To manage different processes and departments is the biggest challenge for any organization. Many organizations are still using manual processes which can’t keep pace with the demands of today’s fast-changing workforce. With HR department under more pressure, the need for a ‘Payroll Solution‘ is essential for any business.
And if any organization has special rules for salaried employees, generation of reports, payment calculations. Then you might be probably spending a lot of your time processing the payroll.
Few signs your company is in need of a payroll solution
Frequent errors in payroll calculations
If there’s one activity in any organization that is always expected to be 100% accurate, it is payroll. There are a lot of ways employees get paid. No matter how complicated these are, it is of utmost importance to get this right. These errors can come from various ways like unrecorded leave time, pay increase not factored in, etc. To make sure you do not get some errors or receive complaints, you do several iterations of your payroll calculations. Double-check or triple-check of the payroll calculations result in the wastage of a lot of time and money.
Time spent on manual work is too much
A payroll solution can also help you do away with mountains of manual workaround processing leave applications, calculating worked hours, managing expense claims, printing payslips for employees, and keeping accurate employee information. It will easily automate the processes of printing and distribute payslips as well as paying employees each month. This will save many hours spent manually calculating statutory deductions and also will spare the risk of making an error that could put the business at risk.
Takes a long time to generate reports
A good payroll solution can automatically run the reports and send them to the applicable managers on time. If the reports are not sent to managers, they do not have a clear picture as to how their direct reports are performing. Balancing the reports manually is a waste of time that could be spent on marketing and sales efforts, growing the business, and taking it to the next level.
Erroneous transactions and Payroll Fraud
Erroneous transactions on payments can cost more. Payroll fraud is a major risk, for any organization. A payroll solution will deliver better visibility into transactions, and offers a set of controls, checks, and balances that help to prevent errors and fraud. Using a manual process, there are far more chances for fraud and error.
Once a payroll solution is chosen the transactions will be automatically updated in the payroll database, saving the hassle of doing things manually.