December 06, 2021
What is automated payroll?
What are the benefits of an automated payroll?
How to automate your payroll process
When should an organization automate its payroll?
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Today, HR & payroll managers are working harder than ever before. They are not only responsible for finding, hiring and onboarding new talent while keeping the existing staff happy, they also have to manage the payroll for every single employee of their company.
This can quickly become a fulltime job, especially when working with a globally distributed team, varying local labor laws and tax regulations. That’s why more and more companies are looking into automating their payroll process.
Making sure that your employees get paid accurately and on time is only one of the many responsibilities of HR departments. But with companies adopting flexible or remote work setups, compliant payroll is becoming more complicated and time-consuming to manage.
That’s why businesses should look into automating their payroll. This basically means that a software takes over the manual process of calculating pay and benefits, filling spreadsheets, updating employee information and making bank transfers, while providing status updates and documentation for compliance along the way.
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Having a software do the hard work for you is a big selling point already, but there are a few more benefits that make the initial investment into an automated payroll system a no-brainer.
Algorithms are designed to perform. They follow their programmed tasks and don’t get distracted by co-workers or phone calls. In short: They are way less likely to make a mistake than a human.
Automating your payroll is a great way to eliminate mistakes. Especially when working with spreadsheets and important information that is distributed across many different files, a small mistake can result in many hours of extra work - not to mention the stress and headache for your HR managers.
Automated payroll systems reduce the chance of mistakes and enable you to make alterations to your data in just one centralized spot. These changes will then be updated across all relevant points.
Even better, you can allow your employees to update their personal information themselves, freeing up time for your HR department that would otherwise be spent with replying to emails and adapting information themselves.
By using software, you can calculate and process payroll details faster than ever before, while ensuring everyone gets paid on time.
Automated payroll systems are also a great opportunity to outsource tasks and free up time for your HR managers to focus on more important tasks such as employee satisfaction, hiring, onboarding, and creating a welcoming and positive working culture within your company.
This increased staff productivity eventually reduces operating costs and can result in as much as three to five extra hours of work to be spent on different tasks.
Employee payroll data is confidential information that shouldn’t be available to unauthorized personnel - which is what can quickly happen if you print out spreadsheets or store physical copies of payment details.
Automated payroll systems however use encrypted software to ensure your confidential information is protected at all times. It also helps you track your records and store tax-relevant details compliantly, so you are ready and well-prepared for your next audit.
Last but not least, automated payroll is any HR manager’s reporting dream. With the click of a button, you can calculate tax, export data and show reports to track your employee’s productivity as well as your company’s spenings on wages, along with even more detailed graphics and reports.
If you are in a hurry and need a certain statistic to show your boss, you can log in to the system, create a report and download it all in a matter of seconds. It really is that easy!
You are probably buzzing now and ready to implement your own automated payroll system. There are quite a few softwares on the market that can help you get started with the automating process. Lano is one of them.
What separates us from other contenders however is our focus on global payroll for distributed teams. We are an expert in helping businesses to set up an automated payroll system even when their teams are spread all over the world. Our software includes a solution for paying employees in more than 130 countries around the globe while fully complying with local employment and tax laws.
Automating the payroll process is especially helpful for organizations with a lot of employees, and especially remote workers who are spread all over the globe.
While managing payroll manually may work for a small team of 5 to 10 employees, if you are planning on expanding your workforce and scaling up your business, it is definitely advisable to invest into automated systems early on, to free up capacities and focus on your growth.
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