Since the dawn of capitalism, there has been a single word that has served as the proverbial 'line in the sand' defining those who succeed from those who do not: competitiveness. In its purest form, that's really what capitalism is all about. It is a competition within the business arena that inevitably results in some companies rising to the top, others falling down the scale, and others failing completely. Believe it or not, how your organization handles payroll says a lot about your competitiveness.
Competition in the digital era is more about efficiency than anything else. Yes, customers still want quality products and services, but they also want the businesses they interact with to be highly efficient. They do not want to have to jump through hoops to get good customer service or to have a good overall experience.
So what does this have to do with payroll?
Payroll is actually a very important part of competitiveness for one simple reason: payroll tasks are terribly resource hungry. Of all the administrative tasks your business has to worry about, payroll likely takes the most time and involves the largest number of employees. Imagine the ways your organization could be made more efficient if you could take the time and effort you are putting into payroll and benefits and diverting it to customer-facing tasks.
Online Payroll Saves Time
Let us talk about payroll outsourcing as a means of being more competitive. In fact, let's be more specific. Let us talk about online payroll. An affordable online payroll solution can do wonders to dramatically improve a company's overall competitiveness.
Taking your payroll online helps right from the start by saving you time. An online payroll solution typically requires one person in the office to enter time and attendance data once during a payroll period. The platform software takes care of everything else. And in cases where an integrated, digital time and attendance solution is used, data entry may not even be necessary. It might be a simple matter of data verification.
The amount of time saved equals man hours that can be put into other aspects of your business. Instead of spending time on data input, for example, you could put that time into measuring customer satisfaction.
Online Payroll Reduces Errors
Just one or two critical payroll errors can bring the entire HR department to a screeching halt. That is not good. When the HR department is not running at peak efficiency, the rest of the company tends to stumble along as well. Ideally, HR departments want to avoid payroll errors at all costs so as not to have to spend time dealing with them.
Once again, online payroll is the solution. An online payroll solution from BenefitMall handles all the calculations, withholding, reporting, and tax payments for you. We handle record-keeping; we maintain employee accounts; we take care of all the little details that typically result in errors. And if there is a problem, we fix it.
Online Payroll Reduces Paperwork
Finally, paperwork is the archenemy of efficiency. When you take your payroll online with one of our solutions, much of the paperwork that currently weighs down on your HR department will be eliminated. That makes for a leaner business all the way around.
Competing in the modern age of business requires efficiency right alongside quality products and services. If your company is not as efficient as it could be, you will not effectively compete. You cannot effectively compete. Consider online payroll as the first step in making your organization leaner, meaner, and more competitive across the board.