Processing payroll manually is an incredibly time-consuming process. From creating payslips and calculating deductions to answering employee queries; it’s no wonder so many businesses opt to use payroll software to help streamline processes and save hours every week.
Whether you’re processing payroll manually or using a third-party payroll bureau to manage it, here are four ways payroll software will save you HOURS every month.
No need for manual calculations
Rather than spending hours poring over spreadsheets and manual calculations, payroll software can do in a few seconds what it would take you hours to do. This will free up your finance team with valuable time to get on with more important tasks, such as budget planning, financial strategy and company spending.
With software at your side, you’ll be able to prioritise more pressing tasks rather than spending hours chained to your desk calculating payroll manually or preparing payroll reports to send to a third-party bureau.
Automate payroll reporting
With payroll software, you can create reports for your leadership team effortlessly. You can export financial reports that details rates of pay, average pay, trends in pay and much more in a matter of a few clicks.
If analysing trends and patterns in salaries is taking you hours, payroll software will make this a breeze and save you valuable time.
Integrate it with your HR software
If you’re already using HR software, integrating your payroll software with it can save a tremendous amount of time. As you welcome new employees or bid farewell to others, a fully integrated HR and payroll system will allow you to manage this from one system.
You can add each new employee to your HR software, and this will automatically reflect in your payroll software. Everything from working patterns, tax codes, bank details, salaries and bonuses will only need to be entered into your HR software once; this will then inform your payroll software when it comes to instructing pay.
Minimise errors in pay
Processing payroll manually is prone to errors. From mistyping a tax code to miscalculating deductions; it’s safe to say payroll will come with its fair share of costly mistakes.
Payroll software eliminates most of the opportunities for error in processing payroll. As mentioned in the previous point, an integrated HR and payroll software solution means errors will be few and far between as employees will have control over their own personal information and HR can manage any changes in pay or bonus structure from one single system.