A good Payroll Management System has become a vital element in the way an enterprise conducts its administrative tasks.
A manual payroll management is typically prone to human error and delays, which makes it difficult for any company to handle complex payroll policies. Employees would not have the transparency to access the system, and there would be no integration with other systems in the enterprise as well.
An enterprise would need an automated digital payroll system that is interfaced with other departments and can handle few of the most complex tasks rapidly without error.
Now that we have understood the importance of having a good digital payroll system in place, let’s find out what a Payroll Management System actually does?
What is a Payroll Management Process?
A payroll management system is a tool – mainly a software program – that helps enterprises to handle all their employee’s financial records in a hassle-free, automated way. This can include employee’s salaries, bonuses, deductions, net pay, and generation of pay-slips for a specific timeline.
How Payroll Management Software Can Help Your Business?
There are many benefits that come from moving to a software-based payroll process. And whether you opt for a cloud-based solution, or choose to have it installed “in-house”, the end result will lead increased time savings, decreased labor costs, and increased accuracy and efficiency.
#1 Reduced Error
“49% of U.S. workers will start looking for a new job after experiencing only two problems with their paycheck” – The Workforce Institute at Kronos Incorporated.
Just like calculators are a bit faster at math than our human brains, payroll software are better at making the correct deductions, overtime pay, PTO, and commissions that affect an employee’s pay. Moreover, if you aren’t manually entering data, there’s no risk of mistyping a number or copying over data incorrectly.
#2 Employee Self-service
Giving employees authority to view their paychecks easily and edit/update their personal information can help manage the payroll process. This can also keep extra tasks off your payroll personnel’s to-do list and reduce errors.
With an automated payroll system in place, many enterprises can allow employees to:
- Edit personal data
- View and print pay slips
- View deductions
- Access and print payroll forms, etc.
#3 Improved Efficiency
Investing in a comprehensive automation program to precisely manage your payroll will enable your HR and payroll staff to process payroll quickly and seamlessly.
This can result in faster turn-around and minimal staff hours dedicated to payroll.
#4 Assured Compliance
The most optimal way to manage payroll and comply with state and federal laws is by leveraging a robust payroll management software.
We understand that simply keeping up to date and complying with a vast number of regulations is an unwanted burden for most companies. Every year, there are new regulations or adjustments to existing laws, and the time involved in learning and keeping an enterprise up to date is expensive.
Moreover, many smaller businesses have their payroll staff already filling multiple roles, which leaves very little or no time for staying on top of the compliance requisites.
#5 Save Dollars
Enterprises can reduce their payroll processing costs by 80%, says another report by American Payroll Association. Many of the above-mentioned benefits of payroll automation contribute to an overall lower cost for your enterprise.
When you get rid of the most expensive errors, you also reduce your administrative costs in the longer run.
Help with Your Payroll Management Automation
You want to look for a technology company that can build robust software that can be made use of as your business grows and outsourcing becomes your inevitable option. Evoke Technologies has worked for payroll management software companies – building trusted solutions.
We recently provided payroll testing automation solution to a leading payroll and HR services company. The client was looking for an Independent Testing Services provider for managing their overall Test Automation Suite and building new framework to optimize maintenance efforts.
Our client benefited from Automated E2E Testing Services, with the following business outcomes:
- High-quality payroll applications with end-to-end Test coverage.
- Secure & Scalable Test Automation framework to align with client’s long-term goals.
- Improved ROI on Test Automation within 3 months of project’s commencement.
And that’s not all. Now you can also review your schedule and timecards, submit and check the status of time off requests, view pay statements, and your Forms W-2.
Additionally, we also supported the client with an Employee App that lets the users clock in and clock out with just one click. Employees can also approve their timecards from a mobile device and recall an approved timecard. The app comes with an easy-to-use interface that can be integrated with an organization’s payroll software to track employees’ compensation, benefits and more.
Evoke Technologies also provided end-to-end testing services to a leading payroll enterprise resulting in increased ROI within just three months of the project’s commencement. To learn more about this project, please download this file.
The advantages of payroll automation are that you know you’re paying your employees accurately, you stay in compliance with the law, and that you can also include in these systems the ability to track issues.
A payroll automation software in place offers enterprises a variety of other benefits, too. It can reduce the time spent on timesheet data gathering, billable hours processing, disbursement and reporting. Automation also makes it easier to add new employees, make salary adjustments and also record when an employee is no more a part of the system.
Evoke Technologies is enabling enterprises to make payroll simple and delightful process.
Have a project in mind? Talk to us.