Is outdated payroll technology slowing down your small business?

By Joel Kohn
February 9, 2023

Are you a small business owner struggling with outdated payroll technology? If so, you’re not alone. Many small business owners find themselves bogged down by the manual tasks and limited capabilities of older software.

Small business owners are the backbone of our economy, but they need help to keep up with the fast-paced world of changing technology and workforce trends.

One area where this is particularly true is payroll.

Outdated payroll technology slows down small business owners in several ways

  • More manual tasks = less time to focus on your business
  • Lacks automation = more work for you
  • Can’t offer flexible payroll payment options = harder to attract and retain employees
  • Clunky and difficult to navigate = a headache to use
  • Slower processing time = a drag on productivity

Lack of automation and AI limits small businesses owners

Older solutions act as more of a do-it-yourself platform, where small businesses must manage every aspect of payroll, scheduling, HR, you name it – making it harder for owners to focus on other priorities.

And that’s because outdated software is less automated than newer systems, meaning that business owners have to do more work to process payroll, calculate taxes and manage employee information. 

Outdated payroll technology doesn’t offer new capabilities like earned wage access for a changing workforce 

Earned wage access (EWA) is a crucial aspect of financial stability for employees. It gives workers control over their hard-earned wages, allowing them to access earned but not yet paid wages before their next payday.

This can be especially important for those who face unexpected expenses or emergencies, as it helps reduce the stress and financial burden they may face. By offering EWA, employers are positioning themselves as better options for employees as they demonstrate a commitment to their financial well-being. 

This increases the attraction and retention of employees, fosters a positive work environment, improves morale and enhances employee satisfaction. By providing employees with access to their earned wages, employers can create a more supportive and caring workplace culture, which leads to improved productivity, lower turnover and overall success for the business.

With older payroll technology, small business owners may be unable to offer this payment option, making it harder to attract and retain top talent.

Outdated payroll technology slows down the day-to-day operations of a small business

Older software is often clunky and difficult to navigate – making it a pain to use, which can be a real problem for small business owners who are already busy and need more time to spend on payroll management. This can be a drag on productivity and make it harder for small business owners to keep up with the business’s demands.

The good news is that modern payroll technology is designed to work for you, 24/7, in the background. It automates manual tasks and offers new capabilities like Pay On-Demand, allowing employees to access their earned wages before payday.

At Fingercheck, we’re committed to innovating on behalf of small business owners – building on top of our best-in-class product experience to unleash a new phase of capabilities, which includes more automation, AI-led technology and Pay On-Demand, for small business owners.

So, why not make the switch and see the difference for yourself? Sign up now!

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