Modern payroll systems continue to create a lasting impression on different industries today.
Businesses can now shift from manual and tedious payroll processes to automated payroll management systems like Fareclock, simultaneously resolving common burdens of manual payroll – time-consuming, cost inefficiency, human error, and security risks.
Here are six (6) ways that payroll automation saves a business time and money:
1. Data Accuracy
Payroll systems replace manual repetitive tasks like data entry, wage calculations, tax deductions, and benefits processing that leads to false and inaccurate payroll balances.
A previous 2017 survey from The Workforce Institute at Kronos found that nearly 50% of American workers will seek a new job opportunity after experiencing just two paycheck errors, which is why businesses understand that automating their payroll system is an important investment to ensure better employee satisfaction and build continuous trust.
2. Efficient Record-keeping
An automated payroll system allows businesses to manage a precise collection of previously processed payrolls, audit reports, and financial statements. This ensures that there is a clear and accurate record of all transactions between the business and its employees, preventing discrepancies and acts of dishonesty.
3. Sustainability
With technology automating payroll, and worker pay stubs now available on mobile devices, businesses no longer need to produce significant amounts of hardcopy payslips or financial statements. This cut down on unnecessary paperwork and printing costs not only saves businesses money but also advocates for sustainable, eco-friendly workplace practices.
4. Scalability
Fareclock is carefully designed to scale alongside a business’s growth and expansion. From increasing worker headcount to accommodating new branches from different areas, our automated system is well-equipped with plans that can adapt and adjust based on your required resources.
5. Cost Reduction and Management
With this growing reliance on systems that automate and manage payroll, there is now less of a demand for an extensive team to process manual payroll tasks. This saves businesses on exhaustive administrative costs, allowing them to allocate these extra funds to marketing, advertising, employee training, and other important projects.
6. Enhanced Security
Advancements in technology mean that automated cloud-based systems like Fareclock frequently improve their security and privacy features like access control, audit trails, app updates, and data privacy. These mandatory system implementations help prevent data hacks and fraud that can put a business at risk, saving them money in the long run that would otherwise be used to resolve incidents caused by a poor data security system.
In summary, when businesses invest in modern payroll solutions like Fareclock, they save substantial time and costs. Payroll automation offers accurate data, robust record-keeping capabilities, sustainable practices, and rigid security measures.
With Fareclock, not only do we simplify payroll calculations but seamlessly integrate with accounting systems that allow your business to focus on core operations with confidence that your payroll is managed with precision and reliability.
RESOURCES:
Bolden-Barrett, V. (2017, June 7). Just two payroll errors can cause 49% of employees to start job hunting. HR Dive. https://www.hrdive.com/news/just-two-payroll-errors-can-cause-49-of-employees-to-start-job-hunting/444377/
Roth, A. (2019, September 18). On time, on budget. HRO Today. https://www.hrotoday.com/news/payroll/on-time-on-budget/
