS insists that businesses follow strict rules on how many years of records to keep. A typical filing system will still take time to sort through if you must locate some information. Online payroll helps you stay organized and allows you to access any records needed at a moment’s notice.
Staying organized and having easier access to your data will also help you meet deadlines for payroll tax, direct deposit, and any other necessities. You will have a reliable system that helps you avoid costly missed deadlines and IRS fines.
Yes, upfront you’ll have to invest in a new payroll system and that can be pricey. However, in the long term, you’ll save a lot of money. Using online payroll prevents errors and makes payroll far more efficient. Employees can spend their time on other important things rather than payroll. As an organization, you’ll reduce the cost of bookkeeping and save money on your payroll processes.
No More Bookkeeping Hassle!
Online payroll will help your business with its core operations, productivity, and cost-effectiveness. When you examine all of the benefits of an online payroll system, it’s clear to see why you need to ditch the hassle of traditional bookkeeping and invest in the streamlined system.
Simplify your bookkeeping and payroll system today by ditching the hassle in favor of online payroll. Of course, you want a trusted, reliable payroll system and that’s where we can help. We offer a proven online payroll system that will help you eliminate the common challenges of payroll and streamline the process. To learn more about our online payroll software or to get started today, contact us HERE.