A payroll process that is optimized, visible, and agile allows for greater accuracy by reducing the possibility of human error and making important information more accessible. Payroll professionals can receive relevant details such as tax codes and timesheets directly from the source when information is digitized.
Fremont, CA: Companies' operations have changed dramatically in recent years; for instance, employers now have official flexible working policies in place, and employees have the space to work how and when they want. Payroll continuity is critical in this flexible working environment.
The entire payroll system can be improved and made more efficient by standardizing, optimizing, and digitizing processes. Companies' payroll processes must adapt to a new flexible world as they have adapted to this new normal and made changes to their working policies.
Several challenges faced by many organizations whilst running payroll are:
• Many businesses that manage their payroll in-house, particularly small and medium-sized businesses, find it to be a labor-intensive, error-prone process.
• Payroll is frequently viewed as a tactical rather than a core component of the employer-employee relationship, resulting in a poor user experience.
• Many hidden costs are associated with payroll processes that are not automated or integrated into larger HR or finance systems, such as time spent collecting and interpreting data, validating results, and responding to employee inquiries.
• Low visibility and data quality also impede reporting capability and have an impact on decision-making.
Eradicating Risk
A payroll process that is optimized, visible, and agile allows for greater accuracy by reducing the possibility of human error and making important information more accessible. Payroll professionals can receive relevant details such as tax codes and timesheets directly from the source when information is digitized.
Moving information to a cloud-based platform helps with business continuity, which was critical during the unprecedented shift to remote working over the last year.
When employees are dispersed across the globe, the importance of a modern, integrated payroll solution grows. Almost half of payroll professionals worldwide reported very low or limited levels of standardization. In a time of crisis, this made communication between payroll teams difficult.
Setting up the structures to ensure a global, efficient, and compliant payroll is one of the main advantages that can be realized when leaders establish a deliberate payroll strategy for the business.
