Why Now Is The Time To Invest In Payroll And HR
As a payroll or HR manager, you are likely to witness changes to your organizational processes during a crisis. The COVID-19 pandemic caused a monumental disruption in our economy. The effects have been felt by businesses all over the country and world. In the U.S. alone, 20.5 million people lost their jobs in April of this year. Many businesses had to make tough decisions and cut costs to survive.
It can be tempting to stop investing in technology like payroll and HR when faced with a crisis. However, we’re here to tell you why now, more than ever before, is the time to invest in payroll and HR.
Payroll and HR Are Needs, Not Wants
Some companies consider payroll and HR technology a want. They may think one person can manually process payroll or manage benefits. They may even believe that spending extra budget on a payroll and HR system will replace an entire department. However, this is not the reality with a workforce management system. Payroll and HR technology can help you automate business processes, promote employee engagement, and ensure tax compliance. An investment in payroll and HR is an investment in the success of your business.
Why Successful Organizations Invest In Payroll and HR Software
Here are six reasons why successful organizations are committed to an all-in-one payroll and HR solution, even in times of crisis:
1. Employees Are Paid Consistently
An accurate, dependable paycheck is more important than ever. Choosing to continue running payroll through your workforce management platform means paychecks are not disrupted for employees.
Furthermore, when using a unified solution, attendance data is automatically synced to payroll data without the need to rekey information. This seamless process saves HR managers valuable time and reduces the potential for payroll errors.
2. Tax Experts Help Alleviate Unnecessary Penalties
Last year alone, American business owners were fined over $10 million in IRS tax penalties. To avoid IRS penalties, payroll taxes need to be accurate and timely. Working with a payroll tax compliance partner reduces the burden on businesses to keep up with ever-changing laws and legislation.
Some payroll and HR providers have tax compliance experts on staff who act as the reporting agent to the IRS on your behalf. This way, HR managers can focus on their people, while payroll tax payments and filings are handled by the experts.
3. Manual Tasks Are Automated
Payroll and HR professionals are tasked with managing all employee information including benefits, deductions, and performance. Using manual processes to track these processes is time-consuming and error-prone. A payroll and HR solution can automate these tasks into closed-loop workflows, eliminating spreadsheets and ensuring accurate data. For example:
Freeing up this valuable time allows HR managers to focus on more strategic tasks, like recruiting and hiring. The average U.S. employer spends $4,000 onboarding one employee. With that much money on the line, you want to make sure you’re dedicating enough time to your hiring process.
4. Important Documents Are Easily Accessible
Document management allows you to securely store important company policies and information in a centralized location. Training manuals, employee handbooks, and benefits information are easily accessible no matter where your employees work. This reduces the need for employees to reach out with questions because the documents they need are simple to find.
When you manage data properly, you increase employee productivity. In a study by Harmon, 67% of people believe it would be easier to focus on work if important information from all their applications appeared in a single window.
Successful organizations understand the correlation between increased workplace productivity and increased revenue. Investing in a payroll and HR solution to house all your important company information does both.
5. Self-Service Apps Empower Employees
According to a study performed by Apperian, 91% of corporate employees use at least one mobile app during work. With so many employees working from home, they are using their mobile phones to perform work tasks. Self-service apps engage and empower employees with access to
Employees can view time cards to verify they are paid for their hours worked.
Access to W-2
6. Managers Can Make More Strategic Decisions
When you have a unified workforce management solution, your payroll and HR data lives in the same database. This structure provides you with more data accuracy and transparency. Analytical and informational dashboards provide instant access to important company metrics.
This transparency to accurate data helps leaders make informed decisions that maximize return. With data on turnover, employee counts, and labor costs, managers can make decisions around hiring staff, opening additional locations, and budget forecasting.
Why Investing in Payroll and HR Is The Answer
Now is the time to invest in payroll and HR technology. Why wait to invest in a solution that can solve your biggest challenges and save your organization money? When payroll and HR workflows are automated, repetitive tasks are replaced with strategic initiatives, saving money. Successful companies understand you have to spend money responsibly to grow your business.
Investing now in payroll and HR technology lays the foundation for success down the road. No matter what crisis your business may face, payroll and HR technology is an investment you can’t afford to operate without.
How APS Can Help
An investment in APS’ payroll and HR platform is an investment in best-in-class technology and services. Our proprietary technology is designed to help pay your employees accurately, automate manual tasks, and manage important documents. Our payroll tax compliance experts are there to help ensure your payments and filings are handled correctly and on-time. Furthermore, our unified database gives you instant access to key organizational metrics so you can make more insightful decisions.
To learn how our all-in-one payroll and HR solution can help you solve these problems, schedule a complimentary demo of our system today.
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