There’s no other business process that’s more unfavourable towards employee satisfaction than incorrect and improper payroll management. And this very same business function can help reduce the impact on the environment through a paperless system. Introducing electronic or online payroll programs does not only make your payroll management more efficient, it is also a move to go green. With an online payroll solution, you ensure timely processes and become more earth friendly, aside from increasing staff productivity and cutting costs.
Benefits of Online Payroll Programs
Shifting to an online payroll service offers many benefits to the employees, the employers and the environment. Whether you’re a big enterprise or a small and medium business with several staff on the payroll, an electronic payroll management system is a good investment for you. Here are some of its benefits:
o Employees can quickly retrieve their payroll statements from previous months since these are archived electronically. Employees don’t have to stuff their file cabinets with paper payroll or worse, risk losing or misplacing a particular weekly payroll statement.
o Employees can rest assured that their payroll statements and other personal information are secured. With an online system, there’s no risk of having your payroll statement fall into the wrong hands or be seen by the wrong eyes.
o Employees are happier because they would receive prompt and correct payments.
o The HR staff can have a one-stop resource for all the employees’ payroll, benefits, vacation leaves, tax information, superannuation, government requirements, etc.
o The HR and accounting staff will not use up a large amount of time to manually complete several complex computations.
• Productivity and Efficiency
o The accounting staff, secretaries, administrative assistants, and other office assistants can focus more on other productive and specialised duties to keep the business running smoothly and efficiently, rather than spending overtime hours computing each employee’s leave credits, overtimes, under-times, etc.
o The headache of tax computation and reporting is gone. Everything gets calculated without human error and this precision in data ensures that the government won’t be coming at your doorstep for erroneous or incomplete records.
o Errors are minimised and efficiency is increased because details are recorded accurately and on time. There is less chance of reprocessing or recalculating.
o HR and accounting staff receive less payroll-related enquiries because all data are accurate and consistent.
o Salary change, tax tables, etc. can be automatically updated for immediate necessary adjustment.
• Planning, Forecasting and Reporting
o CEOs, directors and managers can easily request for automated labour hours productivity, department expenses, year-end reports, and other different types of reports for business planning, revenue targeting and expense budgeting.
• Environment friendly
o Print payslips or hardcopies of the payroll statements are no longer needed.
In today’s economic times, it’s important that you eliminate unproductive labour hours, unnecessary costs, and impact to the environment. From small to large businesses, streamlining your processes and introducing cost-efficient procedures are important to success. The payroll management software, like e-PayDay®, is one of the innovative methods technology has to offer, for more efficient payroll systems.