Running any kind of business can be challenging in the modern technological world, where competition is constantly rising, pushing every company to outdo the others. Fortunately, automation software has made it simple for various companies to perform daily tasks more efficiently while reducing errors and mitigating other risks.
By automating your workforce management, you can streamline other operations more quickly, making work more manageable and less hassle-free for employees. It can also save you plenty of money by eliminating the need to hire more people and use those funds to make other improvements within the company.
So, here’s a quick outline of how your business will benefit from investing in a sophisticated automation solution.
Businesses spend endless hours calculating the number of days each employee has worked in a month, applicable deductions, and other vital factors. This can be incredibly challenging to do manually, as every employee has different variables to account for. Automation can help complete this complex task in minutes, eliminating human error and reducing workplace stress on the HR department.
Moreover, the tool can help employers with federal and state payroll tax compliance, mitigating the risk of penalties, audits, and fees, among other things. Businesses can keep track of income and FICA taxes deducted from the employees’ paychecks and FUTA taxes paid by employers toward unemployment benefits. Ultimately, it can help keep your company out of legal trouble by preventing the misclassification of employees or exemptions and missing deadlines.
Virtual I-9 verification
Form I-9 is a binding contract between employers and their workforce, and violating this agreement can lead to severe troubles for business owners. Managing this paperwork physically can take a lot of time, besides increasing the scope of human error, as many sections may be filled incorrectly or forms misplaced.
Automation can enforce compliance by verifying these necessary forms by virtually connecting with remote workers, as allowed by the DHS, or the Department of Homeland Security. Besides the convenience of reviewing the documents online, the data itself is managed more effectively through the software, reducing the scope of error and keeping confidential information safe.
Claiming ERC tax credits
The Employee Retention Credit, commonly referred to as the ERC, is perhaps the greatest of all benefits provided by the federal government that employers can enjoy. Those with businesses in 2020 or 2021, whose trade came to a partial or complete halt because of government inhibiting meetings, travel, and similar activities, can apply for the benefit.
With automation, employers can keep time and track each worker’s wages, Medicare, and other details, helping them calculate the credit they qualify for. Post this, it can help with documentation to prepare you for an IRS ERC audit, which will invariably come in a couple of years. It will enable you to answer how you determined the credit claim accurately.
Efficient data management
Automating your workforce management can help you manage vast amounts of data daily without hassles. The technology enables gathering, publishing, analyzing, and sending essential information to proper systems systematically without any error. Also, it keeps sensitive information secure, protecting it from thefts via hacking and other ways.
Therefore, relying on a reputable service provider with the most sophisticated software to help automate and streamline your business management can be among the wisest decisions to make as an entrepreneur.