Business owners and managers have so many demands on their time (assisting customers, balancing employee schedules, acquiring new customers, maintaining inventories and so, so much more). But for businesses without the support of seamless payroll technology to automate things, that stress is doubled, and it’s almost inevitable that mistakes will happen, and happen frequently.
After all, being in a rush plus manual data entry plus stress is not an equation that can ever equal error-free payroll.
Effective payroll administration goes far beyond cutting a check – between payroll tax filings, garnishments, new hire reporting, deductions, etc., there are endless tasks associated with processing payroll, ones that employers must execute flawlessly every pay period. The trouble is that the processes most companies use to process their payroll (manually entering time and exporting data to and from un-integrated software or technology platforms) are error-prone and time-consuming.
Learn how using payroll technology can help you avoid the kind of payroll mistakes that make your employees crazy.
Let’s say that an employee works 25 hours in a workweek, but you make a mistake when recording his hours in a spreadsheet used to calculate pay and enter 250 hours instead and you don’t notice. While your employee might think it’s his or her lucky day, rectifying an error like this can be a real administrative nightmare.
If, however, you were using a sophisticated payroll technology platform, you could set up automated alerts that notified you when an unusual amounts or discrepancies are identified. And, if you were using an online time and attendance system that integrated directly with your payroll system, you could have completely avoided the problem altogether.
Employers have access to an almost alarming amount of information about their employees, particularly when it comes to payroll: Social Security numbers, bank account numbers, earnings history, medical records – the list goes on and on.
But having access to all those records isn’t the most pressing issue for employers: it’s how to store all that information. Companies using manual or paper-based payroll processes accumulate an overwhelming amount of paperwork for each employee: time cards, sick time requests, overtime authorization forms, etc. And, depending on what federal, state or local labor laws apply to their business, an employer might be required to hold on to those records for years, even after a person is no longer employed there.
[Get the skinny on the various record retention requirements your business might be subject to by downloading our Employee Record Retention Guide.]
Using online payroll technology platforms or software to process payroll allows employers to operate virtually paper-free, and provides the security of knowing their records are securely stored and accessible whenever needed. And it’s not just the employer who benefits from these online records: employees who need to retrieve old W-2s or paystubs are also given the freedom and flexibility to do so on their own time when this data is stored in a secure online platform.
One of a business’s biggest expenses is payroll – wouldn’t it be nice to be absolutely sure that such a big investment was being used in the most efficient way possible?
Companies that are processing payroll manually, and to some extent those using less sophisticated payroll systems, are often limited in the kind of insight they can gain into their payroll data, and running job costing, certified payroll and other specialized payroll reports is almost impossible.
An automated payroll technology platform with advanced reporting tools allows employers to slice and dice their payroll data virtually however they please to create the exact payroll report they need to more accurately manage their budgets.
G&A’s payroll processing experts handle all the necessary payments and withdrawals using a simple, self-service online system that gives your employees and managers the access they need, and want, to view paystubs, update their information, approve timesheets, etc.
Give us a call today at 866-927-6203 or fill out the form below to schedule a free business consultation with our HR, benefits and payroll experts!