3 ways that payroll tech is transforming companies - Mitrefinch

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3 ways that payroll tech is transforming companies

Published: November 9, 2018

With digital transformation improving business processes across the board, there’s never been a better time to adopt advanced payroll tech to benefit your company. Engaging payroll software, especially when integrated with workforce time and attendance, HR and access control packages creates an all-powerful workforce management suite that will have far-reaching benefits.

Payroll software makes life easier for HR and accounts teams, plus benefits your employees and the wider business performance as a whole. Read the benefits below of payroll tech to employees, employers and businesses, and find out how payroll tech can transform companies.

Mitrefinch Payroll

1. Payroll tech for HR teams

In a fast-paced environment, building an accurate payroll is time-consuming. Staff work different shift patterns; some are part-time, others freelance and more are brought in on an hourly rate during busy periods. Add additional headaches caused by more than one office or factory, and it’s easy to see how modern payroll tech  makes a huge difference to the teams who’ll use it most: HR and accounts.

 

  • Efficiency –  Pull in data automatically and run payroll at the touch of a button. Apply changes to all employees at once, and act upon necessary changes or issues in an instant. Your payroll system is accessible from any device, so you’re never more than a few seconds away from the real-time information you need.
  • No mistakes – Because all your data is compiled automatically, there’s no longer the risk of human error. Sending a late, or the wrong payslip is not acceptable. Further, your department will be able to contribute to company-wide budget and strategy decisions quickly and accurately.
  • Records and reports – Dashboards can be set up to run a diverse range of real-time reports, turning what was previously a long winded task into a one-click solution.
  • Scalable – No matter the size of your workforce, payroll tech is scalable.
  • Compliance –  It’s simple to adjust data and rules in your software to remain compliant. For example, apply EU working time directives changes to all staff at once. For logistics companies, you can even apply rules to alert you if an employee is approaching the maximum hours he or she can work in a given period.

 

2. Benefits for employees

Simply having an efficient payroll is a big plus to all employees, since being paid correctly is one of anemployer’s biggest responsibilities. With payroll tech, employees get:

 

  • Paid correctly and on time 
  • Financial wellbeing – The above point maintains levels of financial wellbeing, which is now being given attention by employers alongside physical and mental wellbeing. Payroll tech can also be used to address personal financial support, learning and initiatives for employees, introducing savings or investment opportunities.
  • Transparency – When linked to time and attendance, there can be no disputing colleagues are getting what they are owed, making everything transparent and fair.

 

3. All round success for the business

While the positives for staff and HR are plenty, they all add up to substantial benefits for the wider business.

 

  • Efficiency and cost savings – Streamlining payroll operations will save time and money, allowing HR staff to concentrate more on engaging with the workforce. The business will be better placed at times of financial forecasting thanks to payroll tech and time and attendance packages.
  • The more engaged workforce – is a happier one that works more efficiently. Keep your staff happy by helping them enjoy better financial wellbeing that will ultimately lower stress.
  • Lower turnover of staff – is a cost-saving consequence of a happier, better-engaged.
  • Compliance – As regulations become ever more complex, payroll tech can help business keep on the right side of the law.

 

Take your step to payroll tech transformation today.

Mitrefinch offers effective payroll tech and workforce management solutions. Contact us team today to discuss how you can move forward, benefiting your HR team, your staff and your business as a whole on 0330 726 0066 or email sales@mitrefinch.co.uk.

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