The Importance of a Payroll System at your company
Payroll can be one of those jobs that nobody wants to tackle, the endless loop of paper pushing and spreadsheet filling is enough to drive the sanest administrator to madness. And not only this but, as you can imagine, filling out a spreadsheet for hours on end is a prime target for human error.
Ten years ago there were maybe one or two software solutions provided with the intent of speeding up the process, and even they were clunky and obtuse to implement. However, thanks to the advancements in technology, there are now literally hundreds of solutions for employers to take advantage of.
While using a payroll system can streamline your business and eliminate the human error factor, its main allure is that, ultimately, the payroll system assumes responsibility for your employees’ salary; and in doing so it provides vital protection for complying with payment regulations.
Payroll has a massive effect on the day to day running of a business and yet people often fail to realise the importance of it. Payroll affect each and every aspect of a business from its reputation to the general feeling amongst employees. To highlight this importance, we have compiled a list of reasons why it is imperative you have a payroll system at your company.
A company’s reputation is everything and having a payroll system in place helps to maintain this. Not only does it ensure that all your employees are paid on time, it ensures that your company is adhering to all the tax and employment regulations. Ensuring all of this legislation is met with further establish your company as a reliable and reputable employer. This will ultimately add value to your company and attract not only new customers but also talented potential employees.
The ever-watching eye of HMRC is always bearing down upon a profusely sweating accounts administrator somewhere in the country. And indeed, making sure that stringent regulations are adhered to can often be more time consuming than actually doing the job to begin with. Newer payroll systems take the weight and hassle away, streamlining and destressing the process.
Your employees are what make your company. Ensuring that morale is upkept is key to a good working environment. Your employees will want to feel safe and secure in their job with the knowledge that they will be paid consistently and on time each month. Any late or incorrect pay may lead to employees being upset and questioning their financial future at the company. This will ultimately create an unrestful and negative workplace which is why using a reliable payroll system is of such importance.
One of the greatest benefits an employee will find from a payroll is the ability to look towards the future and see their annual salary and to see their net worth. Systems allows them to not only see what they will be earning but also their bonuses, benefits and any pay increases as this is all provided in the payroll system. This is likely to improve your employees’ performance and ultimately will improve the efficiency and day to day running in the workplace.
Ultimately, it’s obviously prudent (for those of you who haven’t already) to switch from old school methods and outdated practices, to a streamlined and secure payroll suite. Products now can tailor their solution to any conceivable industry, and slot in nicely and without major adjustment to procedures.