In a gradually recovering economy, it is especially important for businesses to take as many steps as possible to ensure their success. While recent indicators have been pointing toward improvement, companies still run the risk of missing out on more frequent opportunities for growth if they allow operations to lag behind in certain areas, such as accounting.? The value of implementing payroll software should not be under?estimated: by using these tools, businesses can operate at higher efficiency rates by taking extra accounting work off employees' shoulders, raising revenues overall in many cases. By keeping more accurate track of staff earnings, organizations can prevent payment errors, including costly duplicate payments that could arise more easily when using manual accounting methods. In addition, software can aid in avoiding any U.S. payroll compliance violations, which could cause downtime.
Though all businesses can benefit from using payroll software to boost profits and make daily operations run smoother, these tools are especially important for enterprises that are planning to hire more workers. As payroll grows, it may become more difficult to manage numbers correctly without better technology, and inaccuracies could lead to employee discontent. In this sense, payroll technology may help retain staff.
More companies filling positions
According to a recent survey conducted by TMC Financing of approximately 800 of its small business clients, 42 percent percent plan to add staff in 2013. This figure is up 39 percent from 2010. In addition, the firm found encouraging news about layoffs, with the number of companies expecting to reduce their payroll decreasing by 46 percent over the measured four-year period.
The most recent Manpower Employment Outlook Survey also indicated that businesses will be expanding this year. Across all 50 states, employers reported that they are looking to hire, and only 5 percent of those polled indicated they anticipate staff reductions. Nearly 75 percent are likely to keep employee numbers at least at their current levels.
"As the economic tailwinds of the housing, banking and auto industries continue to pick up, we are seeing a gradual acceleration in hiring, accompanied by fewer companies decreasing staff," said Jonas Prising of ManpowerGroup. "The considerable growth of the construction sector is a reflection of continued progress and employers are responding to this as outside momentum gives them more confidence to push their plans forward."
As these businesses attempt to raise the bar, strong management will play a key role in how successful their initiatives become. Payroll software may be one way to ensure that goals are being met.