For some reason, many small businesses get it in their heads that it’s cheaper to do payroll manually than it is to use an online payroll system. To put it bluntly, these companies are dead wrong. Here are just a few cost advantages of using an online payroll system.
Perhaps the biggest benefit of using an online payroll service is that it saves a ton of time. It takes nine and a half minutes less per employee to do payroll online. It doesn’t sound like much time, but it quickly adds up. Online payroll could save a company with only 50 employees a whopping seven hours and 55 minutes. This means that switching to online payroll could save you an entire day’s worth of labor.
If you or your payroll manager spend less time doing payroll, then there’s less labor going to waste. Consider how much a day’s worth of labor costs for your company. If the median salary of a payroll manager is $39/hour, then your company saves about $312 each pay period.
Let’s face it — payroll is tricky. There are so many factors to remember and things to calculate that it can be incredibly easy to make a misstep. We are, after all, only human. Online payroll takes the risk factor of human error out of the equation, though, providing accurate payroll calculations each time.
It’s a wonder why anyone would still use a manual payroll system when there are such great online payroll services that can take care of the payroll process in a fraction of the time. If you have any questions about the advantages of using online payroll, feel free to ask in the comments. Visit here for more.