One of the fastest growing types of business technology over the last few years is online HR and payroll software. This human resources management software (HRMS software) is a sub-type of employee resource planning software (ERP software). According to Forbes, online HR and payroll software is one of the main drivers behind the 69% of all businesses who are expected to start using a cloud-based business software solution in 2014. If you’re looking to improve your own business throughout the new year, you should consider using online HR and payroll software.
What Are the Benefits to Switching to Online HR and Payroll Software?
- Improved Employee Self Service Reduces Training Costs
- Online Accounting Software Features Error-checking Functionality
- Online HR and Payroll Software is Much Cheaper
One of the biggest costs to any business is employee training. According to recent statistics from Investopedia, it costs American businesses $1,200 and 32 hours of work per employee per year to keep employees trained. In general, the biggest costs of training come from lost productivity, both on the part of the trainee and the HR professional who has to take time away from their schedule to train workers. Online HR and payroll software allows you to set up employee training terminals, effectively giving them the tools they need to train themselves. In other words, online HR and payroll software greatly reduces the time and money spent to train your employees.
According to The Houston Chronicle, online HR and payroll software features powerful technology that checks for errors in your accounting data. The best versions of this software check to ensure that you’re sticking to state and federal laws and that you haven’t had any input errors. Further, they allow you to easily generate audit reports, giving you yet another tool to check for errors. In effect, you greatly reduce your HR team’s workload, while simultaneously improving their accuracy.
Online HR and payroll software, as About.com points out, is almost always cheaper to use than traditional desktop software. Whereas you could spend hundreds or thousands of dollars upfront on traditional HR software, most online HR solutions offer full access for low monthly or annual fees. Some only charge $20 a month. If you’re looking for a simple way to greatly reduce your HR costs, switching to online HR and payroll software just makes sense.
As you can see, making the switch to online HR and payroll software can improve your business in a number of big ways. Improving accounting accuracy, reducing technology costs, and giving your employees a way to train themselves all adds up to one thing: lower costs and a better business. Get more here.