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Payroll used to be a stressful, time-consuming task for small-business owners. Today, innovative technology and new payroll services have given business owners far more flexibility and control over how they manage and pay their workforce.
Now that we are into 2016, the way small businesses handle their payroll administration is likely to undergo even greater change. Here’s a look at five small-business payroll trends likely to affect in the coming year:
As more small-business owners and human resource managers recognize the convenience of managing payroll and other administrative tasks on the go, the use of mobile payroll solutions will continue to increase in popularity.
Companies used to have distinct tools to handle various administrative HR functions, including separate processes for payroll, recruiting, and benefits. However, its become apparent that integrating various HR processes into a single sign-on solution can help companies become more strategic and efficient, as well as save time and better control labor costs. DPS’s iSolved workforce management solution takes advantage of this integration of data sources to form a single powerful tool for management.
Employees are playing a more active role in the payroll process — a trend sure to continue in the coming year as companies begin using their payroll platform as an employee engagement tool. Payroll solutions, like iSolved, now have self-service portals for employees to set up profiles, change their payroll withholdings, and decide if they want to be paid by direct deposit, check, or debit card.
While technology makes payroll easier on employers, a growing number of government regulations are making it more complex. For example The Affordable Care Act requires companies with 50 or more employees (including full-time equivalents) to report more information to the federal government and withhold more tax from certain high-income employees.
With the U.S. economy on the mend and government regulations growing in complexity, more small businesses may consider outsourcing their payroll. According to a Bloomberg BNA report, an increasing number of businesses have been outsourcing payroll as a way to save money and time — a trend that is expected to keep growing through 2016. Beyond cost savings, small-business owners that outsource payroll may discover additional benefits, such as fewer errors, more time to focus on strategic tasks, and easier employee access to payroll information.
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