An HR specialist may find all payroll responsibilities tedious. Payroll personnel, on the other hand, requires assistance with the simple stuff. Data entry, leave requests and looking over overtime filings all take time away from the important duty of handling each employee’s pay.
Payroll employees will no longer have to manually calculate taxes and deductions because the payroll system will handle it for them. Your system can also send automated emails to managers, reminding them to approve employees’ time so that your Finance department doesn’t have to.
Reduce the number of salary questions.
Any payroll specialist will tell you that as soon as employees receive their paychecks, the questions start coming in. People want to know why the figures have changed and where their money is going if it isn’t going directly to them.
Most payroll solutions have self-service features, which are crucial for minimizing the number of simple questions your Finance department receives. Employees should be able to access their payment data, such as pay stubs and W-2 forms, at any time. Another benefit? If any information is incorrect, workers can contact Payroll or HR to get it updated.
Make the onboarding process more efficient.
An automated payroll system can improve the experience of new hires, which has a direct impact on HR. Self-service options enable new employees to upload relevant forms directly to the system, removing the need for HR to process or retain numerous copies.
Ensure that they are properly compensated.
No matter how much they like working for you, your employees want to be paid accurately and on time. Direct deposit is a feature of most payroll solutions that allow consumers to receive their checks immediately rather than needing to go to the bank to deposit a check.
Self-service portals can also provide workers with up-to-date information on when their money will be available. You should encourage employees who have access to payroll information to check it on a regular basis, especially if they relocate or go through other major life events.
Compliance should be improved.
Keeping track of every local, state, and federal tax rule that governs how you deduct money from employees’ paychecks is a significant chore. You must remain compliant, which might be challenging at times due to fast-changing rules. Newer payroll and billing software solution keeps track of these rules and regulations so you’re never caught off guard and can double-check that all of your deductions are correct and lawful.
Payroll processing is a difficult component of running a business for both small businesses and major enterprises. If you’ve ever spent hours manually inputting payroll data or been forced to pay fines due to errors in your tax return, you probably despise this process as well.