Three Signs You’ve Outgrown Your Current Payroll Processes

Three-Signs-Youve-Outgrown-Your-Current-Payroll-Processes

When most small businesses start, their payroll processes are grounded in Excel spreadsheets, calculations, and Excedrin. With only a handful of employees under one’s belt, the end seemed to justify the means. However, what happens when a “handful” of employees turns into teams and the growth of your company starts picking up steam?

 

Of course, growth is what businesses strive for. But, when your HR team is still processing payroll with spreadsheets, it might be time to take a hard look at your processes.

 

Let’s take a look at three common signs that a business has outgrown their payroll processes. 

 

Are your employees able to access important information?

Creating an engaged company culture should be a crucial part of any company’s growth strategy. Allowing employees access to necessary forms, documents, PTO requests, open enrollments, and other benefits will not only save time but communicate to your employees that you’re not in the business of micromanaging.

 

Using a cloud-based system is one of the most secure ways to give control back to your employees. Better yet, by adopting cloud-based payroll software, your company eliminates time-wasting tasks and truly allows all employees the ability to reach their full work potential.

 

Are you able to capture real-time data?

With manual processes, the ability to pinpoint errors with ease is a tall task to ask of any HR department and can incorporate a snowball effect of human errors. As your company grows, your capacity to identify inaccuracies must evolve as well.

 

By utilizing automated payroll processes, you can provide your company with the ability to forecast annual labor costs and profit margins accurately. This information can help your company manage budgets and cash flow in times of both loss and gain. Furthermore, the analysis of real-time data is pivotal in helping your company assess the ROI of strategies that directly pertain to the sustainable growth of your business.

 

Are you up to date with technology?

Are-you-up-to-date-with-technology

Judging by the rate in which technology continues to advance and improve, having your payroll processes stay up to date is non-negotiable. Having every HR process on a separate platform is impractical.

Additionally, more and more businesses are taking advantage of the benefits of a remote workforce, which means being able to access on-the-go is critical to the smooth and efficient operation of your business.

 

Implementing a single system that combines multiple payroll tools into one, and also happens to have mobile capabilities, is a blessing to any company striving for sustainable growth.

 

All growth is good growth, and your business should be rewarded for its efforts. Forego the manual processes that only serve to slow everyone down, and update your methods to align with the future of your company.

 

Turning good growth to great growth is easy with the experts at FastPay. Set up your free consultation today!

Smarter Payroll Can Grow Your Business | Schedule Free Consultation

 

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