If you have decided that it is the time for your company to make the switch to an outsourced payroll solution you may wonder when the best time is to make the switch. If possible, the best time will always be at the beginning of a new year. This will avoid the hassle of having to bring over large amounts of payroll history into the new system. Starting fresh at the beginning of a year will allow the new outsourced payroll system to begin with a clean slate. Knowing the best time to switch to a new automated payroll service is important, but what is even more important is knowing what outsourced payroll system is best for you.
Online payroll services have become the standard for outsourced payroll systems. One of the most important features of an online payroll system is that payroll data can be entered from anywhere at any time. After employees or your accounting staff enters payroll information then the automated part of the system can handle any necessary tax deductions and filings. Paychecks can be made out and either printed or mailed or routed via direct deposits. Even the W-2 process is automated with forms being compiled at the end of the year and then sent out to employees for spend management strategies.
The ability to handle payroll services online means an increased amount of flexibility and control for the person who oversees the process in your company. Payroll processing can be completed when it is convenient and not on some inflexible schedule that does not take into account a company’s need to be adaptable. Real-time modification of employee data and payroll information is also another important benefit of having payroll services online. This means that instead of finding out about errors when the checks arrive, since the payroll administrator is entering the data most errors can be prevented, and system checks can even be implemented as further precautions against errors.
You will also be able to see the savings of investing in an automated payroll system in your bottom line, as well. The savings in money and time will allow you to spend time on what really matters, growing your business. The monetary savings come in the reduced costs of using an online automated payroll system. Since these systems do not require the amount of overhead that traditional payroll services do, they usually range from being 30% to 50% less expensive.
Choosing the right automated payroll system for your business will require some research, but that research can pay off in a big way. Most companies that offer these services have websites that provide extensive information about the features of their automated payroll system. You can use this information to decide which features are most important to you and how you can balance features with pricing. Once you have this information in hand then you can decide on an actual automated payroll system for your company. You will be glad that you made the investment as you find much more productive ways to spend the time and money that formerly went to handling payroll services.