Payroll Processing for the 21st Century
Let’s face it: Payroll administration uses up time and manpower resources that are typically stretched to the limit in SMBs or small to medium businesses. As a result, payroll and benefit administration rank among the top expenditures for these businesses. In a survey conducted by the National Small Business Association, one in four SMBs report using at least six hours on basic payroll processing each month for an annual cumulative total of 72 hours. Considering that the payroll department is also responsible for a host of payroll-related tasks, actual hours could be even higher.
Exploring Efficiency in Payroll Administration
Not surprisingly, the NSBA study found that about 40 percent of companies surveyed outsourced their payroll services to professional providers. These companies provide a host of solutions, spanning automated time tracking, payroll preparation, tax compliance and direct deposit to employee accounts.
Some businesses may balk at turning over their entire payroll processing to a third party. For these companies, an online payroll processing system can provide the middle ground between in-house processing and third party processing.
Understanding Payroll Online
Payroll Online takes payroll services to the next level by providing a user-friendly interface for recording and tracking payroll entries. The web-based platform means updates can be done in real time using an intuitive grid design that allows for convenient review of each employee’s information by clicking on their name. Entries are recorded through a simple point and click system although auto pay and pay-all features are included as shortcuts for quicker payroll processing when applicable.
Migrating from your current system to Payroll Online is a seamless process. The setup is fairly simple with training and ramp-up support provided by Integrated Payroll Services, Inc. This fully encrypted online system differentiates between data entry access and administrative access. Only those with an administrative login can submit payroll for payment.
Enhancing Efficiency with Online Payroll Processing
An automated payroll system requires at least one person, and possibly no more than one, for data entry. Approval and submission of the completed report necessitates a quick review and authorization by a senior manager. Payroll Online streamlines payroll processing, reducing the man-hours required to complete and submit this task. Additionally, a web-based system allows for convenient access anytime and from anywhere an Internet connection is available.
With automated data, your business is better equipped to stay on track with important deadlines, including federal and state tax payments. Missing these deadlines could lead to costly penalties and may trigger audits by the Internal Revenue Service.
Security is a main concern for web-based systems, but Payroll Online is encrypted with advanced security features aside from password protection.
Payroll Online integrates with other accounting and data management applications, generating different types of reports to help management take proactive steps. You will have a better handle on payroll and benefits expenses and the ability to closely administer the payroll process, making changes according to your company’s needs.
Making the Change to Web-based Payroll
Integrated Payroll Services, Inc. a payroll services company serving companies near Waukesha, Wisconsin, will help you make the leap from traditional payroll processing to an automated system. Payroll Online will reduce the administrative burden on your in-house staff, trim expenses and minimize unproductive hours while ensuring accuracy, confidentiality and adherence to state and federal regulations. View the iPS Payroll Online Demo today to see how this service from Integrated Payroll Services can help your business.