Talking about the old way the payroll was done by clerks who would manually tally hours in ledgers to calculate wages. The result was frequent errors and delay in payments with added frustration.
Talking about the old way the payroll was done by clerks who would manually tally hours in ledgers to calculate wages. The result was frequent errors and delay in payments with added frustration.
Technology has infiltrated all industries, including payroll. Although the concept of payroll has been around for as long as trade existed, payroll is now going through a technological evolution.
Around the 1940s outsourcing payroll services serged, but that only meant you were paying someone else outside your company to do this task, but the process was still manual and it did not resolve the two major problems that businesses were facing- accuracy and timely payments.
As the computers revolutionized business processes in the late 1980's, dozens of payroll companies began to emerge leveraging this groundbreaking technology. This was the inception of simpler and more streamlined processes.
The Computer Revolution
Today, personalized payroll services are a crucial part of every scalable company. Here are a few things that you can achieve with the help of a reliable payroll automation service:
• Through timekeeping functions businesses can track the working hours of their employees and adjust payments accordingly.
• The payment calculation is more accurate and takes in account leaves, overtime, undertime, holidays etc. The added business intelligence and reporting features are useful tools that give businesses an insight of the entire workplace management.
• Payroll reports provide a high-level overview of your budget, taxes, workers’ compensation and other payroll data. These reports reveal trends and patterns which HR and accounting departments can use to improve their operations. Whether it’s allocating resources better or managing overtime differently, these insights can lead to cost savings and more efficient payroll processing.
• The employees can access their accounts and check their payroll anywhere on computer, mobile or table, making the process more reliable. WIth self service features employees don’t have to take time away from the human resources department to access information, they can quickly get the data they need anytime.
• Businesses can also draw employee contracts, check cash flow reports, calculate holidays etc through some payroll features. This functionality compensates for having more employees taking care of these practices, providing an extra management hand to the company.
• Having proper payroll helps both businesses and their employees to file taxes without much hassle as the entire cash management is well documented at every step.
• With any financial management, compliance and safety is a necessary consideration. Payroll services work in line with the regulations and ensure that the business is lawful, avoiding any legal risks.
In conclusion, businesses thrive when they succeed in exploiting technology. We need to rethink some old assumptions and give a chance to payroll automation to achieve operational excellence without human intervention in the digital age. In the words of President Lyndon Johnson,
"Automation is not our enemy. Our enemies are ignorance, indifference and inertia. Automation can be the ally of our prosperity if we will just look ahead, if we will understand what is to come, and if we will set our course wisely after proper planning."