Payroll Automation: Game Changer
Major organizations come across the challenges of managing growing complexity of HR and payroll requirements, let alone the necessity to have stable and adept resources to manage those tasks. Manually processing such painstaking data and information is both time and cost consuming and of course prone to human errors that has further legal implications.
Enterprises need to automate every aspect of their payroll and HR to cost-optimize, streamline and enhance the quality of their functioning to deliver timely and invoke better experience for their employees.
One of the most common reasons for businesses shifting towards payroll automation is the criticality of complaints with strict financial regulations, crucial for future payroll, making it tougher for businesses.
Here’s some key advantages of payroll automation:
Data Collection made easier
Collecting all the important data for payroll process and setting the right format is conventionally the most time-intensive task with multiple reiterations for various departments in varied formats with repeated changes. With automated system in place to update the payroll sheet, the interface is more systematic and seamless.
Automated payroll platform makes use of automation software that calculates the salaries and other payments electronically. The results are mostly accurate depending on the validity and correctness of the given inputs.
The automated payroll system performs every type of simple and complex payments – be it hourly, overtime, salaries, commissions, bonuses, pay raises, wage deductions, auto payments and more. Remarkably, automation payroll system has made the manual cheque writing a story of tomorrow. The automated system generates paychecks for direct account debit.
Precise Data Validation
The traditional payroll process requires hours to be spent on for proper validation for manually checking all the spreadsheets and verification of individual data, followed by checking the outcome of it. On the other hand, using an automated validation process, the set-up of payroll system is adjusted as per the organization and departments specific and unique parameters along with tolerance factors such as pay hikes and net costs.
The algorithm takes the instructions and performs the validation as per process requirements and the protocol is triggered in easy steps. Your precious resources can be freed of their repetitive and time-consuming tasks of spending hours and rather focus on amending the errors and work towards improvising the process of correction of errors.
Smooth Task Management
Similar to automated validation of data, the repetitive tasks can be scheduled and accomplished in short span through automation. The effort ensures a quick, smooth and error-free execution of simple repetitive tasks on-time. In addition, those tasks that previously needed data transfer can be immediately triggered once the previous task is completed. In case of other tasks, the payroll team receives notification for the pending errands.
An important example is of processing pay slips to the HR system after the payroll process is completed. Instead of completing the payroll, initiate payments and take a PDF copy of each pay slip, send them to HR team to be uploaded to the HR program, the automated payroll platform can automatically populate the pay slips to the automated HR information system (HRIS) the minute they are ready. This also leverages the employees to access their pay slips online.
Brief Process Window
Every payroll action of automated system saves time and result in uptime, thus minimizing each payroll cycle time – reducing them to shorter cycles. This further translates into processing more data in less time with fewer amends since most of the data delivered is accurate and complete, upping the payroll team cost savings per cycle besides saving the time and resources.
A manual input and management of payroll system entails the payroll to be processed by a resource and thus can be error prone and a slower procedure than an automated system. Automating payroll processes save payroll team a lot of time and effort.
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June 21, 2018
January 30, 2018