Online payroll and HR software not only streamline time-consuming processes for businesses but also reduce human error. IRS statistics show that 33% of employers spend billions of dollars a year on payroll errors.
Online payroll and HR software is an investment that can save time and money for businesses in the long term. In this article, we will highlight how online payroll and HR software can help businesses.
1. Employee Ease of Access
Most online payroll and HR systems come with employee self-service portals. This feature allows employees to manage their own data and keep the information updated. It also keeps communication lines clear as it minimizes the need to go back and forth between the employer and employee.
This type of service has also been shown to give employees a sense of independence. In fact, 73% of employees in the United States expect their employers to provide this. Giving your employees the freedom to manage their own HR portals makes them feel as if they have control over their jobs.
2. Complicated Calculations With Ease
No matter the size of a company, the payroll process requires exceptional precision and attention to detail. Many businesses rely solely on their accountants to make these calculations. While these professionals excel at what they do, they are not immune to simple human errors.
Online payroll and HR software are capable of incorporating taxes, out-of-state workers, retirement, etc. into payroll calculations in as little as a couple of clicks in just a few minutes as accurately as possible.
3. Integrated Systems
Online payroll and HR software can work together to optimize company processes. The right software can manage important employee information, update wages, accounts, etc., while also automating common company procedures. This helps strengthen accuracy and efficiency in business and tasks such as reporting become streamlined.
4. Real-Time Alerts
Good online payroll and HR software keeps mistakes to a minimum and notices the system user as soon as one is made with real-time alerts. Notifications let the user know when to revisit a previous input if a discrepancy was made.
For example, if an extra zero is added to an employee’s weekly hours, the system can find this error and prevent tedious administrative reversal processes.
5. Meeting Deadlines
The process of rolling out checks to employees takes preplanning and time. Online payroll and HR software can help ease this process. The last problem a company needs to x is missing its employees’ pay date.
In addition, missing deadlines can cost the company late fees, penalties, and in some cases, legal issues. Payroll systems help keep companies on track by giving them notice of upcoming deadlines and ensuring enough processing time is factored in.
Online payroll and HR systems with powerful automating systems can eliminate discrepancies within a company. Ensuring a seamless payroll process promotes employee satisfaction and saves companies trouble down the road.