Businesses today are looking for ways to become agile. Small businesses are looking for ways to automate their processes, reduce redundancy, coordinate their internal processes and scale their revenue. Also, larger corporations are looking for ways to get even more organized by reducing complexity while running their operations through agility, innovation, quick feedback responses and seamless employee experience and workplace culture. So if you want to streamline your business operations and achieve all these you can’t waste time on repetitive manual tasks. For instance, we’ve found out that businesses spend more than 80 hours a year processing payroll manually. That’s not all, manual payroll processing is costly, lacks real-time coordination and in most instances data may not be up-to-date or available in real-time when needed.
So, if you’re wondering if investing in HRIS platforms such as payroll software will result in a positive business outcome, then this article is for you. Check out more details about the recruitment analytics process.
Reduce the Burden of Compliance
Compliance has always been the biggest concern for HR managers. In fact, keeping up with tax laws may be cumbersome especially if you have distributed employees in several places. Payroll software helps you overcome payroll compliance burdens and will reflect the operating changes in your different operational areas.
HRIS and payroll software help businesses navigate their compliance challenges faster, and better. Additionally, with payroll software, they are more positioned to make informed decisions with changes in employment laws, state, federal tax laws and this process can be automated. Hence, payroll software has a way of boosting your brand’s trustworthiness in the external marketplace.
Avoid Costly Mistakes
Manual payroll handling is characterized by errors which could be costly. Payroll software helps you mitigate these risks. Some of manual payroll issues include input errors, tax compliance issues and slow payroll delivery in terms of timeliness of paycheck. However, with a good payroll software, you have the ability to calculate and input correctly changing taxes in multiple states and localities. Another common manual payroll mistake is miscalculation of wages. This may be costly. For instance, it is possible to miscalculate overtime wages when handled manually. However, with payroll software, all you have to do is conduct a background check on overtime wage laws for different cities and input the appropriate data.
One of the core benefits of a payroll platform is the ability to improve your business operations. For instance, these software streamline your payments across multiple employees of different pay rates. Additionally, these software can seamlessly handle payments for contractors, clients and even contract staff and staff which are on leave and you do not have to worry about manual calculation which is time-wasting and could result in errors which may be costly. Also, you can automate your payroll as much as possible.
Provides Data Security
Payroll software ensures that you have accurate records about your employees, tax rates and compliance issues. Although this can only be achieved by doing regular audits of payroll procedures, compliance with state and federal tax laws and employee data. Additionally, payroll software ensures that this data and information about their payrolls is accessible to them. To achieve payroll data security, ensure that you update your payroll software as new versions are released. Also ensure that all login credentials are regularly updated to secure payroll data and be sure to process a seamless and transparent payroll.
There’s no better time to start enjoying the benefits of payroll software than now. Payroll software reduces your burden of compliance with federal and state taxes. Additionally, payroll software ensures protection of data security and also streamlines your processes.