The Benefits Of Automating Payroll
In todays fast-paced world, companies need to stay on top of their daily operations to run an effective business
. One of the ways companies can help streamline their internal operations to help focus their attention on where it counts is through the use of automated payroll services. Payroll companies offer a number of different services to help HR and payroll departments run efficiently and smoothly. Companies and organizations of all sizes can benefit from automated payroll services and the many benefits they can provide.Efficiency and Accuracy
The use of automated payroll services eliminates the need to complete the payroll process by hand. This ensures both efficiency and accuracy. Payroll information can be processed quickly, allowing the payroll department to focus their attention on other tasks and payroll needs. Automated payroll services also eliminate problems that can occur with basic human errors while processing. Employees can clock in using electronic devices, and their time is recorded and stored on computer servers. This means employees no longer have to log their times by hand and it eliminates the need for supervisors to cross check paper timesheets.
Cost-Effectiveness
Complete payroll services can also help companies save money. Because efficiency and accuracy are boosted through the use of automated payroll, it eliminates the need to hire additional staff or accountants.
Government Compliance
By streamlining payroll through automated services, companies can be sure they are staying in compliance with governmental regulations and laws. Automated payroll services calculate proper payroll taxes automatically through computerized tax tables. Similarly, tax forms are automatically filled out at the correct time (monthly, quarterly, or annually) and submitted to local, state, and federal tax agencies.
Self-Service for Employees
Automated payroll services are not just beneficial to supervisors and the payroll department. The services provided through automated payroll provide a number of conveniences to employees as well. Electronic self-service tools allow employees to access their own information to change their profiles and even their W-4 information without having to fill out any paperwork. Employees can access their pay stubs and request time off electronically as well.
Other Services
In addition to timesheets and paychecks, complete payroll services can work with your company to offer solutions in tax filing, general ledger reporting, retirement plan reporting and administration, workers compensation tracking, labor distribution, new hire reporting, third-party remittances, and core functionality.
Choosing the Right Company
When choosing a payroll company, be sure to choose a company with a solid background and strong reputation. The best automated payroll company will use methods that have proven to streamline the process of payroll processing for thousands of clients nationwide. Complete payroll services should always be SAS70 compliant to ensure that your companys data is kept accurate and secure. Accuracy at a top payroll company is also ensured through a payroll engine that provides immediate gross-to-net calculations before payroll submission, and your general ledger posting file will be customized to meet your specifications.
Top companies who provide automated payroll services are client-centric and work with you and your company to find the right solution to meet all of your payroll needs.
by: William Hauselberg