Even if your business is considered small or mid-sized, you will benefit greatly from exploring other digital payment options for your payroll. Many of these solutions offer so many features as well: It helps your accounting team save time and increase their level of productivity, provide your employees with a clear and accurate picture of their pay history, and it might streamline your process for filing leaves and vacations as well.
If your business is exploring other digital payment solutions aside from credit cards and digital wallets, here are some options and ideas you might want to consider:
Consider exclusive prepaid cards
How about creating an exclusive virtual prepaid card? It can be another way to provide your employees with their allowance or other funds for company expenses. For example, if they often have to drive around and pay for gas, or if they have to make some purchases for your company, they can use these virtual prepaid cards which can then help your company keep track of just how much they’re spending on behalf of your company, instead of them having to rely on traditional receipts.
Moreover, these cards are a more personalized, secure, and traceable way to help your employees or workers pay for things online. It will allow them to pay for whatever they need—whether it’s bills or purchasing—right from their phone or desktop. These virtual cards are safe, quick, and much more accessible for accounting teams to keep track of and manage.
Automate what you can
Smaller and more traditional businesses might be more likely to resist new technologies like automation due to their threats to the labor force. Still, there are so many benefits to automating some of your accounting team’s most repetitive tasks:
- When you opt for payroll software, everything will be processed automatically, including your employees’ salaries, allowances, bonuses, deductions, and others. Any disputes or questions can be addressed through a more accurate system, especially if a critical accounting team member has registered the pertinent information into the system.
- Shifting to a paperless system will help your business contribute to a world with a much less carbon footprint.
- Doing the initial investment might seem hefty at the start, but it is an investment that is chock-full of rewards in the long term—one that will allow your company to save more money in the years to come.
Use software for time and attendance
If your company is seriously considering automating your payroll operations, why not maximize its effectiveness by integrating it with software that keeps track of your employees’ attendance? If your company relies on team members being on time at work and doing the minimum required hours daily or weekly, then specialized software can work hand in hand with your automated payroll system to ensure that information about employee attendance is accurate.
Integrating the two will help your finance team process your employees’ monthly wages more accurately and swiftly. These types of platforms often come with contactless punches, biometric identification, real-time reporting, and other incredibly helpful tech tools to help ensure maximum accuracy.
Partner with a payment solutions firm
Another worthy investment you can make is partnering with a team of specialists whose exact job is to help businesses modernize, update, and streamline all their financial transactions. While you and your in-house team can certainly search for technologies and platforms yourselves, partnering with a firm that is well-versed in related industries like marketing and sales, can help ensure that the upgrades you’re making will truly benefit your business in the long run.
Moreover, they can help your team adjust fully to the new tech tools instead of everyone being left to their own devices. Learning new tech tools from the constantly-evolving world of digital transformation can be a struggle for many businesses, but you and your team can sidestep these growing pains if you have a team of skilled professionals guiding you as you navigate these new necessities for businesses.
Once again, you might have to pay for a hefty sum upfront, but it will ultimately be worth it if these firms can help you modernize your business, bring it into the 21st century, and pave the way for your business to save more money in the long run.
We live in a time when ignoring these technologies can be detrimental to our businesses. Consider upgrading and modernizing your payroll processes to improve employee productivity, bolster your company’s financial strength, and position your business in the best way so that it’s set up for continuous success.