Think there’s a secret to happier employees? Guess what… there is!
Running payroll is no walk in the park. Hours upon hours of bookkeeping, frustrating compliance headaches, and those looming tax deadlines that send you scrambling to the file cabinet. There’s just one problem…
Payroll processing affects your employee satisfaction more than you might think…
Want to cut down on frustrations across the entire team? It starts with making your life easier by improving your payroll process.
What You’ll Learn
- The (Not-So-)Secret Connection Between Payroll and Employee Satisfaction
- Manual Payroll: Slowly Poisoning Your Business
- Boost Efficiency With Streamlined Payroll E-Filing
- Expect to See These (Real) Results
- Smooth Transition: Switching to E-Filing Software Without Breaking a Sweat
The (Not-So-)Secret Connection Between Payroll and Employee Satisfaction
Payroll is more than just writing checks. It’s about keeping employees happy, coming back the next day, and even spreading the word about your business.
When payroll runs smoothly and efficiently:
- Your employees know they can count on you to do the right thing when it comes to their hard-earned pay
- You’ll see higher engagement and productivity from your team
- You’ll be able to retain top talent instead of constantly playing the hiring game
But, when payroll goes awry?
It’s an employee retention nightmare. 34% of employees say a missing paycheck is highly impactful to their job satisfaction, and half of all employees will leave a company after two payroll errors!
That’s a pretty high price to pay just for cutting a few checks, right?
Payroll woes are 100% avoidable, and the secret to happier employees is simple:
Efficient payroll e-filing software.
Switch to payroll e-filing software that makes your life easier, too, so you can focus on what you do best. Here’s why manual payroll is the worst…
Manual Payroll: Slowly Poisoning Your Business
So you’re still doing payroll with a spreadsheet, calculator, and scissors?
You’re not alone. In fact, 51% of all organizations still rely on spreadsheets and manual methods to process payroll, and a full 45% write out checks to pay employees.
But wait… manual payroll is actually the worst way to run a business. Here’s why…
- Time suck. It takes you longer to run payroll than your employees think, but they notice it anyway. When payroll takes two hours of your day to complete tasks you could easily automate, someone is not going to be happy
- Accuracy. Do your calculations perfectly every time by hand? If so, you’re one in a million. Most business owners using manual payroll underreport taxes in some way and risk IRS penalties as a result
- Stressful. Every business owner has deadlines they have to meet, but calculating, entering, and double-checking payroll data is one of the most taxing, no pun intended, processes a payroll manager has to handle
The hard truth is, payroll software is not just about saving money. It’s about:
- Freeing up time in your day
- Getting employee information right the first time
- Taking some of the stress out of running payroll
- Improving your employee’s experience
Boost Efficiency With Streamlined Payroll E-Filing
Once you choose E-File software, your life instantly gets better. Here’s how.
Automatic Tax Calculations
No more guessing when it comes to calculating taxes. Once you input the necessary details, your software takes care of:
- Federal taxes
- State taxes
- Local taxes
- Quarterly filings
Accuracy improves, and your stress levels decrease.
Easy Government Filings
No more filing penalties for being late with government filings! Electronic filing of information returns with the IRS, state, or local authorities used to require a completed and signed form, but the IRS has mandated all electronic filings for businesses filing 10 or more information returns since 2003.
E-filing software that allows you to easily file and print all your payroll information makes it a snap, and the IRS can automatically match payroll tax information with W-2s without employer review.
Automated Employee Self-Service Portal
Your employees want easy access to:
- View and download pay stubs
- Update personal and family information
- Verify tax document filings
- Keep track of time off
- Check direct deposit info
Say goodbye to having to spend hours helping your employees verify information, and let them do it all themselves with an automated, employee self-service portal.
Automatic Updates to Stay Tax Law Compliant
The tax code changes every year, and unless you read the latest revisions in the tax code, you might be missing a few important changes to filing and withholding.
Your payroll e-filing software automatically makes all these changes for you so you don’t have to spend hours combing through the tax code to make sure you’re compliant. In fact, payroll software providers like E-File payroll software automatically stays on top of changes to the tax code so you don’t have to.
Expect to See These (Real) Results
Automatic payroll e-filing might sound too good to be true. But the real, tangible benefits of switching are:
Employee Trust Levels Soar
Paychecks deposited on time with no errors? Say hello to happy employees who start to feel confident and safe with their financial situation.
Stress Levels Decrease
Do you spend hours dreading payroll deadlines? Once you make the switch to payroll e-filing software, take a deep breath and relax. The software does all the heavy lifting, and you’ll be able to worry about more important things than tax codes.
Enjoy More “Me” Time
Did you know that most business owners recover between 10-15 hours per month when they switch to automated payroll processing?
With the time you save, you can focus on marketing or growing your team. Or even just kick back, relax, and enjoy the fruits of your labor.
Less Expensive Errors
Manual payroll costs you more than time. Mistakes add up quickly, so it’s no surprise that payroll errors cost the US more than $1 billion each year in fees and penalties alone.
E-filing software significantly reduces the number of human errors by automating the calculations, filings, and more, so you can breathe easy when it comes to accuracy.
A Better Employee Experience
If your payroll system still looks like something out of the 1980s, employees know it too. They expect:
- Easy access to payroll information 24/7
- Instant solutions to their problems
- Professional-grade processes that “get it done”
When you move away from manual processing to something as simple as modern payroll e-filing software, you improve your employee experience from the inside out.
Smooth Transition: Switching to E-Filing Software Without Breaking a Sweat
You might be thinking…
“Can’t just make this switch without turning my business upside down.”
Here’s the thing: yes, there is a transition period. But it’s not nearly as bad as you think when you know the right questions to ask and have a good payroll provider backing you up.
What to Look For In Payroll E-Filing Software
Not all payroll e-filing software is created equal. Here’s what separates the top contenders from the also-rans.
Easy to Use
Complex software with confusing menus and language is a turnoff for everyone, from you to your employees.
Choose payroll e-filing software that has an easy-to-use and intuitive interface, so anyone can use it without training. You don’t need an IT degree to do payroll.
Comprehensive Tax Filing
Tax filing should be a breeze with payroll e-filing software. Choose a payroll system that handles all your federal, state, local, and quarterly filings automatically.
Employee Portal
Payroll e-filing software with a dedicated employee portal is a must-have feature. This way, your employees can access their information anytime, anywhere, without needing to contact you.
Integration Capabilities
Your payroll e-filing software should integrate with your current systems and accounting software, especially time tracking systems. Your software provider should be able to walk you through any integrations needed to ensure a smooth transition.
Reliable Customer Support
Customer support for your software provider is crucial. Make sure to choose a payroll company with real people to answer your questions and needs when you have them.
Scalability
Payroll e-filing software should grow with your business and provide customizable features you can use and don’t necessarily need.
Implementation Process
Every business owner switches to payroll e-filing software a little differently, but most businesses take a very similar process when making the switch. Here’s how to implement without stress:
- Choose your software and set up your account
- Import your employee data (easy with good software)
- Run a parallel payroll for one pay period to make sure everything looks right
- Train your team on the new employee portal
- Go live!
The whole process usually only takes 2-4 weeks depending on how robust your current manual payroll system is.
Concerns About Making the Switch to E-Filing Software
“What if the software goes down?”
You’re not alone. Good payroll software providers have over 99% uptime and have backups in place in the event that software issues do arise.
“Think employees will resist the change.”
You might be surprised to know most employees are thrilled to have better access to their own information.
“The cost of payroll software seems high.”
True, but you’ll start to make back that time and stress by the end of the first quarter.
“Are payroll details safe with another company?”
Your payroll provider actually has more secure protections in place than most of your employees will.
What Is EcomBalance?
EcomBalance is a monthly bookkeeping service specialized for eCommerce companies selling on Amazon, Shopify, eBay, Etsy, WooCommerce, & other eCommerce channels.
We take monthly bookkeeping off your plate and deliver you your financial statements by the 15th or 20th of each month.
You’ll have your Profit and Loss Statement, Balance Sheet, and Cash Flow Statement ready for analysis each month so you and your business partners can make better business decisions.
Interested in learning more? Schedule a call with our CEO, Nathan Hirsch.
And here’s some free resources:
- Monthly Finance Meeting Agenda
- 9 Steps to Master Your Ecommerce Bookkeeping Checklist
- The Ultimate Guide on Finding an Ecommerce Virtual Bookkeeping Service
- What Is a Profit and Loss Statement?
- How to Read & Interpret a Cash Flow Statement
- How to Read a Balance Sheet & Truly Understand It
Wrapping It Up
Payroll can be hard for business owners and make employees miserable if not handled correctly.
Automation and e-filing options for payroll give you more time, ease stress, and make running your business easier so you can focus on what matters most.
Look for easy to use payroll e-filing software that does most of the technical stuff for you, provides an employee self-service portal, and allows for quick integration with any other payroll or accounting software.
With the right payroll e-filing software in place, your employees will love you just a little more.
And, who doesn’t love being adored by their employees?
All you have to do is make payroll easier.
