Small business owners know all too well that inflation is a moving target that heavily impacts daily operations. For example, although small business optimism is currently on the rise thanks to easing inflation concerns and rising consumer spending,[1] just a few months ago, 21% of owners reported inflation as their single most important business operating problem.[2]
Whether inflation is high or low and consumers are spending or cutting back, one thing remains the same: small businesses that focus on best practices for payroll may be better suited to weather any economic climate. That’s because modern payroll systems not only provide some of the easiest applications to important tasks — like getting hard-working employees paid on time — but they also offer convenient solutions that make everyday business responsibilities a little bit easier.
Here's a breakdown of what to consider when it comes to the best payroll processing options for your business.
Make Payroll Processing Quick and Easy
At the bare minimum, any payroll system is about getting employees paid. However, when it comes to your payroll service provider, looking for a system that offers streamlined, powerful technology so that completing payroll is as easy as possible is just the beginning. Business owners that travel frequently or work outside of traditional business hours might also benefit from a system that allows them to process payroll at any time of the day and from any location.
Better Manage Your Budget and Cash Flow
More advanced payroll services may offer additional technologies that help you manage and direct your cash flow in ways that maximize your budget. This provides you with more time to spend focusing on other important things, like business growth. For example, consider looking for services that provide insightful reports to help you track things like funds necessary for pay and taxes, employee earning statements, department summaries that document payroll activity or even month-to-date payroll summaries for each department within your company. These extras may be a lifesaver when it comes to keeping track of cash flow and budgeting.
Stay On Top of State And Federal Taxes
According to one survey, approximately 37% of small businesses and gig workers say they struggle with anxiety and confusion when it comes to filing taxes.[3] A modernized payroll service may be able to help with that. Stay ahead of both state and federal tax laws — including things like federal tax liability, federal unemployment taxes, state and local income taxes, and state unemployment insurance — by selecting a payroll provider that offers automatic updates on tax changes, as well as support from certified payroll experts.
For even more tax help, consider a service that not only calculates payroll taxes, but that also deposits them directly to the appropriate agency.
Provide More Perks to Your Employees
Don’t settle for minimal payroll services when more comprehensive ones can provide meaningful employee perks that will help keep workers happy and provide incentive for others to join your force. Some options to look for include flexible pay features for your employees (including payment through direct deposit, checks, or prepaid cards), employee assistance services (like access to payroll information from their phones or other devices), and consumer discount programs.
Boost Employee Productivity
With the right technology, payroll systems may be a quick and efficient way to track employee hours, minimize lost-time instances and even boost productivity. For example, technologies like biometric reading, Web and/or smartphone time entry make it easier than ever for employees to clock in and out. You might also look for time and attendance solutions that can be integrated directly to your payroll services for seamless, built-in workflows.
Of course, any payroll technology is only as good as its support staff. With PNC’s payroll processing options, you can expect the same expert service that comes with all of the other PNC products that have helped power your business. Visit your local branch or call 1-844-332-8328 to speak with a representative.
