As a business grows, owners often turn to innovative ways to further enhance their operation's overall growth and success. One such innovation is an automated payroll system.
Gone are the days of tedious spreadsheets and paperwork. This integration can help business owners generate paychecks, manage benefit payments and leaves, pay bonuses, monitor travel expenses, and more, all from one digital platform.
While these features alone are great for businesses, how can an automated payroll system help overall? Keep reading to learn more.
Save Time
On average, it takes small business owners around 5 hours to work on payroll every single pay period. If you process payroll twice a month, you're losing out on 10 hours every month that could be used in a more efficient way.
When you implement a payroll automation system, you can save time and get more time back in your day.
This is especially true for business owners that might be managing payroll on their own, along with other administrative tasks. Shedding "one less hat" can lead to more time spent on the overall growth and success of their business.
Reduces Errors
Did you know that 82 million American workers have experienced some kind of payroll error in their careers? This is not only frustrating for employees, but it also makes your organization lose credibility.
When you do anything manually, there's a risk of making mistakes. After all, we're only human. By utilizing payroll automation, you can take the human element out of running payroll and greatly cut down on mistakes.
Better yet, minimizing mistakes can also help your business avoid costly penalties.
Efficient Reporting
Many payroll service providers, including SynchronyHR, provide robust reporting within their payroll management services.
These reports, available 24 hours a day, 7 days a week, give business owners more insight into their organization while eliminating the painstaking process of pulling reports manually.
Increases Security
In today's digital world, it is extremely important to protect sensitive employee data. When using a payroll automation tool, sensitive information is encrypted and password protected.
This ensures that data is secure, while still being accessible for those with proper permission settings.
Employee Access
Holding payroll data within a single, automated platform can allow for a great deal of efficiencies. One such efficiency is providing employees with digital access to past paystubs, tax information, employee benefit statements, and more.
Now, instead of coming to you for help, your employees can obtain the information they need, when they need it.
Payroll Automation Can Simplify Your Business
An easier and less stressful payroll solution is just a click away. Contact us today to learn more about how SynchronyHR can help make your business more efficient.