HR Game Changer: 3 Key Benefits of Payroll Automation
Do you spend the majority of your day sifting through piles of paperwork, hoping to find order in all the chaos? It may be time to consider the benefits of payroll automation. As companies grow and expand, managing payroll becomes increasingly complex. Countless hours are spent preparing statements, distributing pay, processing payroll and ensuring compliance standards are being met and just, ugh, make it stop already.
Compensation managers face a range of challenges when it comes to processing payroll, but the good news is, there’s an easier way. The ability to streamline procedures and day-to-day operations through payroll automation leads to greater efficiency for the business (and relief for you).
Let’s take a deep dive into why automation is increasingly becoming an essential tool for modern businesses.
3 Key Benefits of Payroll Automation for Modern Businesses
1. Improved Accuracy and Compliance
Failing to meet compliance standards can lead to steep penalties, fines and legal issues, while errors in payroll processing can result in employee dissatisfaction and mistrust. Automating payroll provides compensation managers with the ability to:
- Improve pay accuracy.
- Ensure compliance with regulations.
- Flag errors and discrepancies.
- Provide real-time updates on regulatory changes.
- Eliminate the need for manual data entry.
Payroll processing is a critical task that requires a high degree of accuracy and compliance. Minimize risk associated with compliance and avoid hefty noncompliance fines, penalties and litigation with payroll automation.
2. Time and Cost Savings
Payroll processing can be time-consuming and costly, particularly for larger organizations with complex payroll needs. Payroll automation can help compensation managers save time and reduce costs by eliminating manual processes and reducing the risk of errors.
Nearly every company in today’s technology-driven world is on the verge of automation, and HCM technology has advanced to unprecedented levels of sophistication. Intelligent automation enabled with artificial intelligence (AI) and machine learning (ML) is playing a critical part in transforming modern workspaces to improve efficiency and productivity through technology.
According to a Forbes 2019 poll, roughly 74 percent of respondents said that the deployment of intelligent automation in their company will have a substantial impact on 11 to 50 percent of their present workforce. When a company can take a role or task traditionally handled by error-prone humans and replace it with artificial intelligence or AI-driven software that extracts and manages data in a fraction of the time with precision, it can change the internal landscape of an entire company. Automated payroll systems can:
- Calculate salaries.
- Manage benefits.
- Process taxes quickly and efficiently.
- Free up time for what’s most important.
Taking care of often complex and time-consuming administrative tasks can prevent you from focusing on the bigger picture for your business. Reduce your workload and eliminate paper-based procedures by streamlining routine administrative tasks like benefits enrollment and COBRA administration with the aid of self-service tools available through automation.
3. Improved Data Management and Analysis
One of the key benefits of payroll automation is improved data management and analysis. By providing real-time data updates, eliminating data entry errors and offering customizable reporting features, compensation managers are able to analyze data more efficiently and make informed decisions about compensation and benefits. Considering the latest technology trends, it’s easy to see that intelligent automation will unquestionably alter the workplace and the economy as a whole.
Payroll data is a valuable resource for businesses, providing insights into employee performance, productivity and compensation. However, managing and analyzing this data can be challenging, particularly for compensation managers who are responsible for processing large amounts of data on a regular basis. Automating your payroll allows you to store and track all employee data from a single location and create customizable reports that provide valuable information to executive teams for more informed decision making.
A Better Way to Spend Your Day to Day
Payroll automation offers a range of benefits for compensation managers, including improved accuracy and compliance, reduced costs and improved data management and analysis. As modern businesses continue to grow and expand, the benefits of payroll automation continue to improve the roles of compensation managers.
At Quanta HCM, you can count on our certified payroll specialists and customized processes for efficient and streamlined payroll procedures. If you’re a compensation manager looking to achieve greater efficiency, reduce the risk of compliance errors and eliminate paper-based procedures, contact us today or book a meeting to discuss your goals for the future and how we can help take your business to the next level.
