Payroll is arguably one of the most sensitive areas of a business. Ensuring all employees are paid on time, correctly, and by their rights while maintaining confidentiality is essential. It can also be a huge challenge, especially as payroll in Australia and New Zealand can be complex with significant compliance obligations.
Managing payroll manually creates a significant administrative burden, increases the risk of human error, and can cost a company time and money. The solution is implementing an automated, streamlined payroll system that removes administrative burdens and ensures managers can see only the people and data they’ve been approved for while maintaining confidentiality.
Dealing with employee wages plays a crucial role. Employees expect to be paid on time and correctly, and organizations that make mistakes can be accused of wage theft. An automated payroll system can increase accuracy and efficiency, minimize compliance risk, quickly adapt to regulatory changes and ensure that employees get the perfect paycheck every time.
UKG has identified the key benefits of implementing an automated payroll system:
More control over information Automated payroll processes keep business leaders in control of the process without manually updating information each pay cycle. All necessary steps in the payroll process can be defined to meet the organization’s unique requirements and workflow. Reporting is also available on demand, and any errors or problems can be flagged through digital alerts to ensure accurate information.
Easily accessible data and insights In the age of remote working, having easily accessible insights on demand is critical. All data is available through intuitive and configurable reports for automated payroll solutions. These reports highlight the metrics that matter most and are easily retrieved and presented in formats suitable for all levels of technical ability.
Minimized Compliance Risk With an automated payroll solution, the risks of compliance violations are mitigated by providing an efficient, transparent tool for processing payroll. Computerized systems can easily deal with complex regulations around single-touch payroll (STP), national labor standards, payroll taxes, and pensions, helping companies avoid mistakes and the potential for fines, fines, and reputational damage.
A single source of truth By adopting an automated payroll solution that uses cloud-native software, organizations can eliminate data silos often caused by legacy solutions and embrace a single source of truth. This provides a consolidated entry point for all reporting needs and reduces errors caused by multiple updates from alternate networks. These easy-to-use systems enable employees to take control of self-service options and reduce administrative burdens across the board.
An efficient and effective result By automating the manual workload associated with payroll processes, organizations can also control labor costs. In addition, by eliminating errors, they can also reduce over- and underpayment to employees and the risk of overpaying their tax liabilities.
Streamlined processes Taking into account vacation pay, public holidays, days off, hourly and penalty rates, and other requirements creates considerable complexity for organizations. By removing time-consuming processes, companies can manage exceptionally. Partnering with a supplier that leads the way and stays up-to-date with awards and their interpretation can dramatically reduce the risk of errors and allow organizations to focus on innovation and strategy.
Taking cumbersome manual tasks out of payroll responsibilities can free up their capacity to provide greater value in the workplace. When it comes to necessary but time-consuming tasks such as payroll, automated solutions ensure that results are delivered on time, with a high degree of accuracy, and in a way that increases organizations’ overall efficiency.
