Once considered unconventional, automated online payroll systems are now widely used. An online payroll system may be desktop software installed on an office computer or cloud software that can be accessed from anywhere. These systems provide features such as time and attendance tracking, direct deposit, check printing, storage of payroll records, form printing, management of multiple money types (i.e. tips and commission), deduction calculation (taxes, insurance, retirement) and tax filing. There are numerous advantages to using one of the many online payroll systems.
Reduce costs: Processes that took several hours and required a team of workers can be accomplished by a single employee in a few hours allowing a reduction of the number of staff in a payroll department.
Increase efficiency: An online payroll system performs tasks automatically or requires only a few minutes of time freeing up team members to focus on more important tasks.
Reduce the need for specialists: Learning to use an online payroll system is relatively easy allowing you to assign the task to an employee without an accounting background. It’s simple to train several employees in its usage making it easier to cover vacation or sick leave.
Minimize errors: Since employee data is entered only once and withholdings are automatically calculated, the risk of human error is significantly decreased.
Ease access: Payroll information (historical and current) is stored online and easily and securely accessed by supervisors and/or managers. Benefit information is available to employees who can make and review claims online.
Protect the environment: Online payroll software decreases paper usage reducing your carbon footprint and eliminating excess waste.
Enhance data security: Online payroll software uses state-of-the-art security to protect sensitive data and reduces the need to send private information to a third party.
Create an audit trail: With online payroll software you can easily review payments and check tax in a matter of minutes.
Increase compliance with the CRA: Online payroll systems provide reminders of filing deadlines reducing penalties and keeping your business compliant. They’re programmed to calculate deductions and taxes for your location and can access updates related to tax codes and changes in tax law. These programs can be set to alert key people to review new compliance requirements.
Reduce costs, increase efficiency, minimize errors, ease access to information, enhance data security and increase compliance by using an online payroll system. Choose a system with software tutorials, a comprehensive support services package and features that suit your business’ needs. You will not regret the investment.
Looking for the perfect employee for your payroll department? Need help with payroll processing and/or payroll tax filing? Call the Calgary recruiting agency, Equation Staffing Solutions at 1-844-367-9618. We are a reliable, innovative, collaborative agency here to support you with staffing, contingent workforce management, software testing and training, and payroll/PEO/ASO requirements. Our experience will keep your business running smoothly! Contact us today.
References:
https://www.patriotsoftware.com/blog/payroll/what-is-payroll-system-introduction/
https://www.menaitech.com/en/blog/switch-online-payroll-system/
https://www.reckon.com/reckon-blog/12-benefits-using-online-payroll-software-small-business/
https://www.business2community.com/human-resources/top-10-benefits-using-payroll-software-0760968
https://www.paycor.com/resource-center/5-benefits-of-online-payroll-systems
https://www.hrpayrollsystems.net/advantages-using-online-payroll-services/