Payroll is probably the foremost ubiquitous business function — everyone has to be be paid! It is also one of the largest business expenses, with wages equating to an average of more than 60 percent of total business costs. The function of a payroll system is simple: You pay your people accurately and on time.
The reality, however, is more complex. Payroll is subjected to a myriad of ever-changing complexities, from tax codes and distributions to bonuses and personnel changes. Fortunately, payroll was one of the primary HR functions to completely embrace automation. Due to the large part of technologically advanced payroll systems, most HR departments are operating more efficiently, accurately and economically compared to before.
Payroll is a boon to employees but the bane of much small businesses existence. On a weekly or bi-weekly basis, business owners or their accountants must pour over spreadsheets, make calculations, fill out government forms and cut checks for various taxes and payments and then deposit these payments into various accounts. If that isn’t tedious and stressful enough, there are potential legal ramifications that they should worry about if the payroll is delayed or if the calculations are wrong.
So it is to no one’s surprise that many businesses opt to use computer software to gather and aggregate payroll data instead, or to engage with other companies to process payroll information. Several software and service providers now offer businesses web-based cloud computing options, as well.
Two major misconceptions about automating business processes are that they will either require a major overhaul of an entire IT system or that the software will not be affordable to small and medium-sized businesses.
Many HR and finance automate can easily integrate into existing IT infrastructure. Many professional services firms that provide payroll and HR support and consultancy even have the capacity to implement cost-effective IT solutions. Getting IT, payroll and HR support from an equivalent provider mean a more integrated system with comprehensive troubleshooting and analytical reporting.
Alternatively, businesses can explore migrating their on-premise servers and business processes onto the internet through a ‘cloud’. Although cloud migration is a significant internal change, it saves businesses’ money in the long term — allowing them to adapt to new technologies more organically without expensive upfront investments into physical infrastructure and hardware.
Gleematic brings innovation and scalability to modern human resource management automation. We believe that our clients, their employees and our partners deserve the best, easy-to-use human resource management power provided with the best automation services and customized support.
Written by: Jimmi Chandra
Originally published at https://gleematic.com on April 30, 2020.