10 Small Business Payroll Trends You Need to Know

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10 Small Business Payroll Trends You Need to Know
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• If your business employs anyone who receives a
  regular salary, then youve encountered payroll
  and some of the challenges that come along with
  it. Fortunately, were seeing more and more
  trends towards making payroll processes smoother
  and easier to understand for you and your
  employees.
• Heres 10 payroll trends for small business
  owners that you need to know

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Flexible employment terms

• Chances are, not everyone on your staff has the
  exact same employment arrangement or benefits
  package. Maybe not everyone who works for you is
  full-time and salaried you likely employ
  part-time, short-term, or contract/freelance
  staff. Payroll software is increasingly able to
  handle different terms and packages for different
  employees.

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Leveraging the gig economy

• More likely than not, you have, do, or will
  hire freelance professionals to help grow your
  business. As more and more people move towards
  freelancing their careers, you need to be ready
  to accommodate them in terms of payroll, too.
  Were seeing more payroll software and services
  that can seamlessly add and remove team members
  as they come and go from your business.

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Staying compliant is getting easier

• The government places the burden on small
  businesses to remain compliant with various rules
  and regulations like the Affordable Care Act.
  Its more important than ever to maintain
  accurate records and file as often as the law
  requires. Payroll software combined with access
  to financial experts is making payroll compliance
  easier than ever.

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Increased automation

• Youre always looking for ways to work faster
  and smarter. As automation increasingly becomes a
  part of everyday business, easy-to-use software
  can also help automate your more repetitive
  payroll tasks.

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More outsourcing options

• Until recently, if you didnt want to handle
  payroll yourself, the only other option was to
  outsource it to a specialty company that offered
  payroll services and nothing else (read
  expensive). Nowadays, new, easy-to-use software
  has made it possible for small businesses to
  affordably bundle payroll into other service
  offerings.

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• Some of the top choices are paychecks.com, Gusto
  and Xero. Xendoo can also help facilitate payroll
  for small business with less than 5 employees.

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Data at your fingertips

• When youve opened up a new position in the
  past, how did you go about deciding on the salary
  and benefits package? Perhaps you asked around or
  tried to calculate the value of the role to your
  business. Today, payroll and salary data are
  widely available to help you make the best
  decision when it comes to new hires.

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Integration, integration, integration

• When youve opened up a new position in the
  past, how did you go about deciding on the salary
  and benefits package? Perhaps you asked around or
  tried to calculate the value of the role to your
  business. Today, payroll and salary data are
  widely available to help you make the best
  decision when it comes to new hires.

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Streamlining expenses

• If your staff is given an expense account or
  permitted to request reimbursements, you know how
  much a hassle this can be. More and more, we are
  seeing payroll software that allows your
  employees to process their own travel,
  entertainment, and technology expenses saving
  on resources and storing that information
  long-term.

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Payroll in the cloud

• With accounting software increasingly moving to
  the cloud, were seeing the same with payroll.
  And thats good news for you and your staff,
  because it means youre now able to access
  payroll data anytime, anywhere, from any device
  with an internet connection.

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Freedom of information

• Now more than ever, employees and business
  owners want 24/7 access to their payroll info.
  Payroll software is increasingly shifting to give
  greater flexibility when it comes to requesting
  leave, checking past wages, and understanding
  taxes.

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• Let your dedicated team of financial experts at
  Xendoo help you navigate the waters of payroll
  and accounting for your small business.