Why should you upgrade your payroll? From business benefits to security – In this article, we discuss all the reasons your payroll needs a good boost.
In our previous blog post, we discussed the red flags to watch out for in a payroll process and system. Once you’ve identified some of these underlying issues, it may be time to consider investing in payroll software.
Read more: The Red Flags of an Inefficient Payroll
For some, it’s easy to settle into a familiar payroll process without considering the upgrade. Reasons such as lack of budget or other business priorities and projects in play keep companies on the fence about this decision. But what some businesses fail to see are all the reasons that they must take the next step.
If you’re a payroll administrator making a case to decision-makers, here are all the reasons that you should upgrade your payroll:
1. Long-term ROI and reduced costs
There are numerous business benefits to upgrading your payroll. By upgrading to payroll software, businesses save thousands of dollars by automating repetitive tasks and streamlining processes. In an MYOB webinar with payroll experts, data revealed that a business with 200 employees can spend approximately $13,000 in payroll processing alone.
Costs can be cut down, but apart from this, another return of investment is in the additional time that HR teams can focus on employee engagement projects and others.
2. An extra layer of security
According to payroll experts, 1.9 million records are compromised per day. Considering how sensitive payroll information is, investing in payroll software adds an extra layer of protection as opposed to manual payroll. Limited access and other means of encryption ensure that employee files are secure.
3. Configuration for business needs and compliance
When it comes to payroll processes, there is no one size that fits all. Luckily, payroll software can be configured to your business needs such as varying pay cycles and specific reports. The flexibility of an effective payroll software allows it to change easily with a businesses’ growth.
Taking into account tax and labour regulations is crucial in the payroll process and this task is easier with payroll software as well. While manual procedures run the risk of compliance because of errors of redundancies. An article by MYOB also shares that businesses can get written vendor confirmation of tax compliances.
4. Cloud-based systems for easy access, visibility, and data analytics
A cloud solution provides access to data anytime and anywhere. For remote teams, in particular, this poses a great advantage as it allows employees to input data via smartphones, tablets, or other devices when offsite. This feature also improves payroll visibility to employees and makes correcting errors and answering queries easier – fostering a smooth two-way communication between employees and payroll or HR managers.
By consolidating all information on the cloud, payroll managers can collect data effortlessly and draw relevant data-driven employee insights.
5. Seamless integration with ERP
Too many separate systems and fragmented databases can complicate many operations. But with payroll software that you can integrate with your current system, this problem is eliminated. Payroll managers no longer need to switch from one program to another to extract information when all data is seamlessly connected. With the joint power of ERP systems and payroll software, businesses are given a singular view of the current state of their workforce and employee-related procedures.
Still not convinced about upgrading your payroll? Contact us to find out more about choosing the payroll software for your business.