You just finished processing payroll by hand – again. You've been working hard to streamline other processes in your business, and now it's time to look at payday. It has to be easier than this, right? Of course.
These moments of reflection are the insightful, intuitive messages that help you scale your small business. It's time to consider adding a payroll solution to your suite of digital helpers if...
1. You're in a hiring phase with your business
It's time to grow! As sales spike, you're discovering it takes a few extra hands to get the work done. Whether you're onboarding one assistant or building out various teams to focus on marketing, inventory, sales, and shipping, go pro and use a payroll tool to keep everything organised. That hand-written ledger book is outdated and makes your accountant cringe, FYI.
2. The business is going remote
Even though the COVID-19 pandemic has receded, work-from-home models are here to stay. Many small businesses are transitioning to partially or fully remote operations. After all, 70% of small businesses performed "some level of remote work" since the onset of COVID-19.
Are you considering this too? It's time to move your payroll functions online where all staffers and contracted team members – from the accounting department and human resources to your tax preparer – can access the documents from their home offices.
3. Managing taxes are confusing
We get it. Numbers aren't your thing. And, your business isn't big enough to hire an accountant. This is a common concern among the best solopreneurs and small start-ups who are razor-focused on perfecting their products and services, not their tax calculations.
Embracing a payroll solution like that provided by ADP can automate calculating, deducting, and paying your tax withholdings. And the best part? You'll never miss a deadline or be late getting those checks out to your hard-working colleagues and contractors. Win-win!
4. You need to get better control over attendance
With working remotely or coming and going from a small office throughout the day, it's hard to know exactly when everyone is working. Many payroll software programs link a time-tracking feature to each employee's profile.
Using this option helps to accurately estimate payroll expenses, keep tabs on attendance and see how many hours contractors are contributing to your business each month. Those insights can also help to determine when it's time to hire another staffer or have a chat with an underperforming partner.
5. Some expert accounting advice would be helpful
If you've been managing payroll by hand or simply need payroll help, adopting online software that's regularly reviewed and updated with the latest tax brackets and forms is priceless.
Think of payroll software as a silent, digital assistant who reduces payroll errors, keeps everything organised in one central location, and enjoys calculating the deductions that need to come out of each employee's pay to stay compliant with government regulations.
6. Your employees want more access
As your team grows, you've been diligent about asking what they need from management -- that's you! Do they want ways to make basic human resources updates, track their payroll, and monitor benefits?
Modern payroll solutions offer self-service portals with the option to set up digital payday alerts, so employees know exactly when funds get deposited into their accounts. Employees can also log in to the system to update their address, tax withholding, marital status, and more, giving them a feeling of empowerment and autonomy.
7. You need to lighten your schedule
As a solopreneur, you wear many hats, from developing what it is you sell, to marketing it, and generating invoices. It's a lot! Would it be helpful to take a few manual tasks off your to-do list each week?
Even if you're only paying yourself, and a handful of contractors, embrace payroll tools as your number one payroll hack. Our handy solution can help you calculate your self-employment tax properly and remit it by quarterly or annual deadlines each and every time. Now, that's one less thing to worry about!
Whether you're focusing on staff growth or streamlining your business of one, see how ADP payroll solution can level up your small business.
