Why you need end-to-end payroll
One thing that gives a business a competitive edge over its competitors is the incorporation of technologies that increase the efficiency of business operations.
The same thing happens at HR departments. You need software that helps you manage all Hr tasks – hiring, on boarding, promotion, manufacturing, handling consumer feedback, payroll processing, among others. Such software solution will help you cut the costs and time expended while executing those tasks.
That’s why human resource departments need an end-to-end payroll software solutions that eases payroll processing, thus saving you from those tormenting “whoa, too bad. I just didn’t realize that mistake” moments.
What end-to-end payroll involves
End-to-end payroll involves a series of steps that require painstaking attention and accuracy. The steps include:
- Releasing of payroll to lock employees master data
- Running the payroll program with the details of the employees and time to populate the payroll results
- Releasing the payroll for necessary corrections
- Releasing the payroll again
- Generating the payslips
- Posting the payslips
- Generating a bank file and sending it to the bank for payments
- And finally, processing all deductions and reports related to statutory requirements.
Why it’s great news to lifecycle management in Hr
In the past, human resource departments relied on multiple systems in the management of different HR tasks such as scheduling, task management, hiring and payroll among others.
Using different tool for each task might be easy for you. However, the amount of time and monetary resources you will commit running each system can be huge. Besides, there is a high likelihood that you are going to make a lot of errors when transferring that information to the payroll software. And would be scary, given the legal consequences might put a financial dent on the face of your business.
Instead of treating each HR function in the lifecycle in isolation, the end-to-end payroll solution provides a centralized point for managing of all these functions. The new Hr payroll software integrates all the HR functions into a single platform. So that you won’t have to run multiple systems managing different HR tasks in your business organization. As such, you will only need a single login to manage all the operations.
So- why does your business need an end-to-end payroll solution?
Eases communication between Hr and employees
The end-to-end payroll provides a platform where the employer and employees can communicate effectively. The in-build tools in the system allow both the HR and the workers to utilize the self-service tools in the system to track leave, pay rate and performance. So that when, for instance, you are seeking for a sick leave or some time off, you can easily communicate it to your Hr manager. You can as well tell the exact amount of PTO at their disposal before making requests to the HR manager for approval.
Easy to use
The end-to-end payroll effortlessly integrates with different HR tools information making a powerful, yet easy to use payroll processing system. That way, it makes it easy to search and find employee information such as performance, pay rate and period of employment less time consuming. Besides, a user-friendly system makes execution of the tasks more easy and efficient.
Leads to increased efficiency at work
End to end payroll system provides a conduit that connects of all the employee data to the payroll. Therefore, you don’t have to undergo through tedious paperwork and making copies of different statements. Also, most stand-alone payroll software involves a tedious entry of data consuming most of your time. Using end-to-end payroll provides a solution to this problem and increases efficiency. It also allows efficient management of all the HR needs and functions under one platform.
Eliminates errors and mistakes
Payroll processing is critical task for any business. As such, any mistake made is not easily forgiven. Why? It would really be demotivating for your employees if you don’t them their dues in full and on time. It would be suicidal for the company if you fail to remit the correct amounts of tax fee to the taxman. Besides, payroll processing is a tedious task that requires a high level of efficiency, accuracy, and speed, which makes it prone to mistakes and errors that cost an organization a lot of money. The end-to-end payroll system guarantees more accurate employee information and correct tax-related deductions.
Ability to create detailed reports
The end-to-end payroll system makes it possible for you to generate a comprehensive report you need about employee performance and statutory obligations. That way, it will be easier for you to find out who is not doing what and areas where your employees are flanking. The reports allow the management to make the right decision when it comes to transfers, promotions, rewards and other changes within the organization.
Immunity to data loss
Using end-to-end payroll system provides the organization with a technology that ensures that all critical data is backed up. In case of an emergency or natural disaster such as earthquake or fire, the end-to-end payroll system makes sure that all data for the organization is safe and secure. Since most end-to-end payroll vendors use software as service (SaaS) models, all the data is regularly backed up in the cloud. So on top of flexibility SaaS system offer, it becomes very easy for you to easily retrieve the data unaltered when needed and unaltered.
Unlike standalone payroll software, the cloud-based end-to-end payroll software vendors provide real-time support you need in case things go awry. So you will be required to learn a few troubleshooting technique. You can always call, text or email them when you are challenged. Besides, end-to-end payroll gives you much control and flexibility by allowing you to login from different machines. Besides, they regularly upgrade the system for you if need be.
End-to-end payroll software will save you time you would otherwise spend juggling multiple HR software. With all the tools integrated in the new payroll system, you only need a password to run and manage different Hr process. So that you get to save money, and get more done, in a much lesser time.
You may be interested
How is Technology Transforming Pest Management?David Pasztor - October 11, 2021
When you live in a house with kids and pets, there is no way you can entertain the infestation of…
Hotel Technology of Tomorrow: Property Management SystemAnastasia Stefanuk - September 30, 2021
Do you know what the heart and soul of a hotel property is? If you said hotel guests, you are…