One of the biggest responsibilities of employers is to handle payroll and ensure that taxes are filed correctly. The problem is that even the most skilled and diligent person can overlook details and make mistakes, which can result in serious penalties. Couple that with the inherently time-consuming nature of payroll, and it can be a major headache. Fortunately, human capital management software can help dramatically and gives business owners more control over payroll. Here are some key advantages.
Part of what makes payroll such a hassle is how arduous and painstaking it is. Employers can end up spending a large portion of their time on payroll, which can hurt productivity in other areas. Utilizing human capital management software is helpful because it automates common tasks such as rekeying information and laborious data entry. This streamlines burdensome tasks and significantly reduces overall payroll running time. Over time, this can save you from a lot of frustration and be catalyst for more overall productivity.
Increased Accuracy With Calculations
One of the key benefits of software is that it takes out the human error factor. As we all know, humans are prone to making mistakes regardless of how skilled and experienced they may be. Even with the best of intentions, a small mistake can come back to haunt a business later on. Using the right platform means that calculations are always accurate and glitches can be virtually eliminated. This translates into extremely reliable payroll and tax filing.
Many human capital management software programs offer a self-service component that allows both employers and employees to stay on top of payroll. For example, as a business owner, you could perform paycheck calculations, check on tax information and place direct deposit earnings into your employees’ accounts via a centralized dashboard. For employees, they can check on payment status, view past payments and adjust their personal details, etc.
Keeping tabs on payroll data is another advantage of this software. By logging into an online portal, you have access to robust reporting including payroll summary, tax payments, employee information, pay rates and so on. If you have any questions or concerns, you can quickly find the information you need to stay on top of payroll. This is nice because you’re always in the loop, and important details are less likely to escape your notice.
An additional feature that perhaps isn’t necessary, but is perfect for branding is the ability to include your company logo on checks, payroll reports and self-service dashboards. This adds to the legitimacy and professionalism of your company and reinforces your brand identity. With branding becoming increasingly important in the business world, this can be a huge asset in the long run.
Because many small to mid-sized businesses lack a formal human resources department, payroll can be a real struggle. But by implementing the right human capital management software, this can alleviate much of your problems and simplify your life.