BY Avan Tan Articles
Whether you are a small business owner or an HR professional working in an SME, you play the most crucial role in the growth of your business. Business owners dictate the direction of the company, and HR professionals are responsible for supporting the business’ goals.
As an owner, you would want to increase the profitability of your business. The first step to make this happen is to automate your payroll process so your HR team can focus on more important tasks.
Here are the top reasons why you need a payroll software for your business:
Payroll has a major implication towards achieving business goals, automating it will save time for your hr team. This will provide them the time they need for strategic human resource management activities.
Manual payroll processing usually takes 1-3 days depending on company size, and the size of the payroll team. If you disburse salary twice a month, that means processing payroll will consume 2-6 days of your hr team’s time every month. The point is: manual payroll processing takes too much time, and is unnecessary.
This is the reason why saving time is the number 1 reason you need a payroll software. Your hr team should be more capable of implementing strategic hr activities to support business growth, and not get bogged down by manually doing tasks that can be automated.
Doing payroll manually is not just tedious and time consuming, it is also prone to human error. Making payroll mistakes has a lot of negative impact to your business. It will leave employee morale down and worst case, your company can face legal consequences.
With a payroll software, you can get rid of human error. Payroll software will also guarantee your company to stay compliant on labor laws. It can make sure your employees get paid on time, and lessens the burden of the hr/payroll team.
Payroll software providers are fully compliant with Philippines’ Data Privacy Act. They follow rules and regulations in data storage and access. Some payroll software also back up your data on a regular basis, to help you prevent losing your vast amount of personally identifiable information.
More than these, payroll software are also highly encrypted to keep your sensitive information secure.
Using a payroll software makes record keeping easier, you can keep salary related information in one single platform. This keeps your hr team away from messy spreadsheets that are tedious and prone to error at the same time. This takes clutter and stress out of your payroll team.
Automating your payroll simplifies HR procedures such as filling of leave, clock-in and clock-out, reimbursement, and even salary disbursement. This makes your hr team more efficient and more productive.
Automating your payroll shouldn’t break the bank, and is not as expensive as you think. Though it will slightly add up to your monthly expenses, the benefits far outweighs the cost. In the long run, automating your payroll will make your business a lot of money by being efficient.
The best part is that there are no risks of missing payments or human error, keeping you away from legal concerns. Payroll software also auto-updates to law changes and calculations.
SMEs should aim for business growth, to increase the profitability of the business and to increase their market share. This starts to happen when the hr team is operating at its full capacity, supporting the business to achieve its goals by hiring and retaining the talents who provide value to the company.
Automating your payroll gets you a step closer in making this happen by saving valuable time for your hr team so they can focus on strategic human resource activities. So why do things manually if it can be automated? We recommend you to move forward and get rid of the tedious, time consuming, and prone to error task of manual payroll processing.