Let's play a rapid-fire:
Are your employees facing multiple bugs or errors while processing?
Is your software lacking features to tackle today's challenges?
Are you missing deadlines because of your outdated payroll software?
If all your answers are affirmative, then your software is suffering from a deadly disease, famously known as 'Software Obsolescence.'
Your age-old software matched the pace and demands of your payroll business a decade ago. It was a wise investment, as the software helped you achieve better results. While you are still using the same legacy software, the requirements have changed, asking for more out of your workforce and system
With today's complexities, if you keep relying on unsuitable or old tools, the disease can risk you falling behind your counterparts. And when it comes to payroll, it's even more critical, as it is the essential organ of any business. An obsolete solution for payroll is prone to calculation errors, data loss, compliance issues, and delayed delivery, which can directly bring down your' and your client's profitability.
Despite this visible impact, business leaders are surrounded by considerable doubts that stop them from taking a firm decision:
Why should I change if it's serving my purpose?
Why should I incur extra expenses?
Why should I mess up with my proven workflows?
Here are some rationale attempts to guide you take an insight-driven decision on upgrading your software:
EXTRA EXPENSE OR PROFITABLE INVESTMENT?
A new software carries cognate investments such as the cost of purchasing the upgrade, resource training, plus potential changes in the prevailing infrastructure. You might see this as an extra burden on the balance sheet. However, you tend to ignore the disguised costs like technical, operational, or financial costs associated with old-fashioned software.
OUTDATED = UNSUPPORTED = UNSECURED
The biggest issue with the antiquated software is, you stop receiving the updates and security patches. It leaves you open to security vulnerabilities that hackers can easily find and exploit to steal sensitive payroll data! One data breach and your all-important selling point reliability will be lost forever
OUTDATED = SLOW SPEEDS = POOR EMPLOYEE EXPERIENCE = INEFFICIENT PROCESSES
In the modern business landscape driven by technology, employees expect fast, accurate, and always on-time delivery from payroll. The scope for error is almost zero. Also, HMRC is constantly improving the taxation or pension laws by introducing new compliance rules and amendments. Is your software capable enough to process payroll without any compliance risks?
With the old-school system, you need to deal with numerous human steps for data transfer, documentation, and record check. It makes your process highly susceptible to errors, leading to daily inefficiencies. Time spent on menial tasks hinders employee experience, making their duty tedious and unsatisfactory. Consequently, reduced output per employee hours delays payroll processing, which results in unsatisfied clients.
OUTDATED = WRONG ESTIMATIONS = OVERSPENDING
A possible side effect of using the outdated solution is that your payroll team does not regularly track and report KPIs. You won't have enough data to analyze and optimize your processes for improved business outcomes. You keep spending on non-productive resources, limiting your business's ability to reach its full potential, losing out on growth opportunities.
PROVEN WORKFLOW OR WORK WITH FLAW?
You might be in the predicament that introducing something new could be confusing and mess up your workflows. But old tech is not equipped to cope with today's payroll's complexities and speed needs. By following the unsuitable methods, you ask your employees to produce high-quality results without empowering them with the latest features.
If the above worrying symptoms didn't convince you that you need to upgrade, or if you're still unsure, you must go back to the users – your employees and clients. Talk to them and ask if they are finding any difficulties in daily operations or getting or delivering the desired performance.
It's high time you re-evaluate your treatment strategy and save your business by proactively investing in new payroll tools that empower you with automated processes, anywhere, anytime access through cloud, in-depth analytics, and engaging employee experience. It will unlock new doors for improved business profitability.