As a business owner, December is a key time to assess your business solutions and strategies and consider how they can be optimized in the new year. From year-end bookkeeping to profit-and-loss statements, there’s a lot to analyze during the busy holiday season. But there’s a business operation you might forget to evaluate—payroll.
Payroll is an integral part of your business operations but can also be detrimental to your business’s financial health if it isn’t handled properly. IRS statistics show that roughly 40 percent of small businesses pay over $845 a year in payroll penalties. And with all the changing policies surrounding COVID-19 and the health requirements of your employees, having access to current HR information is a must. There’s no question having the right payroll provider can impact your business, but it can be difficult to know if your current payroll process is covering your needs.
Not sure if your business is ready to switch payroll providers? Read on to learn how you can analyze your current payroll system, find a payroll solution that fits your goals, make the jump, and be ready to roll on January 1. The new year will be here soon, but there’s still time to transition to the payroll solution that’s right for you.
1. Evaluate Your Payroll Process
Take a step back and figure out how much time and money you are spending on payroll. If you’re still doing manual spreadsheet calculations to pay your employees or relying on a binder to organize important tax information, it’s time to switch. 35 percent of small business owners say payroll is the operation they are most concerned about, so if you’re frustrated with your payroll process, you’re not alone. Besides cost savings, you’ll avoid unnecessary mistakes, which are twice as likely to occur with homegrown payroll solutions. If your business is already outsourcing or leveraging an online payroll platform and you’ve experienced a processor mistake or lack of service with your current provider, it might be time to find a platform that better fits your business needs.
2. Find a Payroll Platform That Suits Your Business
Payroll isn’t just about cutting checks and paying taxes anymore. With changing COVID-19 health and safety policies, it can be challenging to stay up to date on what’s currently required. Most payroll software doesn’t have the tools to support all the complex HR tasks you might need help with, and a full HCM (Human Capital Management) system could be expensive and likely isn’t needed. Even more, Professional Employer Organizations can cost up to 6% of your total payroll, which is too large an amount for many small to midsize businesses. As you consider new providers, look for online platforms that handle everything from payroll to human resources, tax and labor compliance, and time and attendance. Beyond Payroll is a cost-effective, easy-to-use online tool that’s powerful enough to manage the entire employee life cycle. Choose an all-inclusive package that will work best for your business now and enjoy the scalability to upgrade as you grow. Plus, pay your employees as often as you want, at no additional cost to you.
3. Make the Jump—It’s Easy
Switching payroll systems doesn’t have to be complicated but many providers make it difficult. With Beyond Payroll, it’s simple and fast. Speed up your onboarding process by having your business information handy—employee data, voided check or bank account details, and your State & Federal Employer Identification Number. Before closing your account with your old provider, make sure to save copies of all your information—tax forms, reports, etc., as your old processor may block you from seeing these after your account has closed. Beyond Payroll provides you with 1:1 support throughout your conversion, and your own payroll specialist post-conversion.
4. Simplify your switch
If you’ve been thinking about upgrading your payroll and employee management systems, now is the time to act. Switch to Beyond Payroll today, to start running in 2022 and you’ll be met with outstanding service, a superior product, and a commitment to transparency. Better yet, we’ll quickly onboard you so you’re ready to hit the ground running in January.
Contact us to learn more about our intuitive payroll and HR platform today.