As an employer, you are probably witnessing the fundamental changes your organizational functions like payroll services and HRIS are undergoing after the outbreak of the global pandemic of coronavirus. COVID-19 has led to a monumental disruption in the world economies. The ripples of this disruption have been felt by businesses from all over the globe, and they have been pushed to make tough decisions like cutting costs to survive.
Because of the tough situation and financial crunch, employers must have been tempted to stop investing in technology, including payroll software. However, payroll software came across as one of the priorities for employers when it came to technological investments.
Complete PAYROLL solution is your NEED, and NOT a good to have added in your business software list
Today employers have realized that a complete payroll solution is the need of the hour and not just a luxury for the HR and payroll services to play with.
Earlier businesses used to think that one person could manually process payroll or manage benefits. This perception held them back from spending on payroll software.
However, the reality with a complete payroll solution is different today. The system is helping businesses automate their processes, facilitate employee engagement, and ensure different types of compliances. An investment in payroll software today is being hailed as an investment in the success of a business.
WHY prudent employers Invest IN PAYROLL software
Here are five of the top reasons why prudent employers find it worthy to invest in a complete payroll solution, especially after the pandemic changed the dynamics of business functions for good.
- Timely and accurate payments for the employees
An accurate and timely paycheck is more important than ever today. Employing payroll software to take care of your HRIS and payroll services ensures that your paychecks do not have discrepancies and delays. It automates HR and payroll tasks into closed-loop workflows by using a centralized database of information. This ensures data uniformity and accuracy.
Furthermore, when using an integrated system including payroll services and HRIS, all the data and information is automatically synced. This seamless process saves your HR and payroll teams precious time and eliminates the risk of payroll errors. This valuable time lets you focus on more strategic tasks, like recruiting and hiring.
- Taking care of their fiscal health and alleviating unnecessary fines and penalties
To avoid various statutory fines and penalties, payroll taxes must be accurate and timely. A payroll software works as your fiscal fitness partner, taking care of your compliance-related burden to keep up with ever-changing laws and legislation related to taxes.
This relieves your HR and payroll teams to focus on your people, while payroll tax payments and filings are taken care of by the system you establish with the help of the software.
- Proper data management for increased productivity and Revenue
Your Payroll software helps you manage all types of organizational data properly, leading to an increase in employee productivity. And, the correlation between increased employee productivity and increased revenue is known to us all. Investing in payroll software to host all your important organizational information helps you achieve both, i.e., increased productivity and consequently increased revenue.
- Employee SELF-SERVICE portals to EMPOWER EMPLOYEES
With so many employees working from home, they are using their mobile phones to appropriately perform their official roles and responsibilities. Self-service portals engage and empower employees with access to their paystubs with all the payment related information, benefits information, etc.
This empowers employees and curtails the time an HR manager would otherwise be spending to address all the employee queries.
- Relieving you for your core, i.e., STRATEGIC DECISION making
When you have a complete payroll solution in place, your payroll services and HRIS data live in the same database. Along with helping you get rid of the duplicity of work, this structure facilitates data accuracy and transparency. This also provides you with instant access to important company reports and metrics.
This helps leaders concentrate on their core and make informed decisions for better results.
NOW IS THE TIME FOR EMPLOYERS TO INVEST IN PAYROLL TECHNOLOGY
Because of the economic and social repercussions of the pandemic, now is the time to invest in payroll technology. There are no reasons whatsoever to postpone the investment in a solution that promises to solve your biggest challenges and save your organization a lot of time and money. Investing now in payroll software is sure to lay the foundation for success for your business down the road.