Technology and automation have been the driving forces in business innovation for decades – affecting every facet of an organisation, from compliance to payroll.
A Bloomberg survey has revealed that small-business owners often underestimate the time it takes to process payroll, and that the payroll process is one of the biggest time drainers for directors.
That’s why automated payroll systems are so useful – to save your HR staff valuable time while calculating payroll and staying compliant.
What does payroll software do?
Automated payroll software streamlines every aspect of the payroll process, saving you time every pay period. It simplifies time-consuming tasks like gathering data, calculating taxes, creating reports and processing direct deposits. This frees up valuable time for your HR managers to focus on other tasks like recruitment, training and employee relationships.
How does payroll software benefit your bottom line?
1. It saves HR managers’ time
Automating the routine tasks of the payroll process can save your HR employees a significant amount of time. Payroll tasks can consume up to several days of a manager’s time during pay period – automation can reduce this process to as fast as 20 minutes.
2. Increases accuracy
Human error is unavoidable during manual processes, no matter how competent your staff is. Mistakes made during manual data entry or calculations can have serious repercussions for all your employees.
Payroll software has built-in error detection that ensures any corrupted data is flagged for correction. This results in a highly accurate payroll process with less stress and fewer discrepancies.
3. Improves data security
Manual payroll usually means your employee data is stored in spreadsheets or physical files.It’s difficult to protect sensitive data when it’s stored this way – that’s why payroll software encrypts your data and stores it digitally. This makes it so that only you and your team can access data when they need it.
4. Allows easy access to reporting
Digital record-keeping means that it’s easy to see statistics at a glance and generate reports at the click of a button. Payroll automation platforms usually allow you to create downloadable reports, making strategic decision-making that much easier.
5. Makes compliance easy
Keeping up to date with complex and ever-changing regulations is a constant stress for businesses. Payroll automation does the hard work for you, ensuring your organisation remains compliant with the latest labour regulations and tax laws. Automated tax deductions also help you to avoid penalties.
Payroll automation software is a no-brainer
Introducing payroll systems will revolutionise how payroll is managed in your workplace. The positive impact on time and resources is immediately apparent, with payroll software greatly streamlining operations.
If your company has fewer than five employees, you may find that manual payroll works fine – but implementing an automated payroll system will allow your company to grow much more easily. Payroll software sets you up for future success, freeing your time to focus on business strategy and growth.
