How Modernizing Your Payroll Can Affect Your Bottom Line

Payroll and the politics surrounding it have significantly changed within the last decade. It seems that every day there are more rigorous standards that companies must adhere to when completing the very important task of paying their employees.

The underlying technology (or lack thereof) of many company’s payroll systems have not been changed in decades. These systems are becoming obsolete and riddled with operational inefficiencies as well as service deficits.

payrollModernizing your payroll system is easy and can help your company to become more efficient and technologically current. For example, if you utilize a bookkeeper, payroll most likely accounts for the vast majority of his or her time. If you employ a third-party payroll provider you could dedicate your bookkeeper’s saved time to other important accounting tasks. Additionally, if you decide to outsource payroll you wouldn’t have to worry about various things such as timely payment of payroll taxes, direct deposit of payroll, changing standards in payroll law and taxing agencies, filing quarterly and annual payroll taxes, etc.

If you are considering modernizing your payroll system, keep these very important things in mind:

  1. Evaluate the different costs and services of what you’d be getting from a third-party vendor. Compare these with your current system.
  2. Evaluate a number of third-party vendors. Check to see which company is more affordable, or offers additional services when compared to its competitors.
  3. Consult other companies that have modernized their payroll systems. Did they decide to outsource? Who did they use? Are they happy with the services they provided? Do they have recommendations? Etc.

Modernizing your payroll system may seem like an insignificant or may seem like a daunting thing to change. Do what’s right for your company but keep your bottom line in the forefront of your decision-making. Could this change help your business to grow faster? Are there any perks of outsourcing that you could boast to potential hires? Would this give me peace of mind? Most importantly, how is this going to impact your bottom line in six months? A year? Ten years?

Do what’s right for you but continue to ensure that your company is changing with technology and that the systems that you use as well as the services that you offer are not becoming obsolete or archaic.

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