From less risk of errors, to ensuring compliance, here’s how payroll software can benefit your payroll team and organisation
With the furlough scheme now being extended until March 2021, organisations must continue to ensure that all employees are paid accurately and on time. Payroll teams can work to meet employees’ payroll needs, but with the help of specialist payroll software, their payroll processes can be more efficient, saving time and money, but what are the key benefits of implementing payroll software?
1. Fewer delays in paying people
With payroll software, your payroll team can automate many time-consuming processes. This automated system can accurately perform all types of payments for your employees including hourly pay, overtime, commissions, bonuses and more – reducing the risk of errors – and allows cut-off dates to be closer to pay day.
Your team can refocus the time saved towards improving other payroll processes and don’t have to worry about delays with pay if members of the payroll team are off sick or on annual leave.
2. Less risk of errors
From personal contact information, to specific bank details, payroll teams handle a large amount of sensitive employee data. This data can be stored securely in payroll software – reducing the risk of sensitive data falling into the hands of anyone outside of the organisation.
Payroll software provides an extra layer of security for personal data which is even more crucial during these uncertain times where the risk of hacking is greater.
3. Ensures compliance
To comply with the latest payroll legislation, payroll teams must ensure that all of their employee records are up to date.
With all of your data stored securely in one place, payroll software can create and store an audit trail of important decisions and changes to employee records. It can even flag if regular checks or certification tasks are overdue.
4. Ensures accurate reporting
Payroll software can provide you with several reports which allow in-depth analysis of staff costs. Payroll teams and senior leadership can make informed decisions based on data from these reports.
Additionally, by integrating your payroll software with HR, you can pull basic payroll data together, such as data on attendance and hours worked, to give you a greater insight into pay and performance.
5. Helps you save costs
Payroll software can ensure a complete payroll run in a short amount of time – reducing the number of resources needed to process payroll as a result.
Cutting down on such operational necessities could save your company a lot of money which can be better spent on improving people performance.
To find out more about PBS’ payroll software and how it can benefit your team, contact us at 0203 855 4297 or email us at firstname.lastname@example.org.