When did you last get a payslip? Next time you get one you might start to wonder how it is accurate and always on time, particularly if you work for a large organization with hundreds or even thousands of employees.
Long gone are the days where the payroll is done manually. Automated payroll simplifies the system and ensures everyone gets paid on time. If your employer doesn’t have an automated payroll service or you are considering setting up your own business then here are the top 3 benefits of an automated payroll systems process.
1. Saves Accountants and HR Time
HR teams are very busy people. They don’t just sit around hiring and firing. They have to make sure the various teams are happy and the workplace is a productive environment and a nice place to work.
Accountants also have to keep an eye on the wider picture of the business to make sure that the company is making a profit and it is growing at the appropriate speed.
Automated payroll services can take a big weight off both of these departments’ shoulders. It means that providing everybody clocks in as they should, and managers keep an eye on the amount of work that their employees are doing, everybody should be paid on time at the same time.
Having an efficient payroll service for small businesses is also just as important as for large companies.
Of course, problems do happen but an automated system means that most of the time payroll runs like clockwork. Only in exceptional cases would someone from accounts or HR have to step in.
2. Records Are Easier to Access and Store
Remember the days pre-internet. Payroll took up huge filing cabinets dating back years, even decades. The mountain of paperwork took up valuable office space and was hard to navigate.
As an accountant or somebody who worked in HR, you needed to allocate time just to find the right payslip. Now using services like ThePayStubs you can find an employee’s payslip in seconds and can even print it off or email it on requests from your employees.
3. Deductions Are Easy
One of the biggest concerns of running any company and hiring people is ensuring you are deducting the right amount of tax. This can be stressful with the threat of an investigation by the IRS hanging over your head if you make a mistake. Especially when new rules to do with overtime are coming into force in 2020.
While an automated payroll service can’t completely eradicate mistakes it does make it less likely. And it is easy to change the tax code of an employee who claims he or she is overpaying.
Automated Payroll Has Many Benefits
The internet has made our working lives easier. Electronic payroll through spreadsheets has been around for a while now but automated payroll has simplified the entire payroll process for both employees and employers.
It makes tax deductions easier, payroll records easier to manage and access and reduces the amount of paper that the company has to store.
If you are interested in reading more about automated payroll or automatic salary systems be sure to check out the rest of our site.