5 Reasons To Opt For A Cashless Payroll Process For Your Small Business
Everybody is going cashless these days; from entire nations to industries and even your local grocery store down the road! Ever wondered why? The ease, the transparency and efficiency, are just some of the benefits of going cashless. In fact, the Indian government recently even gave its nod to amend the Payment Wages Act for facilitating cashless salaries in the Public Sector and the Private Sector is clearly next. So, the next logical question is why are you as a small business owner not going cashless for your payroll processing? Every business owner knows that feeling when 24 hours in a day just isn’t enough to take care of sales, marketing, accounting and payroll responsibilities single-handedly! Use technology to ease your burden and use that time to focus on helping your business grow. Still unsure? Read on to find out 6 compelling reasons to switch from manual payrolls to a cashless payroll service.
You save money and time
Improved efficiency is a direct effect of opting for a cashless payroll system over a manual process. Think about it; with the entire process being easy-to-use, automated and fast, it would help your business become much more efficient and organised as a result. Faster transactions and quicker salary payments also mean a higher employee satisfaction. What’s more? Such a system also makes it simple for the employees themselves to use and keep track of their digital payments and spending. Win-win for all!
You can eliminate all errors
A cashless payroll system would guarantee transparency and no manual errors as a result of an automated process. Manual processes give way to human errors such as calculation errors, misplacing money and any other problems arising due to miscommunication. If you opt for a cashless process, it would be automatically be linked to your internal human resource system, thereby further reducing any chance for money to actually pass through hands.
You needn’t worry about fraud
There’s no scope for mishandling cash with a cashless payroll service due to the tough security. Each step of the process is secure, computerised and automated, thereby eliminating any chance of fraud. Small businesses, in particular, are susceptible to payroll frauds such as ghost employee accounts, fraudulent expenses, and incorrect time sheets to name a few. You can also choose to go with an online or cloud-based payroll management solution which gives you the option to make payments and transfer cash securely.
You reduce the need for manpower
With a completely automated, computerised system, you can reduce the manpower you need to take care of accounting and employee salary payments. This also makes the process a whole lot faster. What earlier took 2-3 days to process and pay your employees, can be cut down to almost nil. The entire process would be instant thanks to all the information, such as employee leaves and expenses already present in the system’s database.
You can maintain and keep track of your business’s finances
An online cashless payroll service can generate automatic reports of payroll summary for different departments, expenses and timesheets. This can help you keep a track of your business funds and can be especially helpful during reviews and audits to ensure that no funds are being unnecessarily spent. Such a system will also make sure that all employee salaries remain confidential with no possible leak.
By having a single window to address all payroll related operations, you free up your schedule and your employees’ to attend to more important matters. This can not only increase your business efficiency and help your business thrive but also keep your employees happier. A happy work environment naturally translates into better service and thereby a happy customer base! So, what are you waiting for? Go cashless today!