Automated payroll automatically completes different aspects of payroll that would otherwise be manual. Automated payroll tasks can include making calculations to employees’ salaries, collecting garnishments, tracking working hours, and so on.
Automated payroll allows finance and HR teams to focus more on strategic initiatives and less time on repetitive processes.
What can payroll automation do?
From syncing HR data to completing money transfers, here’s what payroll automation can do for businesses:
- Automate payroll calculations to avoid human error
- Instantly generate auditing trails to ensure compliance
- Flag and correct discrepancies to avoid fees or penalties
- Sync and organize HR data for better decision making
- Complete money transfers to deliver payments on time
What are the benefits of automated payroll?
Automation can benefit several aspects of payroll. Here’s why the advanced technology helps businesses succeed:
Automation creates more efficiency while lowering costs
Automation gets tasks done faster, especially if there are thousands of employees on payroll. Instead of needing to hire extra hands to complete the workload, automation can complete action items at a fraction of the time so payroll teams can focus on other tasks.
Reduced human error
With so many ongoing assignments or details to remember, mistakes happen. A team member may forget to enter important data before creating a report or forget to apply a deduction. Automated payroll calculates and processes reports and payslips instantly, reducing human error and resulting in accurate payroll.
Employees are happier when payroll arrives on time
With fewer errors and faster processing times, automation creates more accurate payroll, which means employees get paid on time. This results in happier employees who know they will be properly compensated for their efforts.
Safer private data
If an employer’s payroll provider uses AI software that adheres to the strictest security standards, the business can safely store important and sensitive information in one secure location. Not only that, but secure automation eliminates the need to share information across emails or files where there’s a greater chance of leaks or phishing risks.
What questions should employers ask when automating payroll?
When looking to invest in automated payroll solutions, there are a few questions companies can ask to understand their needs. These include:
- Can the automated payroll system take care of payroll and HR needs?
- Can the system work with the company size?
- Can the software grow with an expanding business?
- What features are included and will they help the business?
- Does the payroll automation software offer 24/7 support?
- Is there a compliance guarantee with the platform?