Why you should invest in HR and Payroll software technology for your company
If you’re like most companies, your HR and payroll functions are growing increasingly complex, while the time it takes to manage these processes is only getting longer and longer. As the need to stay competitive in this market becomes more pressing, you may be tempted to hire additional staff or outsource your payroll, but neither of these options guarantees that you’ll have the resources you need when you need them.
To avoid this problem, consider investing in HR and payroll software technology. Here are just a few of the ways technology can enhance the way you manage your HR and payroll functions
1) Keep a track of your employees
An efficient human resources management system is critical to any company’s success. As a business owner, it is vital that you keep an eye on your employee data at all times. Investing in appropriate HRIS can help facilitate faster decision-making processes.
It can also help reduce paperwork by enabling users to store multiple records securely online. This will not only reduce time spent managing staff but will also streamline day-to-day administration tasks while helping meet important legislative requirements.
2) Take care of all compliance aspects
Employers face a number of different compliance concerns. Anti-discrimination laws require companies to treat all employees equally. Health care reform impacts everything from benefits to payroll taxes, and it’s important that employers comply with these regulations. And then there are state laws like wage and hours, unemployment insurance, workers’ compensation, and family leave.
Of course, legal compliance isn’t enough; if employers aren’t compliant with tax codes such as Form W-4 (which dictates how much employees need to withhold from their paychecks), their business is likely to face penalties. It doesn’t make many mistakes or delays before HR is riddled with paperwork—which is one reason why investing in an application designed to automate these responsibilities makes sense.
3) Handle payroll better
Payroll is a pain. It’s complicated, takes up too much time, and does no one any good unless it’s done correctly. Worse yet, even if you do manage to figure out how to calculate salaries (and we hope we help with that), handling payroll manually still leaves plenty of room for error or fraud.
Using automated payroll software takes all of that worry away and frees up your employees so they can focus on work instead of worrying about their next paycheck. Not only will automated payroll save time and money, but it also helps prevent mistakes that could damage employee morale or cost you thousands of dollars in fines. It’s a win-win situation.
4) Be prepared when tax season comes around
If you want to save time during tax season, having good records of what is owed, what has been paid, etc. can help out tremendously. The same goes with payroll. It’s so much easier when all of your information is easily available rather than poring through stacks of receipts or trying to remember who was working on a certain date because someone asked for a W-2. We make it easy to compile employee data and streamline payroll processes while saving companies time and money.
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5)Virtual onboarding makes the process easier
Virtual onboarding allows you to manage all of these complexities remotely. HRIS software solution combines employee onboarding, employee offboarding, benefits administration, payroll, time-off tracking, compensation management, performance management, and more.
The convenience of not having to visit one location to complete all of these tasks saves time—time that can be better spent on making sure new hires are successful with your business. With virtual onboarding, there’s no installation or additional hardware required; everything is accessible via desktop or mobile devices. And since it’s cloud-based, there’s nothing to download or maintain either. Which means it costs less than physical tools like clipboards and notebooks full of papers.
Outsourcing payroll, human resources, recruitment, and other essential business functions can save your company time and money. If you’re not investing in modern technology to help streamline your workflows, it may be costing you much more than you realize.
An integrated HR management solution can benefit nearly every employee at a business; whether they’re full-time or freelance, seasonal or temporary.
Investing in HR & payroll management solutions that integrate with existing line-of-business applications is a solid way to ensure that critical employee information is always available. If you can’t fully trust HR data from one system to another, what good is it? Is it time to bring more professionalism into your business?