Payroll is an extremely important part of your business. If you're finding your finance team is struggling to keep on top of tasks or are making common payroll mistakes, it’s time to start thinking about updating your payroll system.
Making payroll errors such as not paying employees on time or not paying the right amount can damage your company's reputation. Not only this, but it can be extremely costly, due to disruptions in budgets and the extra time needing to be spent on fixing issues.
Onboarding new staff can make payroll tasks increasingly time consuming. The payroll process requires lots of paperwork, which can be hard to keep on top of and easy to lose. If your company is growing and it’s becoming harder to keep on top of tasks it may be time to digitise your payroll system to make the onboarding process smoother and quicker.
With many people wanting to work from home after the pandemic, businesses have had to quickly adapt to processes and communication moving online. If your payroll process is manual, or your payroll software is stored on internal servers, trying to manage payroll and communicate your needs may have become increasingly difficult.
However, moving your payroll system onto a cloud-based solution will make the payroll process easier across the team as it can operate at any location. This makes the payroll process smoother and allows teams to communicate easily with each other about any queries they may have.
Traditional payroll systems are often unable to automatically and efficiently back up your employee or company data and encrypt it for security. This is extremely risky, as important data and files could be lost, causing issues with compliance.
If you’re having any issues with your payroll data being backed up, it’s time to think about updating to a digital platform.
Having a slow payroll system makes it difficult to access data quickly and can make tasks twice as long. Having a system that is easy to access is important so that you’re able to answer any payroll queries staff may have.
Digitising your system allows quick access to all documents and the ability to communicate with your team about any queries or issues they may have.
To find out more about how a managed cloud-based payroll service could benefit your company, book a demo with Payescape 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.