How efficient is your payroll system? Does it seamlessly get the job done? Is it time to improve? Successful businesses are efficient. They get to accomplish tasks and achieve goals with the least amount of time, resources, effort, and waste. Your business is efficient if you can effectively maximize the utilization of your resources to deliver desired results.
Most HR systems are now powered by modern payroll software like Byte HR for efficiency’s sake. With modern HR payroll systems, gone are the days when there are delays and inaccuracies. The following are the top ways your HR system will improve once it becomes modernized:
1. Your business will save on time.
HR systems of old rely on HR staff who painstakingly input data all day to ensure that everyone receives their pay on time. This is no longer the case with modern HR systems. People need not manually input data for what seems like forever. Hence, HR personnel will have more time to use for strategic tasks like employee management and talent management.
2. You will have automated calculations.
Payroll is a different kind of monster that requires HR personnel to integrate laws, company policies, and massive data from employees. This is why calculating and computing for pay and benefits can be grueling for amateur and expert HR personnel alike. With modern payroll systems, you won’t even break a sweat. All complex payroll calculations –– from tax withholdings, deductions, overtime, and night shift differential –– will simply be automated. You will not need to compute at all. Likewise, risks of errors will effectively be avoided. Every single computation will be accurate.
3. Ease in compliance management.
Tax and labor laws are ever-dynamic and can easily change on a yearly, even monthly, basis. This is why it becomes imperative for HR personnel to ever be in the loop and updated with new policies and regulations. One small mistake can lead to government fines and labor cases in bulk. Modern payroll systems make this regulatory task a walk in the park for they have built-in compliance features.
4. Smooth data entry.
Modern payroll systems made data entry troubles a thing of the past. As they can now be easily integrated with other timekeeping and HR systems, transferring data from one platform to another can be done with just a click. This effectively prevents errors and entries in duplicate.
5. Mobile payments and direct deposit.
Your business will instantly be in the future once you update to a modern HR payroll system because it will be easier for you to transfer money through electronic payment methods without any hassles or complications. You can totally skip using paper checks. Such a workflow will speed up the payment process by 500% and reduce overhead costs for administration. You will be able to give employees the chance to choose which kind of payment method they prefer. This in turn will make things more convenient for employers and employees alike.
6. Employee Self-Service
A modern HR payroll system will also allow you to give dedicated payroll hubs to employees. With it, employees can easily visit one hub and ask or request for all of their payroll needs. In a click, employees will be able to access the following:
- Their payroll information
- Their personal details
- Pay stubs
Access and viewing can be done without the help of HR personnel.
7. Paperless Workflow
Choosing a modern HR payroll system will allow your business to go fully green. This is because you’d be able to go completely paperless. All processes will no longer be reliant on paper and print-outs. This in turn will allow your business to enjoy the following benefits:
- Savings on costs
- Seamless and centralized document management
- Energy-efficient and environmentally sound workflow
Without physical paperwork, you will also cease to need large storage spaces.
Efficiency can be maximized and fully achieved across all workflow levels if data is available and duly measured. This is a sweet feature that today’s modern HR payroll systems provide. Apart from software that handles everything that you’d ever need for management, you will also have software that measures the speed, accuracy, and development of all tasks. Having one allows businesses to make informed and data-backed decisions every single time. This is particularly beneficial to employees as they can receive daily, weekly, monthly, or yearly summaries of their activities and level of productivity.
Modern HR payroll systems will also make it easy for businesses to prioritize data security. Employers will be able to easily protect sensitive employee information without fear of data breaches. The following security protocols will be easily deployed:
- Two-factor authentication
- Fingerprint authentication
- Personalized passwords
- Face lock
Fingerprint authentication can also be integrated with time-ins and time-outs that automatically become payroll-ready timesheets.
The good thing with modern HR payroll systems is they can grow and duly adjust to a company’s needs. They can evolve every step of the way with businesses. They can take on a few employees or a thousand plus employees in just a click. Workflows need not be disturbed as no heavy framework deconstruction will be needed should there be any change in workforce size. Administrative tasks will not be compromised or stalled. There will be no more delays due to HR personnel concerns.
Do your business a great favor and consider leveling up now by adopting a modern HR payroll system. As it will give your employees more time and energy, efficiency will be felt across all workflow levels.
HR Future Staff Writer.