The Benefits Of Automated Payroll
It is clear, that automated payroll is making things much easier for many of the Australian companies currently operating. We already know the benefits of automating, and we all experience it in our lives every day. For example, we pay our electricity bills and water bills using automated methods, and the money is taken straight from our bank account, so that we don’t miss our payments, and run the risk of our electricity or water being turned off. It makes our lives so much easier, and then, when it crosses into our business, it saves us a lot of time and hassle, and one place that it is most effective in, is in our payroll department.
Automated payroll and award interpretation software, both help to simplify the procedure of paying your employees in a timely manner, in the right amounts. Employees love the automated payroll system, because it pays the money directly into their bank accounts, and so they don’t have to physically go to pick up their wage packets, and deposit it into their bank accounts themselves. The benefits of automated payroll are many, and we will explore just a few of them here today.
- Reduction in errors – When payroll is being done manually, mistakes are made, because we are only human. However, mistakes can create real problems for employees. For example, if an employee is due some kind of bonus, and they don’t receive it, then maybe that money has already been set aside to pay for important things, like bills and school fees. If it isn’t received in line with government wage guidelines, it can create a real problem. If you have award interpretation software in place, then these kinds of things do not happen.
- It saves time – If you’re still using the manual system to pay your employees, and pay the various taxes that are due to the government, then you are wasting many hours, that could be spent more productively, elsewhere in the company. An automated payroll system shaves off hours of time, and can complete all of the other jobs, that are involved in the payroll system. It can calculate total hours, payments for overtime, provides employees with a record of their payment, and it can run any payroll corrections that are required.
- Increased security – Storing your payroll records using paper, and on spreadsheets, is not a very secure way to keep your payroll data. Cyber security now, is essential, and with an automated payroll system in place, all of your data will be included, and also password protected. This means that the only people who can access your payroll are you, and your payroll team.
An automated payroll system can also help with making payroll decisions, or trying to figure out future labour costs. Imagine having to look through reams of paperwork, trying to track down a particular piece of information about an employee. It would be a complete nightmare, and valuable time would be lost looking for it. Reports can be easily generated and printed using an automated payroll system.
