Did you know that one out of every three U.S. employers has at some time – or more – been fined for payroll errors, with total penalties in the billions of dollars?
And payroll tax laws can change so frequently that it can be uber challenging to keep up. These are among the leading reasons why 87 percent of business owners outsource their payroll functions.
Is it time for you to do the same? Or at the very least, do your payroll processes need a makeover? Because your employees expect and deserve to be paid accurately and on time, and you want to avoid those costly administrative mistakes. Last but not least, you need an efficient payroll process that allows you the time you need to grow your business.
Here are our signs you may need to make some changes:
Indicators of a Need to Modernize Your Payroll Process
1. Inaccurate or Late Paychecks
To create a consistently positive employee experience when it comes to people getting paid on time, you need a process that is powerful, yet flexible at the same time, to meet everyone’s changing requirements and circumstances. Remember, your employees need their pay at the time it’s been promised to them. It’s that simple. And if you fall short, word will spread quickly about your shortfalls.
2. Customer Service Flaws
Your employees are your first and most important customers – and their level of satisfaction will spill over into the service provided to your external audiences. So be sure you have well-qualified personnel to handle payroll, as well as the right software, technology and procedures to make it happen. Happy employees = happy customers.
3. Administrative Overload
Your current team may be excellent, but are they payroll experts? Or is their time better spent on other business-critical tasks? It’s about a lot more than just cutting checks every payday. It involves keeping up with laws and regulations, answering ongoing questions, and ideally, offering employee self-service options such as providing them real-time online access to their pay details and tax documents.
4. High Hidden Costs
Your first reaction to the idea of making payroll upgrades may be: It’s too expensive. But you may not be seeing the business benefit forest through the trees. Inefficiency in getting your people paid will cost a lot more in the long run. All it will take is one or two government penalties to drive this point home.
Need Further Help with Payroll Challenges?
For innovative, cost-effective solutions to your payroll and tax filing challenges, contact KeyHR. We’re aligned with leading provider companies to meet all your HR needs while minimizing cost and risk and maximizing revenue and productivity. Reach out to us today to learn more.
- Posted by
- On July 20, 2022
- 0 Comment