Payroll Trends of 2018
Payroll Trends of 2018
With each passing year, new technology is introduced into the payroll industry. Each year more companies are moving to a paperless payroll service. An effective online payroll system has numerous benefits for a company that can cut back on the cost of payroll and the potentially massive amount of paperwork that can come with it. Along with the paperless payroll systems being used by many companies, there is also the rise of outsourced payroll companies that already have these systems set up and ready for their potential clients. The question that this trend brings up is rather or not your company should take advantage of a fully paperless payroll system yet.
As with any major business decision, there are aspects to it that you have to consider. For instance, a larger company (100+ employees) would easily benefit from a digital payroll system. That is a lot of employees to manage individual and a digital payroll can give each employee an opportunity to access their payroll and potentially even sign up for benefits and other payroll opportunities. Some programs even allow an employee to request vacation time and for an employer to directly approve or deny the request through the program or application. Another added benefit is being digital and done through a cloud-based system, the payroll can be managed from anywhere you can connect to the internet.
As these digital payroll programs become simpler and more accessible with each passing year, more companies will fully shift their payroll to benefit from them. For smaller companies, however, there will be a slower shift to a fully digital payroll. Where a larger company will easily benefit from implementing their payroll into a digital format, a smaller company with less than a 100 employees might not find the procedure of implementing the software beneficial to the work of simply doing the payroll themselves. This becomes more apparent the smaller the company is. Shifting from a paper to digital system takes an investment in time and effort that might simply not be worth it just yet for a company that doesn’t require a serious payroll department.
However, it could be equally worth having for a company that plans on substantial and steady growth. Implementing a digital system that can easily accommodate more employees when the company is smaller and limited will have it in place for when the company grows to a size that can benefit from such a system.
This creates an optimal field for outsourced payroll companies to bridge the gap between the two forms of payroll. Being able to implement services for a smaller company to manage their payroll, while also having a digital system that can benefit larger potential clients, outsourced payroll companies will be able to grow expeditionary and aid in the general shift from older models of payroll to the new, digital-based systems. Payroll companies such as Daytona Beach Payroll Company Vision H.R. have already implemented an easy to navigate the digital system for their clients that is easy to use for both the employer and the employee. Companies like Vision H.R. are paving the road to the future trends and customs of payroll management, making it easier for businesses small and large to follow these new trends.