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Reasons to get your business up to speed with payroll technology

The phrase “if it ain’t broke, don’t fix it” can be something that many fall back on when trying to explain why they might still use outdated practices, and running payroll is no different. Whether a smaller, family-run business or something larger that still relies on antiquated regimes, it can be tempting to stick to what you know with payroll services and not invest in new technology such as an iTrent system or ResourceLink system. However, the advantage to upgrading your payroll technology can be massive, and, even if you feel as though you get by with your current system, with modern equipment, you’ll certainly experience a system that can work even better.

If you are considering upgrading your payroll technology, this article highlights three major reasons why you should push forward.

 Improved Security

Security should be an imperative goal for your business at all points. Payroll is one area where security needs to be extremely stringent as myriad personal employee details will be involved in the majority of processes. Utilising payroll technology can give you an extra level of protection against data theft and make sure that your employees’ details are safe from digital predators.

Accessible via the internet, it also means that your payroll can be accessed anywhere so there won’t be the need for staff to move paper documents or computer files between locations, something that can easily end up resulting in a loss.

Increased Efficiency

Payroll technology can bring automation and increased efficiency to your business. Gone are the days when arranging employee pay needs to be a major undertaking and by streamlining day-to-day tasks, you’ll be able to spend more time focusing on improving the business as a whole.

With automated data integration as standard, you can say goodbye to manual data entry and let the machine do the tedious work for you. Often time-consuming tasks, such as entering employee timesheets into the system, can be done automatically with a connected approach allowing payroll staff to spend less time on such arduous tasks and more time on the tasks that really need their attention.

READ MORE: The power of automation – how you can speed up your payroll practices

Reduced Human Error

Alongside the benefit of increased efficiency with automation, you can also make a big reduction in human error. It’s only natural that, when filling in reams of data, someone might make a small mistake and while it could be insignificant at that point it can snowball into something bigger. With calculations and data entry done through the system, you’ll have peace of mind that the scope for human error is much smaller and much less likely.

It’s not just on the HR staff end that human error can be eradicated, as, by utilising an online system for all employees to book holiday time, log working hours and more, the process is simplified and digital records can be kept of everything, rather than relying on word-of-mouth conversations.

READ MORE: The best HR solutions that can allow your staff to support themselves

It’s not just businesses that still rely on older techniques that can benefit from upgraded technology. Making sure you have a system that works for you and your staff can make a big difference, and with the wrong technology, you can find that the potential benefits are lost as staff try to make the wrong system work for them.

If you are unsure where to start when it comes to upgrading your payroll technology, as HR technology consultants, we at Phase 3 can work with you to find the perfect system for your business’s needs, assist with implementation and even provided staff training to ensure you get the most out of your investment.

For more tips and advice, make sure to visit our blog.

This blog was written by Simon Davis, Head of Partner Delivery at Phase 3.

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