Online Payroll: Have You Considered Its Many Advantages?
Countless small businesses have switched to online payroll systems, reaping even more rewards than they expected. These user-friendly programs offer freedom from older, more labor-intensive options so key players can focus on revenue-generating responsibilities. Various time- and money-saving features will simplify your company’s accounting, employee payment, and payroll tax processes.
Consider switching to online payroll processing if you are:
- Faxing payroll information
- Preparing payroll and taxes separately
- Not following payroll tax laws consistently
- Dedicating too much time to payroll preparation and processing
- Overspending on your current method
Contact National PEO today to become another satisfied online payroll client. Alternatively, you can fill out the form on our website to request a demo. The following general overview of automated payroll systems’ best features also will help you understand their greatest advantages.
24/7 Online Access From Anywhere
Whether administrative users are at work, home, or any remote location with Internet access, they can utilize all system features and run your payroll ? even on iOS and Android mobile devices. Luckily, cloud computing syncs all your payroll data across all devices. Therefore, any changes someone makes on an office desktop computer will appear on all users’ additional options like home computers, laptops, tablets, and smartphones. You can grant employees limited online access to their paycheck stubs and W-2s along with personal information and payroll data.
Built-In System Precision
You do not need to key in all information for every payroll period. Just select repeated details from drop-down menus or check boxes. Reducing data entry will help you avoid typing mistakes. Your program will compute all figures including regular, overtime, and bonus pay plus all applicable payroll deductions like taxes, health insurance, and 401(k) automatically. That major advantage helps you avoid time-consuming manual calculations and human errors. To boost accuracy even higher, Web-based payroll systems validate all data before saving it.
Auto-Completed Taxes With Electronic Filing
Online payroll programs speed up and simplify timely electronic tax filing. Convenient reminders will help you meet every IRS tax deadline and avoid steep late-filing penalties. Numerous payroll services can complete tax forms from your employee records. After reviewing them, just click “Submit.”
Guaranteed Tax Accuracy
In 2014, companies’ payroll tax penalties reached $4.5 billion. Penalties for incorrect taxes start at 5 to 10 percent. A 100 percent tax fine may follow, with money due from the firm and its employees. However, guaranteed payroll services can ease your worries over potential restitutions. Some providers ensure absolute tax accuracy for each form you file with the IRS. That huge bonus assures you that the IRS will not ever assess payroll tax penalties on your organization during your subscription.
Strong Security Measures
Modern payroll programs take extra-special precautions including firewalls and powerful encryption to fortify all data from hackers, interceptions, and thefts. These valuable features make online processing much safer than other payroll methods. Typical security measures include OpenSSL encryption with protection from 128 to 256 bits. Some payroll providers require two-factor authentication, making your login process considerably more secure. In today’s high-tech business world, such enhancements are vital to avoid leaking confidential employee data. You can trust that the highest security protocols go with from your office’s network to a coffee shop that offers Wi-Fi.
Popular programs’ user interfaces (UIs) tend to be excellent, polished, and easy to use. All payroll processes take place on the Internet. Just create your account, add employees, input hours for the current pay period, and process your payroll. After a few pay cycles, the automated process should become surprisingly simple and fast.
Many small start-up businesses handling payroll manually in house do not understand their diverse obligations. You may fumble for years, make various paperwork errors, confound yourself and your workers, and shell out hefty fines. Switching to an online payroll system will establish an efficient sequence of proper working procedures. Website screens create a structure that follows all necessary payroll stages in order. Your new routine will override any flawed practices you have developed, boosting efficiency and accuracy greatly.
More Affordable Than Other Options
Automated payroll services cost considerably less than time-consuming methods that require calculating figures by hand. Typically, online payroll programs offer a myriad of powerful features with money-saving price tags. Most providers do not hit you up for activation fees. Your only extra expense may be a small monthly fee per employee. In addition, your online payroll total will be a fraction of the cost you would pay your own full-time payroll manager, in-house accounting department, or outside bookkeeper. Many timesaving conveniences make this truly affordable solution an even better bargain.
Most Web-based providers back up clients’ payroll data regularly. You do not need to initiate that process. It starts automatically at signup. Whether your service uses online or cloud servers, losing all data is extremely unlikely. If you remove a staffer or even wipe out your company’s complete payroll history by mistake, restoring your saved data is easy.