With the ever-increasing technological advancements, payroll processing is becoming more streamlined and easier to manage. However, if you’re not taking advantage of these technologies, you could be spending too much time and money processing your payroll and not enough time strategizing your business. Let’s examine how and why companies automate with payroll and HR technology.
Reasons to Invest in HR Automation Software
As a business owner, you’re probably looking for ways to simplify and streamline your payroll processes to make them more cost-efficient and audit-ready. This is not surprising given the ever-changing landscape of payroll. After all, over the last three years, we’ve seen work go from mostly in-office to remote and hybrid from anywhere. This means you must be up-to-date with multiple states’ payroll taxes and compliance laws. The good news is that employing automated payroll services can help you achieve your payroll goals.
Payroll Is Getting More Complex.
It’s no secret that payroll is getting more complex. The laws are always changing, and it’s important for your payroll professionals to stay up-to-date on all the laws, rules, and regulations at both the state and federal level. For this reason, it’s going to become vitally important that you hire knowledgeable and experienced payroll professionals.
Technology Is Rapidly Advancing.
You’re behind the curve if you’re still using paper time sheets and spreadsheets to manage your payroll. Using these methods requires a payroll employee to enter times and possibly pay rates manually. This can lead to a lot of errors. The good news is that you can take advantage of payroll automation with machine learning and advanced algorithms. Once you adopt these systems, you must double-check the numbers to make sure they are correct.
You Want Your HR Personnel to Focus on Strategic Activities.
Automating your payroll helps improve the efficiency of your payroll employees. This means that they’ll be able to focus on strategic activities, like preparing quarterly and yearly reports, reviewing and updating company policies, managing employee hiring, promotions, and terminations, and reviewing and updating benefits and employee data.
You Can Increase the Safety and Security of Your Payroll System.
Your payroll data includes all the information needed to process your payroll and pay your employees. It also contains all the information a criminal would need to commit identity theft. Switching to an online automated payroll system can help your employees’ data stay safe and secure by offering end-to-end encryption. You can also limit the number of users accessing the data.
More Employees Are Increasingly Choosing Alternate Currency.
Have you heard of employees getting paid in cryptocurrency or precious metals? Your employees may also live in a different country and want you to convert their pay to that country’s currency. By using an efficient payroll system with alternate currency features, you can pay your employees in their preferred currency.
You Want to Alleviate Employee Stress.
Financial problems rank high on employees’ list of stressors. You can help ease that stress by offering immediate payouts. Immediate payouts allow employees to request the money they’ve already earned to take care of sudden expenses or emergencies without going through the traditional process of asking for a pay advance, waiting for approval, and then waiting for the money to enter their bank account.
You Want to Improve Employee Engagement.
Employing an accurate and efficient payroll system can improve employee engagement. This is because employees know that they will get paid accurately and on time. As a result, your employees will be more productive and happier, contributing to a positive workplace culture.
You Want to Reduce Payroll Errors
Payroll errors can take many forms. You could accidentally misclassify an employee, use the wrong tax forms, miscalculate overtime, forget to deduct taxes, fail to process garnishments, and miss payroll deadlines. Using the latest payroll and HR technology can help you ensure your payroll is correct, accurate, and timely. It can even help improve your record-keeping.
You Want to Be Audit Ready.
Automated payroll systems have the ability to track employee hours and your payroll budget seamlessly. This lets you generate the reports you need for your payroll and tax audits.
Payroll Automation with ASAP Payroll
Our advanced payroll and HR technology can help you streamline your payroll processes while improving your accuracy and audit readiness. This helps reduce manual errors, improve compliance, and increase accuracy while ensuring that your employees get paid on time. Our software is even scalable.
As your company grows and expands, you can add additional services, including applicant tracking and onboarding, data integration and benefits management. To learn more about our services and to request a quote, contact us today.
