An uninterrupted, flawless payroll management process is a must-have for every company. Yet, the process is still laden with several inefficiencies despite the availability of a range of end-to-end payroll management software and solutions.
A Growing Importance for Better Payroll Management
If employees are not paid accurately or on time, it affects their overall productivity and even morale. Furthermore, improper payroll processes can in many ways affect an organization’s cash flow management as well.
While the ongoing Covid-19 pandemic is changing workplace norms to a large degree, this phase has also drawn importance to the need for a cohesive payroll solution that can acclimatize to changing local laws and workplace needs (in terms of shifting employee benefits and care needs, etc).
Companies the worldover are placing greater importance on reducing payroll inefficiencies by tracking and measuring KPIs (key performance indicators) of their overall payroll function. According to a Deloitte survey, the number of organizations tracking payroll KPIs increased substantially in 2019 from the year prior, moving to 91% from 62%.
End to end payroll solutions are only going to grow in importance because they help companies cope with changing payroll requirements and legislation. Global businesses who are readjusting to new trends need to move away from traditional payroll management processes to focus on creating more value with their policies and the technology they put in place to streamline payroll systems.
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Here Are 4 Easy Ways To Leverage Technology To Streamline Payroll Processes
Cloud-based Systems to Centralize Records
Maintaining updated employee records is critical to business health and also overall payroll management. But the process of sifting through documents, manually entering information or scrolling through detailed spreadsheets are not going to ease any of the operational burdens of your payroll staff. At a time when businesses are growing accustomed to remote work processes and hiring globally distributed teams, storing updated employee records in one cloud-based system saves time, reduces risk and helps business heads across the organization access what they need on their team as and when they need the information.
Ensure that your HCM / HRMS / HR Tech and Payroll Software are Integrated
Integrating your payroll software, time management system, and HR employee data into a single system, cuts down on reporting time and makes business data management much easier for everyone involved. When accounting needs specific details, they can access it from the same system or run a query address to a team member using the same platform. An integrated system will help align the multiple business operations and limit errors and risk to payroll processing.
Having a single system builds a better work experience for the teams involved because it limits the need to manage data in disjointed systems.
Digitizing Every Process and Employee Detail
Digital transformation has become a top of mind priority for business leaders according to several recent reports and studies. Digitizing payroll data and eliminating the need to exchange or submit paper documents between teams and ensuring that overall administrative, payroll and HR policies and processes are digitized helps multiple teams generate timely reports on the health of specific business activities, helps cuts back on redundancies and inefficiencies between teams when information is being exchanged, and boosts the company’s ability to maintain real-time accurate records on multiple aspects.
Digitizing every piece of data and information is a first step to creating a more advanced and robust cloud-friendly payroll management process.
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Manage Compliance with Latest Technology
Many organizations, especially administrative or payroll staff find it difficult to keep up with changing local compliance requirements. Besides keeping up with compliance changes, it is important to also implement and understand the changes. Technology that helps automate elements like tax calculations based on recent rate or percentage changes help create a more accurate payroll process and eliminate payroll mismanagement.
As businesses grow and expand, these technologies can also help them scale their efforts, policies and operations keeping in mind that requirements of every employee change, moreover, needs of employees change as per role and region too.
End Note – It’s Time For A More Modernized Payroll Approach
Businesses that learn to automate and create error free administrative and operational process (this includes payroll) will have more bandwidth to reinvest resources on more crucial projects and tasks. As new age solutions mature and enhancements are made to products to suit the needs of today’s economy and work culture, no organization should be left behind with a manual payroll management process.