Payroll automation is the process of digitally systematizing the payments made by companies to employees. An online payroll software solution can automatically pay employees in local currencies, consolidate all payroll processes, turn payroll data into actionable insights, and more.
What is payroll automation for?
Payroll is a time-consuming, yet essential process. Automation helps companies organize all payment information, carry out payroll accurately and on time, calculate tax withholdings, and file taxes — all while staying compliant.
Who can use payroll automation?
Organizations of any size can use payroll automation, but selecting the right technology depends on their individual needs. Smaller businesses may only require features that consolidate data and automate payments, while enterprises would need to make payments in global locations.
What are the benefits of payroll automation?
- Finance teams can save time on repetitive tasks
- Business can save money by hiring fewer people for payroll
- Fewer instances of human error
- Companies stay compliant
What to look for in payroll automation
Choosing the right solution for payroll is critical. It’s helpful to identify the essential main components:
- Licensed payment providers: Limit the need for multiple third-party providers, enhancing transparency and consistency
- Global coverage: Deliver payment in more countries
- Fast processing time: Stay compliant, protect the company’s reputation, and streamline payroll
- Automations: Gain more transparency into the payroll process
- Analytics: Access data for an entire global workforce in one place
- Security: Take advantage of higher security standards to protect data
- Pricing transparency: Understand where money is being spent
Can companies automate their own payroll?
It’s possible for companies with the right expertise and enough resources to run their own payroll, though this is not recommended. Payroll automation reduces the risk of human error and saves businesses time and money.
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