If you are still using paper checks and relying on an accountant to calculate the salaries manually, you are already losing money and precious time. And not only that: constantly lagging can also cost you the place you fought over with your competition.
This means that you need to stay in touch with all changes that make a business run more efficiently, and one section to which improvements are always welcome is the payroll section. If you are not convinced that payroll automation and employee cards are necessary elements for your business, here are a few reasons to change your mind.
Timekeeping is more precise
Ever since electronic punching in has been introduced to the world of business, nothing has been the same. The arrivals and departures from work are now closely monitored leaving no room for the abuse of this system by neither the employers nor the employees. This system coupled with managerial software tools which are nowadays used by employees to mark the time they spent on an assignment has tightened the system. It also significantly increased productivity levels because employees know exactly when which segment of the project is due.
Payroll automation leverages these pieces of information which makes it paramount for employees to enter correct data. This is especially true for those who are paid per hour because not all employees receive the same salary each month. Tracking these hours in any other way other than automatic can result in mistakes which means that automated payroll and timekeeping systems are the perfect tools to accurately calculate the working hours.
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Eliminating the possibility of human error
As mentioned, accurate time-keeping is essential for precise salary calculation. However, the working hours are not the only details that you need to enter correctly.
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For instance, you need to also mark that some employee was made redundant or that somebody worked overtime. Something you have to keep in mind is that the payroll automation software is only as precise as your data entry is.
The payroll automation system tends to calculating salaries from all types of contracts. This includes hourly rates, commissions, overtime, retroactive pay, wage deductions, tuition reimbursements. If your employees have earned a bonus and you fail to live up to your promise of paying it together with the next salary, that can influence your reputation as an employer. You also cannot afford to omit to include a pay raise to the calculation or you might even lose an employee. Any mistakes in the calculation or omissions to include or deduct something can be prevented by introducing a payroll automation system.
It is good for the environment
A lot of modern businesses have started to think more about the environment and have adopted certain mechanisms to make their business sustainable. Digitalization has brought about many changes, including higher operational precision and it has altogether improved productivity. Automation has been applied to many areas which allowed for repetitive tasks to be tended to so that employees can focus on tasks that require creativity and more cognitive thinking.
Another essential change that many businesses have adopted is a paperless office. This means that all documents, sheets, presentations, analyses are created and stored on computers with no need to print them. In addition to that, handing each employee a personalized payroll card can decrease expenses and save a lot of paper that would be otherwise used to print checks. Automation and payroll cards are best applied together to the task of creating a green business.
Hustle-free access to salary for employees
From an employee’s point of view, a great majority of people first and foremost work to provide for themselves and their families. We all need money to be able to afford a place to live and food on our plates, as well as to pay for the bills. Only after those basic needs are satisfied do we think about other stimuli that motivate us to give our best as work.
Having in mind the most common primary stimulus, that is, the earnings, it is reasonable that employees wish to lose as little money as possible on fees such as those when they need to cash in their checks. This makes payroll cards an excellent solution since it eliminates any check-cashing fees and puts the whole profit straight to the hands of the employees. This is something any employee would highly appreciate.
Changes are introduced directly
Any change that needs to be introduced to a traditional payroll system can be tedious, extensive, and not to mention time-consuming. Paper after paper, form after form, you would accumulate quite a pile to get anything done. However, with a new automated payroll system, you needn’t worry about such complications.
The process of making changes to the entry is simplified because it is done directly in the system and if necessary, the employees are allowed to make changes themselves. These changes might include adding or changing bank accounts in case employees change their bank, as well as adding or removing employees from the system. This benefit isn’t limited to payroll but it also influences other areas since it helps streamline certain tasks helping the business to operate smoother.
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Salary deductions are made easy
Every entrepreneur will agree that taxes and the law is not something to be taken lightly. A wrong assessment, a wrong number here and there and you get a mess which is not only inconvenient but also serious in the eyes of the law. This is why it is immensely important to first get acquainted with both your rights and obligations.
Once you are familiar with all social security and medical care tax withholding, as well as the state ones, you can rely on your trusted automated payroll system to see it through. These software tools often have these deductions included in their system which is all the more reason to leave such important matters to an automated system. This reduces the likelihood of errors which will ensure you don’t get into trouble with the IRS.
Wrapping up
Automation can aid many processes, including the payroll calculation. It ensures everything is accurate and simplified both for the employer and the employee. This factor coupled with the fact that it causes your business to be green make the introduction of payroll automation and payroll employee cards mandatory. That is, if you want to achieve success and maintain a lucrative business.
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