6 Crucial Reasons Your Small Business Needs Payroll Software
Payroll is just one of those things that a newbie entrepreneur overlooks when they start a new business. In the beginning, every entrepreneur looks at salaries as a part of the accounts payable and would likely look to run it off a simple spreadsheet.
That’s a good idea as long as the company remains small.
However, spreadsheets become a problem once scalability is factored. When there aren’t too many employees, basic math is okay, manageable even. But as the numbers start growing, the challenge increases exponentially. With more salaried employees working, and an increase in salary components as a response to statutory compliance, data starts getting too complex for spreadsheets alone. You need something a little more robust to handle the scaling of all these variables.
Another problem with spreadsheets, although they have long been a rusted tool for several tasks, is that their functionalities are limited. We are now in the era of the digital. With each passing day, a new technology pops up that takes our human experiences online.
#cyberpunk2077 is now only imagination – wouldn’t be long before it could be our future.
Seems like an overstatement? Think again!
This past year alone, where the world reeled under the pressure of a pandemic, technology has morphed. Digital transformation is no longer just a fad word. More and more organizations are looking for ways to achieve comprehensive digital transformation.
Your business, no matter its size, should be looking to do the same. It would be prudent to stay with the times and not fall behind. Too many organizations have been lost in the last few months alone, because they were not ready for change.
Start small. Start with payroll. Spreadsheets aren’t the way forward.
And that’s exactly why Archarina has devised a comprehensive Payroll solution for SMBs.
Archarina Payroll a comprehensive answer to all your payroll problems, including automatic pay disbursal, statutory compliance, integrations, and security. As an end-to-end solution, Archarina’s payroll module offers complete control over everything payroll.
Moving from spreadsheets, you should be working with confidence.
Here are six compelling reasons for you to move from spreadsheets to Archarina Payroll:
Data simplicity
Payroll data is complex. When dealing with bigger numbers and more complex calculations, it becomes difficult to manage on spreadsheets alone. It becomes even more difficult to extract this data in simple, understandable terms from an excel sheet. In truth, there is very little accuracy, and a lot of ambiguity in calculations.
A robust payroll solution offers greater visibility through simple and easily understandable representations of the numbers, letting you make better payroll decisions.
Compliance
Compliance is something that cannot be overlooked by any organization, and government regulations stipulate that SMBs follow tax computation and filings periodically and accurately. It is also necessary to stay up to date with changing tax regulations and laws. All of this is simply impossible on a spreadsheet, unless you put in hours of manual labor, changing out all the fields that are affected.
A simpler fix would be to employ a payroll solution that would run everything automatically for your business.
Automation
That brings us to our next point (and this is a big one): automation. There are a lot of elements in payroll that require special attention from 3 different departments: HR, Finance and Accounting. That’s a lot of manpower working in tandem to run the payroll. But there are also a lot of elements that are repeatable and predictable.
With a payroll solution that can run the automations for you, you can cut down on half the manpower required. Automations can be used to calculate pays and taxes, shoot off salaries and tax payments, and even reconcile balance sheets and send reports.
All of this makes your job way, way easier.
Integrity and Security
Data integrity is another thing that you may be worried about. When dealing with the human element, there are a lot of opportunities for errors, sometimes even willful errors. One tiny change/error in numbers might just be impossible to track on a spreadsheet, and you might end up losing a lot of your money.
With a payroll software helping you to carefully tally the books, errors would be greatly reduced, and critical data would always be secure. Any changes would be immediately flagged to be verified as necessary.
Integration
For years there have been solutions that have been used to run Human Resource Management, aka HRM solutions. However, any data that you pull off this can only be manually handled on a spreadsheet. If you run any more solutions to handle enterprise data, it is going to be difficult to manually enter said data into the spreadsheets in order to run your payrolls.
Archarina’s Payroll module integrates easily with all of your enterprise solutions, allowing you to manage payroll data, regardless of the solutions you are running.
Collaboration
This past year, we have faced some unprecedented challenges in the work environment, wherein opportunities for collaboration have been greatly diminished. Using a spreadsheet to collaborate in times like this would be even more difficult.
Archarina’s payroll solution would allow your teams to seamlessly collaborate on payroll data from anywhere, instantaneously.
Conclusion
Running a payroll for any number of employees requires time, effort, and a lot of math skills. But beyond this, speed and accuracy are of utmost importance. If it takes you any longer than 5 minutes to run your payroll, then you need to be looking at Archarina’s Payroll solution as an alternative.
Get in touch with our experts to understand how Archarina’s payroll solution can solve all your payroll problems.
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