Take a minute and consider what your favorite local restaurant is. Are you thinking of a family-owned joint that’s been serving your community for decades? Or maybe you are thinking of a restaurant owned by two college pals who decided to go into business together. At any rate, there’s a good chance the restaurant’s owners are either handling payroll themselves or did so at some point in the past.
There are a tremendous number of small businesses all across the country that still handle payroll themselves. That’s too bad because there are also a lot of good online payroll companies
that could make the lives of the remaining holdouts so much easier. That moment small business payroll goes online is a moment of relief for the business owner who no longer has to devote time that should be spent on other things apart from payroll tasks.
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Payroll Is All Grown Up
Payroll outsourcing got its start way back in the 1970s with a couple of companies spearheaded by entrepreneurs who figured out a way to help clients better manage their payroll and make money doing so. The services they offered back then were pretty basic compared to what we have today. Now, in 2016, payroll is all grown up.
Online payroll companies are at the forefront of today’s industry. They offer a full range of customizable services capable of meeting just about any need. Picture a small company with fewer than six employees that can only afford basic payroll processing along with a larger business that pays for payroll processing and management of healthcare benefits. Both are accommodated by the same provider.
How are online payroll companies competing against their full-service competition? First, many of them are offering free payroll software for small business clients signing on for the first time. In a competitive business world requiring lean budgets, free software is a major draw.
In addition to the software, payroll companies are customizing their business payroll services so that specific industries can get targeted help unique to their needs. The restaurant and construction industries immediately come to mind here. Both have a high percentage of transient workers and a subsequently high turnover rate, so companies in both industries need payroll service providers flexible enough to respond to constant changes without making mistakes.
Employees Are Winners Too
As beneficial as online payroll is to small business owners, it is also benefiting employees too. For starters, online payroll opens up a number of different options for receiving one’s pay. Workers usually choose between paper checks and same-day direct deposit, but some companies even offer payroll cards that act just like standard debit cards.
Online payroll gives employees access to their information in real time as well. If they believe there’s a mistake with their paycheck, they can log on to their payroll accounts and compare company records against their own. If they are ready to file their income taxes by the end of January, they can download W-2 information rather than wait for the paper form to arrive in the mail.
There are so many benefits to moving payroll from an in-house operation to an online service provider. Business owners that do suddenly find themselves relieved of a tremendous amount of pressure and extra work. Many find themselves wondering why they didn’t outsource their payroll earlier.
How about you? If you are a small business owner, are you still handling payroll by yourself? If you are, you don’t have to. That moment payroll goes onlineyou’ll experience the same kind of relief millions before you have already experienced.