Payroll plays very important role in the process of running any kind of business. To put it simply, payroll is the compensation that businesses pay to their employees for their work. In a broader sense, payroll is a term that includes salaries, financial records, deductions and wages that businesses have to deal with. Developing a good payroll system will help business owners hassle-free running of their finances and it will also ensure that every employee is paid their right amount and in a timely manner. Large companies have HR departments to take care of payroll, but the situation is a little bit complicated when it comes to small businesses because this activity takes a lot of time and effort. The good news is that this area is constantly changing and there are new trends that are making this activity simpler and easier. Now let’s highlight some of these trends.
1. Paying special attention to short-term employees
According to the latest statistics, the number of American quitting their jobs has reached record high level this year. (1) Every small business owner should do their best to keep valuable employees, but they should also accept the fact that employees often choose to leave companies without a good reason. It turns out that modern careers are prone to transformation and they are also very flexible. On top of that, it’s easier for people to move from one place to another. In other words, we are living in a freelancer economy and your small business must adjust to these changes. Don’t look at this as some kind of problem because you can turn it into an advantage (new talent, employees eager to prove themselves). With good payroll software, you should be able to follow this trend. Focus on a payroll system which allows you to remove and add new staff members easily.
Outsourcing is one of the hottest business trends in the last few years. Obviously, small business payroll could not stay unaffected. It is always a good idea to outsource your payroll activities. There are many companies that are providing different payroll services and other related services like bookkeeping and tax reporting. Companies like Quick Draw Payroll can help small business owners focus on business operations that will allow them to grow and expand their business.
3. Going mobile
The world is going mobile. According to some reports, eight out of ten small business owners in the United States use their smartphones or tablets for business purposes on a daily basis. (2) The number of ordinary people using mobile devices is even higher. So, what every SMO (small business owners) should do is to ensure that their employees can manage payroll activities with the help of mobile devices. In addition, make sure that all the information is readable and accessible on mobile devices (responsiveness).
4. Smart Office
It seems that computers and technology are everywhere we look around us. Making your office “smarter” is a must and handling payroll tasks is not an exception. Namely, it is now easier than ever to automate these tasks at least when it comes to everyday activities. By doing this, you will have more time to take care of other activities that are more crucial for your business.
5. Adjustable Employment Terms
Nowadays, the economies around the globe are getting more and more flexible. As a result of that, the employment terms are prone to adjustments and changes. Even though your small business might not be using the help of freelancers, it is very likely that you will need part-time and short-term employees. If you want to make sure that things will go smoothly, it’s the best idea to use professional help. Find a company that can manage these payroll changes and additional benefits and perks that your employees can use. For instance, keep in mind that gym membership can cut taxes. A professional company focused on the payroll, bookkeeping, and other similar activities will be well-aware of these things.
6. Data Security
Due to the fact that many of the payroll tasks are conducted online, data security will become even more important in the future. If you are planning on using cloud-based services this should be your primary concern. It would best to opt for service providers that guarantee safety and security. Take some time to check their safety protocols.
It doesn’t matter whether you are running a small business in the Texas Hill Country or some other place in America – following the latest trends in small business payroll is one of the smartest things that you can do. By optimizing this segment of your work, you can rest assured that your business will improve overall results in the long run. Hire a professional in this field right now because they are following these trends and they have the knowledge, experience and tools to get this job done in the best way.