As your business scales, completing payroll tasks becomes highly time consuming, and it’s much easier to make mistakes. This means it is extremely important to ensure your payroll software has the features you need.
Below are four features your payroll software needs to make the payroll process easier for your business.
As companies grow, more technology is onboarded into different departments to help keep on top of growing tasks. However, different teams using different software makes it difficult to find data and documents, therefore increasing the time it takes to complete tasks.
This can also cause data fatigue due to employee information not being synchronised across the business, having a negative impact on audit compliance, reduced flexibility and company scalability.
Using an integrated system will help keep everything in one place, reducing risks of losing work and errors being made through manual entry.
● Improved automation due to systems communicating with each other
● Seamless data sharing through integration
● Greater data accuracy and reduced repetition of records
● Real Time visibility of data as softwares are consistently communicating with each other
● Compliance risk is reduced
● Scalability is easier
● Clear visibility of data and business performance
● Productivity is improved due to task automation and data accuracy
Despite Payroll teams being trained to spot inconsistencies or problems in the Payroll process, it isn’t as easy to spot potential future issues with compliance. However, cloud-based payroll and HR software can provide automated updates to regulations and statutory requirements, reducing the need for manual updates and related errors.
Gaining access to an employee self service option allows employees to make changes to personal details, such as new bank account or email details, helping to reduce task load for payroll employees.
You should also undertake an audit assessing your reporting functionality. Manually entering data takes up valuable time that could be spent on doing other tasks. This can also lead to errors and data being outdated by the time the report is completed. Completing an audit of your Payroll and HR systems helps to improve compliance and reduce spending on resources primarily used for manual reporting.
Introducing real time reporting will make it easier to keep up to date reports on a monthly or annual basis, while freeing up time for other tasks to be completed.
Auto enrolment has been great for employees looking to contribute into their pension, however it has made the payroll process increasingly time consuming for payroll staff.
However with the right software, you can make this process automated and significantly easier.
Auto enrolment software undertakes all of the necessary pension calculations in line with UK AE regulations, so you don’t have to.
Once the software is set up payments are made directly to the correct pension provider, reducing the need for multiple people to take on lengthy pension related tasks.
Payroll reports are a great way to predict financial forecasting. Enrolling in a payroll software that can generate reports with multiple metrics is extremely important when analysing your businesses finances. Choosing a payroll system that can accommodate this will free up significant amounts of time for you to spend elsewhere in the business.
To learn more about how outsourcing a payroll system could work for your business, request a demo for our payroll service here.
Payescape Limited is authorised by the Financial Conduct Authority under the Payment Services Regulations 2017 (register number 821826) for the provision of payment services.