Running payroll is like mowing the lawn: It’s something every business must do regularly, but no business enjoys. And, like lawn-care, neglecting small details can lead to big problems.
This is one business obligation that is overdue for innovation and disruption. Thankfully, advances in technology combined with new service models are transforming payroll processing.
Better still, this transformation isn’t limited to larger organizations. Accounting departments at small and mid-sized enterprises are enjoying the benefits while saving time, money, and frustration in the process. A new-generation of payroll processing has arrived. These are its most impressive improvements:
Relief from Regulatory Uncertainty
The tax code is changing rapidly on both the state and federal levels. Keeping up with these changes is a major undertaking for accounting departments, and the consequences of non-compliance are significant. These departments are increasingly relying on managed accounting service providers to understand the changes and apply them automatically to payroll processing.
Seamless Support and Service
Accounting departments can either outsource payroll processing or upgrade the in-house tools they use. In both cases, they can now expect interfaces and touch-points to be as intuitive and effortless as possible. And, when service or support is required, it must be as accessible as possible. It’s no longer acceptable for confusion and delays to hold up the payroll process.
Scalable Cybersecurity Solutions
Cybercrime is a major threat, and payroll data is a primary target. Protecting this data is paramount, but the cost and complexity of cybersecurity is prohibitive. Today’s payroll solutions make security a priority, allowing accounting departments to protect and recover data without needing IT expertise or a bottomless security budget.
Accessibility in the Cloud
The cloud has eliminated many of the stumbling blocks typically associated with payroll processing. Distributing information and fostering communication/collaboration are all easier. Updating and organizing data is possible even on a large-scale. Finally, the overall expense of accounting technology and maintenance is lower.
True Digital Transformation
Today’s companies are using lots of tactics to improve payroll. What is consistent throughout is the reliance on data-driven technologies that integrate information, applications, and stakeholders. Embracing a digital approach across the board leads to greater speed, certainty, and flexibility. As a result, payroll processing is accurate and automatic instead of uncertain.
Making major improvements to payroll processing is possible without making major changes. Plus, there are solutions available that fit any accounting department struggling with any payroll setback. Additionally, there are managed services arrangements where payroll is managed for you.