People engaged in the finance and accounting profession experience the least happiness, as per a recent study!
At times these facts go unnoticed, but their impact isn’t.
Payroll is a cumbersome and time-consuming process. It gets more complicated due to frequent tax updates, employee regulations, and compliance issues, making it highly difficult to execute accurately. So to avoid this hassle, companies prefer to outsource the payroll process to accountants and payroll bureaus.
Now that means more business for you, more growth opportunity, and that’s good news. But this also means increased workload….right!
And there’s no space for mistakes in the challenging job of payroll professionals as you are indicted with the responsibility to make sure that your client’s employees are paid correctly and on time, with the correct withholdings and deductions.
The payroll industry has, as of late, encountered a blasting upsurge in their demand. As a result, the coming year may experience a lack of skilled experts in this field.
Moreover, the payroll industry is expected to be charged with some crucial challenges in these modern times. These concerns range from varying perceptions of the payroll function to keeping up with frequent legislative changes to adapting to new emerging technologies.
So let us first get aware of some of the most common challenges that you are going to face as a payroll professional
The manual Payroll Process is obsolete.
Manual payroll processing becomes more n more difficult with the growing number of clients. It would be best if you did a manual calculation of wages and tax deductions. These taxes can be tedious and confusing to register manually. Moreover, a lot of rules are also to be adhered to while calculating taxes. Manual payment calculation involves keeping track of basic salary to hourly wages to more complex tasks like overtime, bonus, commissions, and other complex calculations.
So a manual payroll process puts a lot of pressure on you to be correct all the time, and we all have to accept that no human is perfect. Chances of error resulting in excellent business loss are very high with a manual system.
Due to these facts, manual systems are getting obsolete. To keep up with emerging trends and ease of work, you must adapt to new technology.
Keeping compliance with frequent legislative changes
Legislation can be unpredictable and hard to comprehend; however, with changing administrations come regulatory changes that make it hard to keep up compliance in the payroll process.
Automating the entire payroll process can give you great relief from frequent tax updates and compliance with the process.
Dealing with Real Time Information (RTI)
In April 2013, HMRC acquainted the most significant change to payroll since PAYE was executed just about 70 years back. Real-Time Information (RTI) expects businesses to submit PAYE records to HMRC each time they pay employees, instead of yearly at year-end.
Regardless of RTI being necessary for pretty much every business in the UK, an ongoing report found that just about 600,000 PAYE plans had still not changed to the new procedure and could confront punishments from HMRC. So to ensure that your client is not faced with these charges and their payroll is operated in real-time, you must switch over to an RTI compliant payroll software.
Payroll professionals are always laden to deal with sensitive information about their client’s employee data.
The consistently developing domains of technology pose an increase in threat to your crucial data. It isn’t astonishing that an increasing number of individuals find it challenging to keep their information and data encoded and safe. The equivalent goes out to the payroll business, and the data associated with your industry might be at risk
On top of all these significant challenges that you are facing recently, accuracy, time efficiency, cost, and tedious calculations are a few of the other issues that make your work and life more complicated and stressful.
Time is changing, and new technologies are readily available to make your life easier and stress-free, making it possible for you to accomplish your business goals and at the same time maintain a perfect work-life balance leading to a happy, satisfying life.
The transformation from a manual framework to an automated system can spare a lot of time. It aids in an instant, and accurate payroll handling yet keeps you and your customers happy.
So how about we look at specific features of advanced payroll software that prove to you how it can ease your complex work and lead to a happy and prosperous life.
Offering the best value for money
Switching over from a manual paper-based payroll processing structure to an advanced automated payroll software system is highly cost-effective in the long run as it increases your work efficiency multiple times, nurturing your business growth. By making a one-time investment in payroll software, you can add unlimited businesses, payrolls, and employees, enabling you to complete payroll processing for more clients using the same software.
Moreover, this software comes with inbuilt tax updates and compliances, which saves you from any HMRC penalties and helps you avoid tax punishments.
Freedom from Error
Manual payroll processing isn’t just tedious but also inclined to human error. Payroll processing becomes even more complicated when you have to calculate overtime, hourly wages, bonus, holidays, benefits, tax withholdings, and more. This can lead to a miscalculation in employee salary and taxes. Reaffixing such issues is tedious, expensive, and traumatic.
Furthermore, these blunders come at an enormous expense! Thus, automated payroll software turns out to be highly beneficial in completely eradicating these mistakes. Such software systems also keep updating to remain compliant with government and state prerequisites.
Thanks to the advanced payroll software that enables automation of the entire process, leaving no space for inaccuracy.
Cloud-based Secure Infrastructure
You would always want maximum benefits with the lowest possible investments to start with. You can upgrade to cloud-based payroll software with monthly, quarterly, half-yearly, and annual plans. You also don’t need to spend on hardware as your entire data is stored on a secure cloud server with no downtime.
Another great advantage of cloud-based payroll services is that you can process payroll from any device, any hour of the day. Cloud-based payroll software provides access to your payroll on the go. Whether you’re at work or away, you won’t miss any payroll deadlines. As your payroll data is accessible at any time from any device, this is particularly useful if your business operates across various time zones.
Your payroll data is highly safeguarded with a Cloud-based system because data is securely backed up in the cloud. Payroll information must be safely stored over the years, and cloud-based software enables easy data access and storage. Cloud-based payroll service providers like Brain payroll invest heavily in various resources to secure your data and infrastructure. Moreover, the data is encoded, and backup is done regularly. This allows recovery of your data in case of any disaster and enables seamless business operations even during adverse situations.
Have an easy time – simple, user-friendly operations
With advanced payroll software, you can experience unbelievable ease of payroll processing. The user-friendly interface makes it easy to understand and perform all tedious payroll activities. Complex payroll calculations like calculating employee wages based on leaves, loans, deductions, benefits, taxes, and much more can be done with a single click. Bulk payslips can be generated within no time, and bank transfers can be directed instantly.
Payroll software can be designed with numerously inbuilt features to suit your specific needs. All necessary details like leaves, working hours, attendance tracking, benefits, expenses, and more can be integrated into a single-page interface to make your work easy.
Online portal for easy data access
An advanced payroll system allows data access to employees and managers round the clock using any mobile device. Whether an employee is searching for a paycheck history or an HR professional looking for a specific report, an online framework makes it easy to discover significant records. All your payroll data can be securely stored on the web and accessed with correct login permission whenever you need to review them.
Having access to this information can improve employee satisfaction, maintain transparency, and reduce workload, improving the overall payroll process immensely.
Online portals also benefit by providing real-time data. This module has considerably improved business operations by providing real-time updated data on sales, orders, and more for efficient business management.
According to a recent survey, payroll automation can save 80% of your payroll processing cost. While paperless work, time-saving, accuracy are some benefits, compliance with statutory duties is one of the most significant benefits.
Automation also enables auto employee access and enrolment. Pension schemes can be set up instantly, and contributions can be sent automatically.
Auto tax updates help keep you in sync with regulatory bodies and save you from any HMRC penalties.
Support – Anytime Every time you need
Manual payroll processing is very complicated and when any of your current payroll experts leave the job, training the replaced personal is a big headache. With well-advanced payroll software, you no longer need to worry about this. Along with training to operate the software efficiently, you also get ongoing support and updates. You can get several employees trained to use the software proficiently, so even when your employee is on leave, payroll can be processed seamlessly.
Resilient payroll reporting
Having a clear overview of your finance plays a vital role in any business's effective operation and growth. Accurate financial reporting helps to envisage the flow of funds and make the proper assessments concerning monetary planning. Payroll software allows comprehensive payroll reporting across various business units to give you a deeper insight into your business operations. You can effortlessly outlook payroll information across departments, overview taxes and deductions, and review employee-level disbursement details as well as organization-level financial particulars.
Advanced payroll software makes it easy to incorporate payroll data with other financial accounting tools by automatically importing your payroll. Regularly updated reports can be effectively imparted to your clients, helping them make financial productively.
Automatic Journal Uploads
The automatic journal upload feature allows you to create wage journals from the confirmed pay slips and export them to CSV for upload into accounting software. Journals can be automatically created, verified, and uploaded, saving a lot of your time.
Now that you have in-depth knowledge of how advanced automated payroll software can help you lead a happy, relaxed, blissful life….why wait?
Achieve HAPPY MIND HAPPY LIFE with our robust payroll software solutions at Brain Payroll. Call us or email us for more details.