Online payroll services save time. That much is clear, but do you know how much time these payroll solutions can save and what this might mean for your business?
The time saved from an online payroll system might seem small when you look at it per staff member, but it adds up. On such things as calculations, paperwork, checking legislation, calculating days worked, and creating reports, payroll services save 40 seconds, 50 seconds, 100 seconds, 280 seconds, and 100 seconds respectively per staff member. Using payroll services rather than a manual system knocks off nine and a half minutes of processing time per staff member.
So what’s the big deal about that? Nine and a half minutes per employee? Who cares? Well, when you consider the fact that that’s just the per staff member rate, you realize that cumulatively payroll services have a much bigger impact. A business owner who employs 50 people and has a manual system would wind up spending over nine hours doing his or her payroll. If that same business owner put payroll services to work for them, they’d only spend an hour and 15 minutes doing it.
Basically, an online payroll solution can save a business owner seven hours and 55 minutes–an entire day’s worth of labor.
Time is only one of the many benefits of outsourcing payroll. Other advantages include cost savings, accuracy, reliability, security, accountability, flexibility, insight, productivity, and–of course–peace of mind.
Think about it. If a small business owner spends just about seven hours more doing payroll manually, that’s about 15 more days a year than needs to be spent doing payroll. If the business owner makes $35,000 a year, that’s about $1,750 wasted on needless labor.
So why keep throwing time and money in the trash? Stop doing payroll manually and start putting online payroll services to work for your business. If you have any questions, feel free to ask in the comments. Find more on this here.