5 Reasons Why All SME’S Need HR And Payroll Software
Posted on August 1, 2018
It’s almost month end! The time when all employees are eager to work hard, complete tasks and get paid. But there’s a hiccup! What if there’s an error in how their time in/out is calculated? This may mean each employee has to undergo the cumbersome process of having their time card recalculated. As the head of your organization, you can pray that this mishap doesn’t occur again because it can be a costly error!
Unfortunately, this is a common occurrence which often results in frustrated employees who are also disgruntled. Unfortunately many small companies do handle their human resources very productively. Little attention is given to the potential for human error in payroll and HR calculations. How can your SME ensure that such mishaps don’t occur again?
The solution is to invest in the right HR and payroll software program! This is a comprehensive solution which ensures timeliness, precision, efficiency, cost savings and accuracy. This program helps you set up an automated payroll and HR system which enables you to focus on business growth rather than administrative work.
Here are five reasons why all SMEs need HR and payroll software:
Small organizations allocate too much time to payroll processing. When year-end taxation comes around, additional hours are spent just to ensure everything is documented correctly. With a software program, all your processes get automated. This eliminates the chance of calculation errors. In addition, you save employee hours enabling them to focus on critical business-related tasks. With a few clicks, the monthly vicious payroll cycle comes to an end.
- Zero Scope for Errors
According to the IRS, $4.27 billion in penalties were levied against business for errors made in employment taxes. Many of these mistakes were made due to manual errors such as ignoring taxable points, miscalculating taxes, filling forms with incorrect information, etc. These mistakes are very expensive! When HR and payroll is automated, the scope for error is zero! Since this program is regularly updated, it also complies with government requirements.
- Customizes according to your Company’s Needs
HR software is a flexible program that enables you to account for the way your company operates. Whether your payroll occurs on a weekly, bi-weekly, or monthly basis, you can include the compensation structure for each role as well as any bonuses and benefits that need to be given. This will reduce the time and effort required for admin staff to ensure that all the requirements are being met.
- Employee Portals
With HR software, your employees gain anytime and anywhere access to the program. This enables them to see their upcoming pay stub as well as their benefit records. This boosts employee morale and promotes a transparent culture within the organization. The employee portal holds key information related to every employee.
- Easy Access and Integration
Payroll software offers numerous integration options that enable employers to provide employees with login access, time tracking, attendance syncing, etc. Since employees can access their personal account with their private login details, admin staff no longer have to take time out to search and obtain employee files, whether to make changes, updates, etc.