Payroll management can be a complex undertaking, especially if you're a big business with a large, diverse workforce.
It's also a function that has implications for various other aspects of the company. For example, payroll mistakes can put you at risk of non-compliance with tax regulations or damage workplace morale if people are paid late or incorrectly.
Fortunately, there are steps you can take to streamline and optimize the entire process:
1. Use dedicated software
There aren't many business functions that can't be improved with the introduction of dedicated software solutions. Considering the amount of laborious manual work traditionally involved in processes like entering staff data, issuing paychecks and approving leave requests, it's fair to say that the HR and payroll department have more to gain from efficiency-maximizing software than most.
One of the biggest advantages of the tech tools available to businesses today is automation. Many jobs that once had to be done by an individual can now be entrusted to a software platform, giving employees time to focus on more valuable work.
And selecting payroll software that can be integrated with your existing HR and accounting systems can make the implementation process much easier.
2. Integrate systems and records
It's extremely difficult to achieve simplicity and efficiency in your payroll function if you're using separate systems for jobs like processing payroll and managing HR data. Integrating these systems into a single resource can unlock various benefits, such as better visibility into your data and the ability to make vital changes quickly and easily.
It's also important to ensure that all of your employee records are centralized, which makes it much easier to ensure all vital pieces of information are up to date and can be altered when necessary.
3. Visualize workflows
There is strong evidence to suggest that human beings work and learn better with visual tools and aids.
Visual workflows can be a particularly useful resource to help payroll professionals do their jobs with maximum speed, efficiency and accuracy. The ability to view each step you need to take to complete a task or reach a particular goal makes it much easier to work methodically.
Furthermore, it can highlight areas where payroll management can be improved; for example, where steps are being repeated or too much time is being dedicated to tasks with little value.
4. Give employees ownership of their data
The introduction of dedicated technologies and software to manage basic payroll functions and admin saves time for staff in the department, but it can also benefit the workforce as a whole by giving people easier access to their data.
For example, rather than putting in a request to the HR department to change some basic details or to view their latest payslip, employees can access the system and manage their information independently.
This provides payroll and HR staff more control and increases transparency within the organization.
5. Improve compliance through tech
There are numerous ways innovative, evolving technologies can help businesses, but one of the most appealing attributes of tech solutions for many organizations is their ability to improve compliance.
Falling foul of changing laws and regulations is a nightmare scenario for any company because of the lost time, financial repercussions and reputational damage it can cause.
Once again, automation can be a huge help here. Automated tools can improve your ability to keep up with changes in legislative frameworks and set reminders for key regulatory deadlines or dates when new rules will come into effect.
Having up-to-date, reliable tech tools on your side can make the challenge of regulatory compliance much less daunting for your payroll team.