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Evolving Your Payroll Process

The modern workforce is evolving.

Non-traditional work arrangements, such as remote work, freelancing, contract work, and part-time work, are gaining popularity with the introduction of innovative technological platforms, such as Zoom and Microsoft Teams.

According to a survey conducted by Randstad Canada, non-traditional workers already make up to 30% of the workforce and this number is expected to grow. Workers and employers prefer these alternatives to traditional employment for the benefits they can provide. Workers can enjoy the autonomy and flexibility offered by non-traditional work arrangements, whereas employers can engage workers on an as-needed basis and assess the suitability of candidates before permanently hiring them.

Despite their many benefits, non-traditional work arrangements can add challenges to the already cumbersome payroll process, especially if timesheets and cheques are still used as a way to track time and pay employees manually. Workers expect to be paid accurately and on time, and businesses can better manage their expectations by streamlining their processes to ensure efficiency and accuracy.

Electronic payment software can be a great option for businesses looking for a way to manage their payment processes efficiently and pay their workers in a timely and cost-effective manner.

Telpay’s all-in-one electronic payment system can provide businesses with the ability to meet the changing needs of this growing segment of workers. With the ability to pay anyone, anywhere, Telpay provides a streamlined solution that integrates seamlessly with most accounting or payroll systems, thus, reducing the amount of time spent on processing payroll. Coupled with a payroll service with time and location-tracking capabilities, it can be a convenient way to track time and save countless hours of manually entering timesheets, writing cheques, and waiting to get them signed.

There are hidden costs associated with such inefficient processes that businesses may not realize. Using time-tracking tools built into payroll products takes the guesswork out of calculating payroll by providing automated, real-time data tracking and accounting system integration.

Moreover, freelance platforms such as Fiverr and Upwork have made it possible to connect and engage not only local talent but also talent located in other parts of the world. With its international payments option, Telpay offers a low-cost and convenient method for paying workers located anywhere in over 140 countries.

In an environment that revolves around reviews and recommendations, businesses can increase their reputation and reliability by offering fast and flexible payment options to better attract top talent. A smooth and efficient payroll process can ensure that workers of all types are paid accurately and on time.

Therefore, businesses need to explore their options and evolve their processes to accommodate the changing workforce.