Steps for Payroll Technologies used in HRM.
How using the right payroll technology can improve your payroll services.
Human resources are very important within any business. HR is the key to recruiting talent, handling employee benefits, working through employee conflicts, handling all compliance issues, and managing payroll. HR technology can help businesses handle all their human resource needs, including the payroll services for small businesses.
Small business payroll can be a real obstacle for newer or smaller businesses to manage. While some businesses are large enough to have their own HR department with payroll specialists, many businesses on a smaller scale might have the business owner themselves running payroll. Having the right payroll software can be a huge asset.
Here are some of the most popular, well-established, or well-known online payroll service companies and payroll technology firms to consider when researching small business payroll solutions.
Paychex: This longtime payroll company has partnered with small business owners to help them handle all aspects of payroll – from direct depositing checks into employee accounts to handling taxes and deductions, Paychex has proved themselves as a worthwhile investment when it comes to outsourcing your payroll procedures. Their current software package includes cloud-based access and mobile app capability that can help even the busiest business owners handle getting their people paid.
ADP: This is another well-known payroll software partner. They have several solutions that help small businesses handle their payroll based on things like number of employees. Some businesses roll in their time management, insurance, retirement options, and other HR administration functions into their ADP suite so that it functions like a one-stop HR shop for businesses without a full onsite HRM resource.
Intuit: This QuickBooks product seamlessly integrates with the QuickBooks software that many businesses are already using for their accounting and bookkeeping. Having this all in one financial management solution can help reduce financial errors, keep track of deadlines, avoid financial penalties, and overall improve your experience as a small business owner and keep financial records organized and regulated.
Namely: This is a modern-day HR solution for small businesses. Namely can automatically handle most payroll related tasks such as benefits deductions, filing taxes, handling year-end reporting, track time cards, ensure compliance, and give employees easy access to past paychecks. It can also help administer benefits like insurance and wellness programs, plus help with hiring from onboarding to yearly reviews.
Many small business owners and entrepreneurs feel that it’s far cheaper to pay professional services or install guided payroll software to handle payroll management than it is to have to pay the IRS and government for payroll mistakes. While some businesses may feel that the investment and cost of a payroll service is more than their budget planned for, it’s important to know that the technology used in human resource management isn’t only available to larger businesses – it can be an asset to smaller businesses as well, especially when handling compliance, tax, and payroll issues.
Does your business use a specialized payroll service or software? Has it helped streamline or organize your processes? Has it helped to improve your bottom line and save your business either time or money?