Payroll is arguably an employer’s most important task. Ensuring that employees are paid accurately, on time, and in full is a huge responsibility.
A lot of behind-the-scenes work goes into the payment of employees. Companies have to stay on top of industry changes and advancements to remain compliant with new labor laws and tax regulations. There are a number of ways that technology can help keep the payroll process efficient, and automation should be top of any employer’s wish list.
Discover the key benefits of payroll automation below.
Fast and secure salary payments
Although direct deposit has been the mainstream standard for many years now, it actually wasn’t that long ago that employees received their pay in the form of written checks that had to be physically taken to a bank and cashed.
A lot has changed since then, and more change is on the way in terms of making salary payments faster, easier, and more secure. Today, it is common for payroll software to work in tandem with modern banking systems, simplifying the process for all parties (including employees). In 2022, this trend is expected to continue with new payroll software options entering the market all the time – many of which are being designed to integrate neatly with major banks and financial institutions.
Automation of repetitive tasks
Staffing agencies have a host of back-office tasks to contend with on a daily basis, and without the assistance of technology, they can easily become labor intensive. This prevents recruiters from focusing on the aspects of their role that require a personal touch, such as relationship building.
Payroll inherently involves a lot of repetition. Monthly tasks can include spreadsheet updates, time and attendance entry, and in some cases, paper payroll completion.
All of the above can be automated using widely available payroll software. Not only do these systems reduce the incidence of errors, but they also significantly decrease the amount of time it takes to complete the activity.
Accessible data
As recent events have shown, businesses need to have flexible access to their data. It is no longer sufficient to tie capabilities to a specific office department. Online payroll and accounting software can be deployed across multiple locations on different devices, allowing organizations to manage payroll operations from anywhere at any time. Data is automatically backed up and stored securely on the cloud.
By choosing a cloud-based payroll and accounting software, companies can also provide their employees with a self-service system that allows them to review personal information, pay, deductions, and absences in just a few clicks.
Regulatory compliance made easy
Employment law and tax regulations are constantly evolving and this presents recurring challenges for staffing firms. Failure to abide by the rules can result in devastating fines and reputational damage.
Although some applicant tracking systems offer incorporated payroll systems, they are unlikely to stay up-to-date with ever-changing pay regulations. This will render employers liable for any violations that occur as a result.
As such, agencies should always choose a purpose-built system from a trusted payroll automation provider. Liability is passed onto the provider – lifting the burden of record-keeping as well as ensuring compliance with payment and data protection regulations.
Informed decisions
Bringing payroll information together in a single user-friendly platform will give business leaders the insights they need in order to identify ways to increase productivity, while highlighting cost-saving potential.
Most automated payroll systems allow users to analyze pay periods, tax weeks, tax months, or the entire fiscal year in easy to digest reports.
Integrate payroll with Mindscope
Mindscope applicant tracking software supports the integration of third-party payroll and accounting systems. The synchronization of payroll and other back-office tasks means that Mindscope is able to provide staffing agencies with a complete end-to-end solution.
As well as integrating payroll, Mindscope can help improve your front and back-office functionality, manage leads and customer information from anywhere, generate detailed, real-time reports on your recruiters’ activities, and more. For more information on how Mindscope’s recruiting software can transform your approach to staffing, get in touch.
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