Date
02 May 2024Category
PayrollHistorically, payroll has been seen as a straightforward administrative function and just a necessary cost of business that can be completed monthly and then forgotten about until the next pay cycle. However, a valued and optimised payroll function can offer advantages.
A modernised payroll process can be a valuable tool for businesses - providing increased efficiency, boosting employee satisfaction and reducing compliance risk. As well as this, in-depth, data-driven payroll can help you generate valuable insights about the characteristics of your business and your employees.
Numerous software solutions exist today that can provide support with payroll. Through investing in a solution like Xero, you can unlock opportunities to enhance your operations.
Whether it’s automated tax calculations, easy employee access to payslips or time saved by automating admin tasks, investing in a digital payroll system can remove the manual requirements faced by those responsible for processing. By reducing time spent on payroll processing, you can switch employee focus to other important business areas.
Investing in your payroll data collation process can provide you with valuable insights about your business. Payroll data is a goldmine of insights into workforce costs, trends, and behavioural patterns and this information can be leveraged to support strategic decisions. From budgeting and forecasting, to tailoring employee benefits programmes, payroll data helps paint a clear picture of the costs and benefits of your strategy.
The power of payroll data is explored further here.
Modern payroll solutions automate many aspects of the payroll process, reducing the likelihood of errors and the time spent on manual calculations. This efficiency not only cuts costs but also allows the likes of the HR department (where involved in processing) to focus on more strategic tasks that can benefit the business in the long term.
Ultimately, an automated system significantly minimises the risk of costly errors that can lead to disgruntled employees or potential compliance issues.
A well-oiled payroll process can bring benefits to your employees, helping you attract and retain staff. Most digitalised payroll systems will offer workers a variety of self-service options, allowing individuals to view their pay and tax information at the click of a button.
The reliability and timeliness of an automated system are also a must-have for most employees in the modern business environment. Receiving a payslip on time and without error has now become an expectation for most employees, and doing so helps build trust and security amongst your workforce.
Whilst investing in your payroll process can be extremely advantageous due to the reasons listed above, it can require sizeable capital and personnel investment. Depending on your specific situation, it may be favourable to outsource your payroll processes to a specialist. Outsourcing can be a cost-effective way of automating your payroll without the burden remaining on internal teams.
At Azets, our dedicated payroll team processes over £1bn in salary payments to over 7,000 clients every month and can offer you support with a full range of payroll services, including comprehensive payroll processing, timely and accurate payments to employees and pension scheme support. Additionally, we use cutting-edge payroll software, including our fully secure cloud portal, which can facilitate the instant transfer of payroll data, comprehensive reports and epayslips for employees.
Switching to Azets provides you with expert payroll services but can also provide an easy introduction and access to our full network of specialist advisors spanning key business areas such as tax, employer solutions, employee benefits, HR consultancy and general advisory should you need these services in the future.
To find out more about the benefits of investing in your payroll processes, get in touch with a member of our specialist payroll team or get in touch with your usual Azets advisor.
