If done manually, the payroll process is the most time-consuming HR operation. It keeps HR professionals busy all throughout the month.
With over 41 percent of the routine tasks, there is always little time left for HR professionals to engage in creativity and innovation. From paper forms responding to audits, verification procedures, and addressing routine employee requests, HRs are often seen juggling between one payroll task to another.
If ignored, these concerns can become a serious pain point in the productivity levels of the HR function and the employees equally. This is when the payroll processing system comes into the picture.
For people who do not know, a payroll processing system enables payroll automation that can solve payroll challenges and empower HRs.
Let’s dive into the blog and learn more about automated payroll and its top benefits.
Before understanding automated payroll, you should understand how payroll is processed in a traditional office.
Here are the major steps of the payroll process:
Traditionally, all the aforementioned steps are carried out manually. HRs spend hours and even days on each step, still end up with errors or missing out on vital things.
Now, when we talk about automated payroll, it helps HR managers to complete every payroll processing step in a few clicks. HRs just have to give the necessary inputs and the software takes care of the rest.
Automated payroll reaps ample benefits to a business, be it small or large. Out of all, we have picked the top eight benefits of payroll management systems you must know:
As we already discussed, manual payroll processing is always prone to human errors. Not to forget, payroll errors can lead to hefty penalties and even legal consequences. An efficient solution to this payroll challenge is relying on automated payroll processing services.
Automated payroll requires very minimum human involvement. This in turn leaves no room for payroll mistakes and ensures 100% accuracy.
Automated payroll is also a great way to save time for HR professionals. Unlike outdated tools/systems, automated payroll management systems allow HRs to do payroll-related operations in a tap.
As a result, HR managers will have a large chunk of time, and energy for other vital business activities like employee engagement, upskilling and more.
Payroll frauds are very common when payroll processes are done manually. With outdated tools, it is difficult to ensure the safety of payroll-related data. Fortunately, automated payroll makes this task easier for HR departments.
Payroll management systems allow businesses to store and password-protect payroll information in the cloud. This way, there will never be any chances of data theft, misappropriation, or duplication.
Creating reports is considered boring in traditional offices. This is certainly because they juggle with piles of paper and scroll down several spreadsheets to create reports.
However, automated payroll management systems make reporting super easy and fun for HRs.
Since such systems provide real-time analytics, HR managers can make/present accurate reports in no time.
Staying compliant is a must for every business out there. When we talk about compliance, how can we forget tax filing?
Tax filing is one of the important parts of compliance. But, it is not as easy as it sounds.
HRs should keep an eye on changing tax slabs and file taxes accordingly. Payroll management systems like UBS come with automated reminders that send alerts every time HR misses any important compliance date.
Let’s face it, a huge amount of data is involved in the payroll process. Taking good care of them and storing them systematically is a smart way to save HRs’ time and prevent payroll fraud.
Payroll software helps businesses to store, manage and process payroll from a single, centralized platform. This way HRs can get the required information in a blink of an eye instead of wasting time searching for data.
Employees often have several queries and needs related to payroll. But, HRs cannot be available to every employee.
So, another benefit of embracing automated payroll is that it empowers employees to a greater extent.
Employee self-service features allow employees to check their attendance, download salary slips, edit personal details, and much more.
Last but not least, automated payroll also saves money. From cutting down hiring costs to save money on errors and non-compliance issues, businesses can save a lot of money with automated payroll solutions.
Also, investing in payroll systems won’t burn a hole in your pocket. There are good options like UBS in the Indian market that offer amazing features at affordable costs.
Investing in payroll software is the only way to automate your payroll processing system. Just make sure to invest in the right system that can solve your payroll problems and scale up with your growing business.
From startups to MNCs, everyone can make the most out of such systems. Since we already gave you reasons to choose automated payroll above, we want to move further.
When you invest in a payroll processing system, check whether:
Also, here are the features your payroll processing system must have:
UBS is one such payroll system with all of these features and more.
We have come to the conclusion that automated payroll is the best way to ease things up for HRs today and in the time ahead.
Who doesn’t like accurate, compliant and stress-free payroll processing? If you do, take a step ahead and get a good payroll processing system for your organization.
Payroll processing systems are automated tools that aid HR professionals to streamline payroll. Using such systems, payroll processing can be completed in just a few hours.
In simpler words, the payroll process is paying working individuals for the service they provide to a company. The process includes several steps such as computing total earnings, deductions, filing taxes and paying out salaries.
Here are the steps to process payroll: 1) Design payroll policy, 2) Gather inputs, 3) Validate inputs, 4) Compute payroll, 5) Assure compliance, 6) Account payroll, 7) Payout, 8) Report