Payroll is a complex task for businesses of all sizes. For small to mid-size businesses (SMBs), challenges in payroll can be especially time-consuming. Although employee numbers may be smaller, SMB leaders often manage several different employee categories and schedules. They also may not have a dedicated HR team or staff member, leaving the administrative burden on management or business leaders.

Despite these challenges, accurate and timely payroll is one of the most critical HR functions to keep businesses running smoothly and provide excellent employee experience. Fifty five percent of employees say that mistakes in payroll would prompt them to look for a new job.

ISG, a leading third-party vendor analyst group, recently released its Payroll Solutions and Services Report highlighting vendors strengths in both small and midsize/large business categories. isolved was named a leader in the U.S. Small Market category and a product challenger in the U.S. Mid/Large Market category.

Payroll strengths for isolved cited by ISG in the report include an accelerated implementation process, automation of tasks and a focus on analytics. Each of these can have a profound impact for SMBs when considering and selecting a payroll provider. Let’s dive deeper into how these solution features can take SMBs from operational to strategic payroll.

Easy Implementation

With a smaller team, every second counts. Once a decision is made to look for payroll assistance, it’s important to find a provider that will simplify processes starting at the very beginning with implementation processes. Payroll is just one function of a business, and SMB leaders often don’t have the time to devote to a lengthy software implementation and launch.

When selecting payroll for SMBs, a streamlined approach with a dedicated, knowledgeable implementation team will help businesses save time, ensure accuracy with historical data and get software up and running efficiently, allowing leadership and management to focus on business goals as quickly as possible.

Task Automation

In an SMB, leaders and managers are often juggling several roles, including HR and payroll administration. While payroll is crucial for a business to run, it can easily cause a heavy burden for SMB team members each month. This leaves them spending their time processing payroll instead of working on strategic business initiatives.

In today’s payroll landscape, automation is the key to not only relieving administrative burden, but also ensuring timely payment and zero errors. Solutions that catch payroll mistakes before they happen, check for compliance and process in just a few clicks are essentials for SMBs and businesses of all sizes to save time, avoid compliance issues and provide the best payroll experience for their employees.

Accessible Analytics

No organization has the same goals as another. Whether the goals for SMBs are focused on growth, talent retention or cost-savings, data analytics is essential for providing personalized insights and making informed business decisions.

Modern payroll analytics platforms help SMB leaders gain insights into both how their organization and workforce is operating now and how it could better operate in the future. With tools that provide predictive insights, customers are able to access data on what impact future business decisions will have on their organization before they happen. Access to this data can accelerate reaching goals in an SMB, save time and ensure a robust, satisfied workforce.

Payroll in an SMB setting often brings complexities. But implementing tools that have the flexibility to fit specific business needs, save time, ensure accuracy and provide valuable insights can help take SMBs to the next level.

Curious about ISG’s Payroll Solutions and Services Report? Download the report to find out more.

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