Payroll management is one of the most important functions of any human resource department. In a digitally evolving world, cloud-based processes and automation is a ground-breaking innovation.
Managing payroll manually can be a tough task especially when there is a large amount of unstructured data in the excel sheets. An efficient payroll system can streamline and automate these processes making it less time-consuming and more standardized. Also, accurate payroll software keeps you compliant with tax regulations making it a complete payroll solution for any business.
There are certain guidelines that all good payroll management software follow & those which must be checked before zeroing in on an option. Read on to find out what they are –
- Make it simplified
Payroll includes many steps and tasks to follow but it isn’t necessary that all your processes need to be complex. Managing payroll won’t be a nightmare if you simplify your payroll processes and make it less time consuming which will save a lot of your precious time to focus on other important tasks too. Adopting a small business payroll software in your business can make a big change if you are looking for cost-effective software.
Switching from checks to direct deposits can help you save time taken in preparing the payroll and is a cost-effective process as there is no paperwork involved. Adopting an electronic system for your employees won’t only save paper, but a majority of employees prefer to receive their paychecks and necessary information online to maintain a record.
- Upgrading your payroll software
With increasing advancements in technology, there is a high need to stay ahead of your competition and evolve according to the trends. Leveraging the right tools and adopting an efficient payroll software will streamline tasks, making it easy for your HR team to cut down time spent on complex tasks. Cloud solutions these days make it easy for any business to stay ahead of the game and get specialized assistance almost instantly.
- Using an integrated payroll software
Human error is always possible when processes are carried out manually. Even when records from one system need to be transferred to another system, there is always a chance of error or missing out on transferring any important data. Linking time and attendance to the payroll software will minimize the possibility of errors and you can generate accurate reports on hours worked, overtime, sick leaves, etc.
During setting up employee work schedules in the HRIS, integrating time and attendance tracking processes can send out important information to managers. If employees are taking long breaks or logging out early often, these signs can easily be detected with the help of the integrated software.
- Be informed of state and federal tax requirements
It is essential for every business to stay on top of statutory compliance to process payroll correctly. As legislation surrounding payroll is always changing, keeping track of all the rules and regulations will save you from the hassle of any potential penalties or legal issues due to non-compliance or failing to meet deadlines. You can take into consideration some of the internal control practices that other organizations have implemented. And remember that there are many resources you can rely on to keep up with your payroll compliance.
- Evolve with technology
Technology is drastically changing the face of HR and payroll services. Technology is helping HR professionals by providing them tools that will reduce their time being spent on daily administrative tasks and rather spend useful time on strategic tasks that need more attention.
With the increasing adoption of Cloud-based systems, it will prove to be beneficial for your business as it will completely simplify your tasks like onboarding employees, record keeping and payroll, compliance, etc. in turn to make your processes more accurate and efficient.
Automation has streamlined payroll processes leaving up extra time for high skilled tasks. The main example is the employee self-service portal, which has made employees self-sufficient to track their own time, update information, and manage benefits without the need to reach out to any other person.
Final Thoughts
The best practice to manage your business is to consider a payroll management software that automates processes for you, so as to avoid manual payroll calculations among other tedious tasks. The aforementioned guidelines, when kept in mind, will help you find the best solution that enables you to streamline the processes & grow your business further.
