In 2020, 33% of small businesses were still using spreadsheets to process and manage payroll. And nearly 50% of them spent weeks preparing the calculations.
The thing about manual systems is that they are prone to costly errors, and the risk of missing the processing deadlines is pretty high.
A small business that relies on a manual payroll system might spend as much as 10 times the hours it would take to complete the process using a software solution. Automated systems not only simplify the payroll process but also ensure accuracy.
If you’re a business owner looking to improve your processes with payroll automation software, Fingercheck is all you need. In this guide, we’ll highlight the benefits of payroll automation and explain how Fingercheck can get you there.
Automation reduces payroll errors
The average organization makes 15 errors per payroll period, according to a recent Ernst & Young survey. The consequences can be costly, ranging from lost revenue to potential lawsuits.
Additionally, Ernst & Young found that 40% of organizations that were facing payroll-related litigation resorted to cutting jobs. The report also showed that medium-sized organizations spend an average of 29 workweeks fixing the most common payroll errors.
Underpaying and overpaying employees are some of the most common payroll errors in most organizations. Such errors can easily be eliminated through payroll automation.
With Payroll by Fingercheck, businesses can automate most of the time-consuming and error-prone tasks related to payroll and increase overall efficiency. Our platform can be programmed to check for errors and inconsistencies, helping prevent costly mistakes.
Automation saves time
One of the obvious benefits of payroll automation is saving time.
A recent National Small Business Association study found that 41% of businesses spend 80 hours per year on payroll and other HR tasks.
Software solutions can process payroll faster than manual methods. In fact, the American Payroll Association found that software solutions can process payroll up to three times faster than manual methods, freeing up employees’ time to focus on other revenue-generating tasks.
Fingercheck automates many time-consuming tasks, freeing up business owners’ time to focus on other important tasks. Our platform handles everything from clocking in workers to calculating taxes and generating pay stubs.
Automation simplifies taxes
Taxes can be complicated, particularly if you don’t have an accountant or an accounting background, and staying on top of the frequent changes to tax regulations can be tricky.
Plus, miscalculating taxes or missing deadlines can lead to fines, so proper tax management is critical. Manual payroll is fine if you have a small team. But payroll becomes complex and time-consuming with more employees, especially if you hire people, like remote workers, who may work in different states.
Using an automated payroll system simplifies the complex task of tax calculations. Automated payroll systems usually have tax rates and rules embedded in their software. They automatically make wage deductions while taking tax and employee benefits into account, so you only have to make a few clicks to pay your employees.
Fingercheck takes care of federal and state filings and payments for you, making payroll processing easier. Our platform automatically calculates every employee’s total pay and applicable taxes. Additionally, Fingercheck files and deposits state and federal taxes on your behalf.
Automate payroll with Fingercheck
With Fingercheck, businesses large — and small — can automate time-consuming and error-prone tasks, which improves efficiency and frees up employees’ time to focus on other important tasks.
Unlike other payroll providers, Fingercheck offers earned wage access (Pay On-Demand) and payroll debit cards, which help to improve employee morale, as well as providing direct deposit and the option for businesses to cut their own checks.
If you’re a business owner looking to improve your payroll processes with an automated solution, Fingercheck is the solution you need. Contact us today to learn more about Fingercheck and how we can help streamline your payroll processes.