Financial operations can feel like the bane of existence for many business leaders, and it’s understandable. From having to manage payroll to benefits, taxes, and a near-endless list of other items, it can distract from focusing on what you love most about your work.
With professional payroll service solutions, you can both take more of your time back and provide a better experience for your employees in a number of ways.
If you need help with managing your payroll, today is the best time to start searching for the right solution that makes sense for your business. Not only will you benefit from the extra bandwidth on your schedule, but so will your team. Here’s how:
Have More Time to Spend with Employees
When you are focusing on finances, this can take away time from leading your team. If someone has a question, needs you to make a decision, or needs you in a meeting, you may not be as available as you would like to be.
With payroll services, you can free up some of your time so that you can focus on being more present with your employees. This way, they always know that their voices are being heard and that they have a leader that is accessible when needed.
This also creates more available bandwidth that you can spend nurturing your company culture. Having a team of employees that love where they work can both benefit your productivity and your bottom line.
Make Sure Your Employees Are Always Paid On Time
For most business leaders, accidentally missing a payment or delaying one feels like a nightmare scenario they would rather avoid at all costs.
With a payroll solution, you can confidently ensure that your employees will be paid on time at your preferred schedule. Whether you issue payments weekly, biweekly, semi-monthly, or monthly, your team will receive their compensation in a timely manner.
Additionally, with payroll services, you can also offer direct deposit as an option for your team. Their pay will immediately enter their account without having to issue physical checks.
Generate Accurate Data for Tax Reporting
During tax season, have you ever spent more hours than you wanted on hunting down the right documents to accurately report your financial data? If so, you’re not alone.
When you outsource payroll, you can trust that the data being collected is accurate and up-to-date. When it comes time to file your taxes, all of the information you need will be in one place and easily accessible.
Additionally, many payroll solutions also come with a tax filing service. This can automate the entire process for you so that you can avoid the headache and dedicate your time elsewhere.
You can also set up tax withholding for your employees so that they do not have to manually pay their taxes out of each check. This can save them a lot of time and worry, which they will undoubtedly appreciate.
Easily Onboard New Employees’ Financial Information
When you hire a new employee, you need to collect a number of necessary documents, such as a W2 or W4 and their checking account information if you wish to pay by direct deposit.
A payroll solution eliminates the need for you to manually input this data. Instead, you can simply send it over to your payroll provider who will take care of the rest. This enables faster onboarding for new employees so that they can start working and earning sooner.
Additionally, if an employee ever needs to update their financial information, they can easily do so in the payroll system. You will always have the most up-to-date records on hand and within reach.
Ensure Compliance with Government Regulations
When it comes to payroll, there are a multitude of regulations that you need to be aware of and comply with, such as minimum wage laws, overtime pay, payroll taxes, and more.
If you make a mistake on even one payroll calculation, it could result in significant penalties from the government. This is why many business leaders choose to outsource payroll- to avoid the headache and ensure that everything is being done correctly.
A payroll service will have a team of experts that are up-to-date on all the latest payroll regulations. They will take care of everything for you so that you can rest assured knowing that your business is in compliance. In turn, this results in more available time that you have to spend working with your team and ensuring they have an excellent experience with your company.
Create a Better Employee Experience with a Payroll Service Solution Today
At Stratlign, we partner with business leaders to streamline their payroll operations so that they can continue focusing on being the best that they can be for their customers and employees. If you are looking for a solution that gives you more time back to focus on why you love running your business, contact us today to schedule 15-minute discovery call.