While payroll is an important activity for a company, many companies find it difficult to manage the process. These tips will help you reduce errors and allow your team to spend more time on strategic tasks.
Payroll can have a negative impact on an organization’s cash flow, risk profile, and employee engagement. The company’s cash flow may be impacted if employees are not paid accurately or on schedule. This can lead to lower productivity, which can have a negative impact on business performance.
Due to the quick changes in regulation, it is become more and harder to keep up with payroll standards. Global companies, or those in the process of restructuring or rebuilding, may have to be more aware and adhere to local laws and regulations. Leading companies are abandoning outdated payroll methods and investing in cloud solutions that help automate complex processes and reduce risk exposure to concentrate on value-generating activities. These are five ways that organizations can use technology to streamline and save time in their payroll process in a changing world of work.
Make your payroll process easier.
- Centralize all your records
Employee records must be kept current from both a payroll and HR perspective. Payroll teams cannot use the old processes of scrolling through spreadsheets or going through multiple forms to find the right information. By consolidating personnel records in one place, time will be saved and the possibility of losing crucial data will be reduced.
- Sync HR and Payroll Systems
Payroll teams may utilize several systems to maintain their data and can take a long time to execute payroll. This may result in numerous errors and pointless delays. Integrating payroll, HR, and time data into one system can reduce reporting time and simplify data management. Organizations can examine their payroll data right now without having to wait for batch processing. This will help avoid the “payroll crunch”, which occurs at the end of each pay period.
The Ernst and Young 2019 Global Payroll Survey revealed that payroll leaders now view payroll as an integral part of their overall employee value proposition. The employee experience can be improved by consolidating workforce data and information into a single system. A single record for employees across all aspects of payroll, scheduling, performance, and beyond creates a better employee experience because they don’t need to manage their data in different systems.
Get the best payroll solution to meet your business goals.
- Digitize your data, information
Digitizing payroll data saves time and effort sorting through paper checks, timesheets, and notes. Time can also be saved by doing this while producing reports and paying personnel. It also allows you to deliver key information to your workforce, such as tax forms. Digital data management will help to preserve correct records and eliminate inefficiencies. It offers organizations the opportunity to modernize their payroll processes to meet the demands of the new workplace. By digitising data and information in cloud-based applications, payroll teams can minimise operational interruptions. They can also pay their employees accurately and on time, even if they are located far away.
- Promote seamless employee experiences and lessen administrative tasks
The paperwork and administration necessary to update personnel records and information are handled by traditional payroll and HR specialists. This leaves little time for other projects. According to Deloitte, 60% of employees use mobile apps for self-service. This covers operations like scheduling them and viewing their compensation. Employees can take control of their records with mobile HR and payroll solutions, which will help reduce the administrative burden for the in-house payroll staff.
Employees can access their earnings statements with mobile HR and payroll software. At any time during the pay period, employees can view changes to their salary.
Another choice that businesses should think about is on-demand pay. Employees can access their earned wages anytime during the pay period via a digital account from their mobile device with on-demand pay. Employees will appreciate the ability to access their earned wages before the payday to respond better to unexpected situations, lessen their dependence on loans, and have greater control over their finances. Today’s employees want more flexibility in their pay, as many were laid off, furloughed, or have had their salaries reduced. Organizations have an untapped opportunity to offer more flexible payment options. This can help reduce financial stress and increase productivity.
- Using technology to manage compliance more effectively
Many companies lack the necessary resources and talent to meet changing compliance requirements. Understanding and implementing legislative changes can take some time. Many organizations will also need to scale their payroll teams as their business expands or contracts. Finding talent can be challenging because it’s getting harder and harder to find payroll talent. According to Deloitte’s Payroll Benchmarking Survey, it takes four to six months for an organization to hire credentialed payroll talent.
Businesses operating internationally or those planning to enter new markets will need to keep up with evolving local and global legal standards. The tax laws in these jurisdictions are automatable via technology. By doing this, compliance risk can be reduced and staff members can focus on crucial strategic initiatives that will progress the company. Teams can scale more quickly, reduce risk, and gain time by automating tax calculations.