Automated processes make your life simpler. It’s difficult to forget to pay your power bill when it’s automated. You won’t miss any appointments since your phone’s calendar syncs with your computer’s. Because the next episode has already begun, you may as well keep watching Netflix even if you do not want to do so. Automated jobs may not seem like a huge deal, but they may save you a lot of effort and time. As a result, consider how much time and effort your company will save with an HR Automated Payroll.
Automated Payroll: What Is It?
Making timely and correct employee payments are made easier with automated payroll. With an automated pay system, most payroll workers enjoy the time- and effort-saving benefits that come from avoiding tedious tasks like tax filing and direct deposit processing as well as calculating withholdings.
Managing spreadsheets and analyzing statistics isn’t something payroll managers can do all day every day. The majority of HR professionals also have to deal with things like recruitment, onboarding, employee relations, training, and benefits administration. In their role as executive assistants or managers, they may be responsible for payroll. In addition to these responsibilities, a payroll RisePath HRTeam manager is also responsible for the following tasks:
New Hire Tasks
- Benefit deductions
- Pay schedules
- Demographic information
- Bank information
- Calculate hours
- Adjust hours for holiday and PTO
- Adjust pay for garnishments and overtime
- Submit payroll
- Provide employees with pay stubs and checks
- Run any mid-cycle payroll corrections
- Payroll reports
- Open enrollment advantages changes
- Worker’s compensation
- State, Federal, and local tax filing
- Employee tax form distribution and filing
Instead of employing payroll automation, they are wasting valuable time by doing each of these processes by hand on top of everything else they have to do. Fuhgettaboutit!
There are certain things an automated payroll system can’t accomplish for you, but there are also many things it can do. Keep reading to learn more about the various advantages of an automatic payment system, including how much money you save, how much more efficient you can be, and how much more productive you can be.
Automated Payroll: What are the advantages?
Let’s take a closer look at some of the particular advantages of automating your payroll process, as we’ve already said.
#1: Reduce Errors
49 percent of American employees will begin searching for a new job after only two difficulties with their payment, according to a Kronos Incorporated poll. No one wants to make a mistake with their income.
Payroll software, like calculators, is better at calculating deductions, overtime pay, paid time off, and commissions than our human brains are. In addition, there is no possibility of mistyping a number and copying data improperly since you aren’t manually inputting the data.
#2: Save Time
In the past, we’ve discussed the several responsibilities that a payroll person must do each and every week. The time saved by automating some of these procedures is substantial. RisePath HRTeam payroll expert Tamerra Sedacy thinks that “automated payroll systems save me up to three to five hours of labor.” As a result, “I no longer have to manually input much of the data that I would otherwise.”
#3: Increase Security
When it comes to payroll data, paper and spreadsheets aren’t the best locations to maintain it. To ensure that your data is safe from prying eyes, an automated payroll system uses encryption and password protection.
#4: Easily Generate Reports
Payroll choices and labor cost forecasts are simpler with the aid of automated systems. A tedious task is combing through all the manual labor to find and compile payroll data manually. For peace of mind and assurance that you are making the right choices for your company, several automated payroll software systems include downloadable reports.
#5: Streamline the Tax Filing Process
There are a lot of moving parts when it comes to taxes. There are more than a thousand tax jurisdictions in the United States, and the tax laws are constantly evolving. Additionally, if your company has operations in numerous states, you’ll have even more paperwork to keep care of. If you don’t keep up with all these changes, it may be very time-consuming and expensive if you do. Payroll automation tracks these changes in tax policy ensures that all deadlines are met, and provides withholding tax calculations for each employee. This ensures that your taxes are submitted on time and accurately.
#6: Complete Records
Employers are required by the Fair Labor Standards Act to preserve wage records for three years. Depending on your state’s rules, you should keep track of the number of hours worked, the rate of compensation, and more. To remain compliant and ready for an audit, automated payroll systems arrange this data for you.
#7: Employee Self Service
You may assist reduce payroll mistakes by giving your workers access to their pay stubs, as well as the ability to update their personal information, by allowing them to do it on their own. Automated payroll systems enable workers to do a variety of things, such as:
- Make changes to their personal data
- Paystubs may be viewed and printed using this feature.
- Direct deposit may be updated.
- Observe the advantages stated
- Analyze the results
- Forms W-2 and 1099 may be accessed and printed.
A payroll manager’s job may be made a lot simpler if they get fewer emails, shoulder taps, & pings throughout the day.
#8: Save Money
The expense of an automated payroll system may deter some organizations, although the American Payroll Association believes that automation may save payroll management costs by as much as 80%. An organization’s bottom line will profit from the previously stated advantages of automated payroll. You may save money in the long term if you remove the most costly mistakes. It’s also worth noting that in the corporate world, time is money—and that’s particularly true.
When Should Payroll Be Automated in an Organization?
If you’ve just recruited your fifth person, processing payroll manually may do for the time being, but investing in an automated HR payroll system that can scale with your business might be quite useful. Tamerra, our payroll professional, articulated the advantages the best: “I believe that businesses should use automated HR payroll from the start. If a firm is modest but aims to expand, onboarding personnel using one system will be far quicker and simpler than switching or starting from scratch later. People get used to the current state of affairs. You will be better off in the future if you already have a structure in place that encourages development. It may even help you to expand your growth beyond what you had intended.”
If you’re still manually processing payroll each month, perhaps you’ve come to the conclusion that it’s time to automate. Begin by studying several automated payroll systems & crunching the figures to determine the return on investment. You’ll discover that the advantages of automatic payroll may save you a lot of money and time, as well as make you take ibuprofen less often.