Automation is on the rise in many different industries. Many companies have found new ways to complete time-consuming work faster and with less effort. As a result, employees can invest their talents in the more creative and rewarding aspects of their jobs and save the menial tasks for the machines.
Though automation has become so popular, as many as 11% of medium-sized businesses still perform their HR and payroll tasks manually, denying themselves the time-saving benefits that HR payroll software offers. Not to mention, HR payroll software boasts incredible accuracy and is not subject to human error. Read on to learn more about task automation.
The Convenience of Automation
The automation of tedious HR and payroll tasks can transform a company and remove an enormous burden from a hard-working team. While even with an automated system payroll professionals still need to input their determined employee payroll data, the time that HR and payroll departments spend on data entry alone is greatly reduced. This is because the employee payroll data only needs to be keyed into the system once, then double-checked for accuracy before the system proceeds with calculations on its own. Automation takes care of the rest.
While a human eye is important for quality assurance, human HR and payroll workers find that using automated HR payroll software keeps data entry requirements to a minimum. The system calculates paychecks accurately based on a wide array of unique employee factors like hours, overtime, vacation pay, sick leave, bonuses, raises, pay deduction, wage garnishment, insurance premiums, social security, retirement, and much more.
Additionally, an automated system allows employers to print and file pay stubs and send pay for their employees directly to their bank account, so long as it is eligible for direct deposit.
HR payroll software does not begin and end with accurate payroll calculation. In addition to calculating employee wages, a dedicated software program will also store payroll information and records on the company’s database. Because most payroll systems come with their own security measures, your company’s payroll information will be kept in a convenient, secure location until you need to access it. The record-keeping features make tax filing much easier than manual accounting practices and help ensure accuracy when it comes to filing state and federal taxes.
Ensuring compliance with government regulations can be a challenge for businesses that do not have a tax professional on staff, but with HR payroll software, frequent updates make it to where the associated programs run while factoring in the most current regulations to date. With accurate figures, your company is far less likely to take on the risks associated with the law and human error.
Because the government and law enforcement do not accept honest mistakes as an excuse for inaccurate record-keeping, it’s best to have a reliable system to protect your company and staff from unintended consequences of financial errors.
There’s a reason why so many companies are budgeting for HR payroll software. A good program is accurate, effective, and helps staff complete a long list of tasks in fewer hours than what would be possible while still employing manual strategies.