Errors and accuracy, compliance risks and data are the top pain points for the payroll departments of any business. The fact is, payroll errors occur all the time – with more than 82 million workers experiencing paycheck errors at some point.
Unfortunately, it’s extremely challenging for businesses to overcome these issues without a bit of additional assistance. One of the best ways to address these pain points is by implementing payroll software.
The fact is, modern payroll software uses components of AI, big data and innovative technology to provide amazing, real-time results that simply aren’t offered with manual payroll input methods.
Not convinced that this type of software is a must have for your business? If not, keep reading to learn more about the benefits payroll software offered to your business.
Plain and simple, payroll software can help you (or your payroll department/person) avoid mistakes. If you happen to make a mistake that short-changes your workers, it may have a negative effect on morale. In serious situations, it could even lead to legal problems.
If you pay employees too much, your business may not have enough capital, resulting in a logistical nightmare.
With payroll software in place, you reduce the risk of human error significantly. The software ensures employees receive the exact amount of pay they have earned.
Access to Employee Calendars
Some payroll software programs offer employee calendars. These provide a simple way to manage overtime, absences, sick leave, and more.
You have access to how long employees are gone, if they are supposed to be at work, the type of leave being used, and more, all at a glance. This tool makes your job of planning much easier.
Link the Software to Time Recording
Modern payroll software is innovative, which means that many options allow you to integrate it with other systems currently in place. This includes employee attendance and time tracking.
By having these systems work together, the hours your workers put in are automatically transferred to the payroll processing software. This makes calculations faster and easier.
Doing the payroll isn’t fun. However, it’s a necessity. The truth is, the people handling the payroll probably don’t spend time looking forward to the job of monthly payroll reconciliation.
When payroll software is used, it means the process is easier and the amount of time saved is vast. This time can be spent handling other important business tasks.
A Cost-Effective Option
When a business opts to take over payroll on their own, rather than going with the services of a professional service, there’s a huge potential to save quite a bit of time. Especially when those using the software learn how to do so efficiently and quickly.
While there are some downsides involved with not choosing a professional service, these are reduced significantly as you become more familiar with how your new payroll system works.
Also, even for a lower-priced software solution, you get a myriad of features that help you better manage your payroll and business.
Use the Software to Help with Reporting
When your payroll system is interconnected with other business systems (i.e. time tracking and attendance), comprehensive reports can be created using all the acquired data. With these reports, you have an in-depth look at staffing costs for your entire organization, individual departments, and even single employees.
Your data security is paramount. Payroll data is especially sensitive. The payroll files you have on your employees include personal information that needs to be protected. This includes Social Security Numbers, dates of birth, bank details, mailing addresses, and more.
When you choose a quality payroll software, you can ensure all this data and information is locked down. This means that no one outside the organization will be able to gain access to it.
Create Custom Pay Slips
There are many payroll software options that now include the ability to create pay slips. You can use the available templates in the program or create one that better meets your needs.
Regardless of what you choose, the ability to quickly and easily create the pay slips, and then populate them with data, saves time and ensures accuracy.
Ongoing Customer Support
When you purchase payroll software, you will have access to ongoing customer support (in most cases). It’s a good idea to check this before going through with your purchase.
This means that if something goes wrong, or if you don’t understand something, there is someone available to help you troubleshoot the issue.
The Many Benefits of Payroll Software: Now You Know
As you can see, there are more than a few benefits offered by using payroll software for your business. Remember, though, not all payroll software options are created equal. As a result, it’s important to do research before choosing a service provider.
If you are ready to invest in this for your own business, feel free to reach out to us for a quote.
When you implement the right software solutions in your business, you can see an uptick in productivity, efficiency, profits and more.