Investing in the right payroll tools, technology, and systems can alleviate headaches and reduce time spent on payroll. However, some tools work better for certain companies than others. For example, large companies often work with a full turnkey payroll system, while medium to small companies may be doing payroll on their own.
If you’ve always wondered about self-service payroll and whether it would be a good fit for your business, discover below.
How Does Self-Service Payroll Work?
Self-service payroll is a platform (often powered by a software solution) that allows employees to access and log and enter changes to HR information, including payroll direct deposit and benefits information. This often looks like a login portal where all things payroll live. For the backend business side, this is software that powers and provides a central payroll system.
How Could Self-Service Payroll Help Me?
The benefits of having a technology like self-service payroll go beyond just software that helps with system management, it means:
Cost & Time Savings
There is a reason many companies have full payroll teams or large extensions of their HR function serving payroll- it’s because it can take up time!. Think of all the hours it takes to track down documents and forms, and update them.
Self-service payroll updates employee information and puts everything in one spot. So you aren’t wasting time trying to find information or update it. This helps you check and review information, or request things when you need them. Which then gives you time back for other things.
Payroll management is perhaps the most common reason companies decide to use a self-service payroll. The two main functions a self-service payroll really helps with is:
Managing time off
Instead of manually tracking or having employees or a team manager use different processes, employees can go in and request time off with a self-service payroll. This centralizes the time of the process and makes it easy to check and track.
Automatically view and track employee paystubs and pay. Employees often like this as they can see all paystub information and payment updates.
Compliance and Accuracy
Being compliant and having accurate data isn’t nice to have in payroll, it’s required. If you aren’t compliant, you risk being in trouble with the Department of Labor, IRS, tax penalties, or other consequences.
Employees can update information like their address, contact, phone number, withholding information, direct deposit accounts, and more directly into the system with self-service. This way, you are working with the most accurate and up-to-date information.
Self-service payroll can help reduce mistakes and avoid penalties since it automatically reports information and ensures your documents are all in one spot.
CAVU Self Service Payroll
CAVU works with teams to give them access to payroll online. We empower employees and managers to view, log and update
- Pay stubs and pay history
- Electronic documents
- Direct deposit accounts
- Company aligned tasks
- Company policies
What’s the difference between self-service payroll vs. full service?
Self-service payroll provides all the functionality that’s needed for companies to do payroll themselves. In comparison, full-service payroll is where all elements of payroll are outsourced to a 3rd party.
Who uses self-service payroll?
Self-service payroll is often used by small to medium-sized companies looking to complete accurate payroll at a more cost-effective price than outsourcing it completely.
Want to learn more about how CAVU Human Capital Management helps small to medium-sized businesses? Check out our customer stories and insights here.
Looking for a talent solution while you are at it? Find our talent solutions here.