Nobody likes mistakes when it comes to financial details, especially employees receiving their paycheck. Over the years, the implementation of payroll systems has helped companies automate and consolidate payroll tasks such as gross salary calculations, deductions, statutory compliance and net salary amount for each employee in an accurate and timely manner. Simultaneously, employees are able to reap the benefits of automated payroll systems by managing the information themselves and gaining quick and easy access to their financial details, all at the click of a button.
Given a unique username and password to operate the system, each employee becomes the primary payroll input provider for all their necessary information such as days absent, overtime worked, and holiday hours. The software then verifies the data and makes the necessary calculations taking into account any mandatory deductions such as taxes, insurance and benefits to process the final payment. Many payroll systems offer a “Letter Request” feature, which allows employees to be notified, via email or push notifications, once their payslips become available to view.
It is a popular notion all around that behind any successful company is a motivated workforce. What better way to keep employees engaged and maintain a positive company culture than providing your staff with efficient payroll integration, complete with a user-friendly interface? In this manner, they no longer have to waste time consulting an HR manager or logging into several different systems to complete payroll tasks and access their financial details when required. In addition, since they will be spending less time and resources on admin tasks, it will enable them to become more productive by completing their day-to-day responsibilities faster.
A secure and effective payroll system enables employees to gain centralized visibility by providing detailed information about paycheck, salary and benefits. Employees will be able to go through the details of their consolidated benefits statement outlining their medical insurance, life insurance, time off, flexible spending and even retirement benefits, all with a fine-toothed comb.
Employers, on their part, should do the required research before finalizing a payroll provider since they will be trusting the software company with a lot of the organization’s important records, employee data, account numbers and other financial information. Employers should verify that the software will be programmed with encryption, strong passwords and an alternate backup location in order to prevent compliance breaches and fraud.
A large number of organizations, specifically during recent times, have a dedicated workforce based in satellite offices or in remote locations around the world. Keeping this in mind, payroll systems today are more often than not equipped with employee-facing features that are designed to create new levels of mobility, flexibility and ease. These online systems have equipped their software with apps that can be sync with employee smartphones to help them clock in/out from any location, access current and historical payslips and diminish their need to filter through mounds of paperwork come tax time.
Inaccuracies in payroll and compliance are serious issues, one whose recurrences can cause your employees to look for a new job. A consolidated payroll system not only provides a seamless form of staff payment where employees themselves can log their wages accurately but also ensures that all employees can retrieve pay stubs, input benefits and access tax forms with one click.