Paying your employees online has a whole host of benefits compared with traditional alternatives, so it is definitely something to consider embracing.
If you are uncertain of the advantages of adopting an online-first approach to payroll management, or you simply need advice about how to get started, this brief introduction will be valuable.
What are the benefits of using an online payroll service?
Taking your payroll processes online and entrusting them to a web-powered platform brings with it a raft of perks, all of which help to improve the efficiency of paying employees.
For example, many of the aspects can be partly or wholly automated. This offloads tedious tasks to specialized software, letting your team spend their time tackling other dilemmas.
The top online payroll platforms also make it a breeze to generate documentation and store data seamlessly. The use of a paystub creator is ideal for businesses large and small alike in this context.
Online payroll services are additionally convenient when the time comes to file tax returns. All of the relevant information will not only be kept well organized, but will also be less susceptible to human error getting in the way of accuracy, thanks to the aforementioned automation.
Security is another selling point of online employee payments. Rather than relying on older methods which could be open to subversion, the top packages can protect large transactions from being compromised by malicious third parties.
What is the best way to pay my employees?
The days of employees literally receiving paychecks are well and truly numbered, even if this term is still used to loosely describe the process by which salaried workers are remunerated.
Today, online payments are preferred, and you can make use of payroll software to ensure that money is transferred at the right time from your firm’s accounts to those of your loyal team members.
So-called ‘direct deposit’ is used in the majority of instances, and of course the way that this is handled depends on the payment platform you pick.
There are other ways to pay, including via payroll cards and even in cash, although these are less desirable for both parties. Ultimately sticking to an online solution which is tried, tested and reputable will put you in the best position.
How can I make sure the process is streamlined and secure?
Achieving efficiency and security when considering online payments for employees is about two things; first you need to choose a suitably robust and well-respected platform, and second you have to make sure that the team members using it are well trained.
Even with all of the bells and whistles found in the automated world of modern payroll software, there is still a margin for error, so experienced staff will still be your best bet for avoiding snafus.
In terms of the payroll and payment platform you pick, you have a broad choice, covering top brands like Sage, QuickBooks, Oasis, Gusto and many more. These should iron out kinks and help you hit payment deadlines, as well as offering industry-standard security measures.
What are the disadvantages of remote payments?
While online employee payments can be a boon in many ways, there are some sticking points to consider before you rush into adoption.
First, there are the fees which are charged by platform providers. Costs tend to be fairly scalable, so the more people you add to the payroll the more you will need to fork out to use the payment service, which makes sense and helps to keep things affordable for smaller organizations.
Next, there is the reality of not having quite as much flexibility as you might with an older payment method. Some employees and contractors may prefer, or even insist upon, being paid via check or cash, depending on the industry you occupy. If you only use online payments, this presents an obstacle in such a scenario.
There are other scenario-specific considerations to take into account, but so long as you do your research, most minor foibles of online payments will be outweighed by the benefits.
Getting started with online employee payments has never been easier or more attractive as an option for modern businesses.
All that remains is for you to start the transition to a web-based, digital approach to payroll processing, and the rest will fall into place.