One of the most important aspects of managing people is the responsibility of paying them the right amount, at the right time. Traditional payroll methods are seen to be a huge drain on time for HR and accountancy teams, and human error is an ongoing issue.
Employee that receiving an incorrect payslip can leave them feeling demoralised or upset, meaning they could fall short of money just as the mortgage or rent needs paying. Payroll tech is advancing in leaps and bounds, and it brings bespoke and automated software solutions that eliminate errors, provide real-time reporting and big efficiencies (and therefore cost savings).
There are many advantages of a high-tech, yet easy-to-use payroll solution:
Tracking the number of hours worked by staff, including full-time, part-time and seasonal or freelance becomes automatic with payroll tech when integrated with time and attendance software. It becomes easier than ever before for HR or accounts teams to do the monthly payroll at the touch of a button.
Cut costs, eliminate errors
By moving away from counting up hours on a data-heavy worksheet, management can save lots of time, which not only cuts costs but eliminates errors (which saves more money in the long run by helping to retain engaged staff).
Directly submit data to HMRC
The Mitrefinch payroll solution can be linked up directly to HMRC, so paying the taxman is seamless.
Reports and audits at the touch of a button
With data compiled in real time, your bespoke designed dashboard can be used to monitor and generate reports simply and efficiently, further reducing the time spent on daily tasks. You can also inject alerts into your systemso that you meet compliance regulations such as working hours. So, if you employ drivers, you’re always across how many hours they have worked and are alerted if they approach the regulatory limit.
Scalable and integrated
Like all good software, payroll tech is scalable, so your solution can grow no matter the size of your workforce, or how many stores, offices or factories you have. Everything can be run centrally and viewed from any device. You can import data from your other systems like attendance reports – but for best results, customers find it makes sense to integrate payroll with Mitrefinch time and attendance, access control and HR software. Integration, on a cloud-based platform, gives the ultimate in control over workforce management.
Businesses are now catching on to the idea that wellbeing of staff is not just about physical and mental, but also financial. Financial concerns and issues, which affect so many people, directly impact on your staff’s physical and mental wellbeing. Having an efficient payroll solution ensures your team gets paid correctly, and you can use payroll as a means to provide financial education for employees together with life skills such as savings plans and more. Cutting financial issues facing staff saves the business money in the long run, cutting sick days and helping to reduce costly employee turnover.
Join businesses from across the world
Mitrefinch’s extensive worldwide client list should give you the confidence to move forward with your own hi-tech yet intuitive payroll system. Contact the team today to discuss how workforce management solutions will help your business run more efficiently by phoning 0330 726 0066 or email email@example.com.