FINANCE
PAYROLL : COST OR INVESTMENT ?
HISTORICALLY , PAYROLL HAS BEEN SEEN AS A STRAIGHTFORWARD ADMINISTRATIVE FUNCTION AND JUST A NECESSARY COST OF BUSINESS THAT CAN BE COMPLETED MONTHLY AND THEN FORGOTTEN ABOUT UNTIL THE NEXT PAY CYCLE . HOWEVER , A VALUED AND OPTIMISED PAYROLL FUNCTION CAN OFFER ADVANTAGES .
BY RICK SCHOFIELD , PARTNER AT AZETS , Rick . schofield @ azets . co . uk
Amodernised payroll process can be a valuable tool for businesses providing increased efficiency , boosting employee satisfaction and reducing compliance risk . As well as this , in-depth , data-driven payroll can help you generate valuable insights about the characteristics of your business and your employees .
INVESTING IN YOUR PAYROLL
Automation Numerous software solutions exist today that can provide support with payroll . Through investing in a solution like Xero , you can unlock opportunities to enhance your operations . Whether it ’ s automated tax calculations , easy employee access to payslips or time saved by automating admin tasks , investing in a digital payroll system can remove the manual requirements faced by those responsible for processing . By reducing time spent on payroll processing , you can switch employee focus to other important business areas .
Utilising data Investing in your payroll data collation process can provide you with valuable insights about your business . Payroll data is a goldmine of insights into workforce costs , trends and behavioural patterns , and this information can be leveraged to support strategic decisions .
From budgeting and forecasting to tailoring employee benefits programmes , payroll data helps paint a clear picture of the costs and benefits of your strategy .
Increase efficiency and reduce error Modern payroll solutions automate many aspects of the payroll process , reducing the likelihood of errors and the time spent on manual calculations . This efficiency not only cuts costs but also allows the likes of the HR department ( where involved in processing ) to focus on more strategic tasks that can benefit the business in the long term . Ultimately , an automated system significantly minimises the risk of costly errors that can lead to disgruntled employees or potential compliance issues .
Supporting retention and attraction A well-oiled payroll process can bring benefits to your employees , helping you attract and retain staff . Most digitalised payroll systems will offer workers a variety of self-service options , allowing individuals to view their pay and tax information at the click of a button .
The reliability and timeliness of an automated system are also a must-have for most employees in the modern business environment . Receiving a payslip on time and without error has now become an expectation for most employees , and doing so helps build trust and security amongst your workforce .
In-house versus outsourcing While investing in your payroll process can be extremely advantageous due to the reasons listed above , it can require sizeable capital and personnel investment . Depending on your specific situation , it may be favourable to outsource your payroll processes to a specialist . Outsourcing can be a cost-effective way of automating your payroll without the burden remaining on internal teams .
We are here to help To find out more about the benefits of investing in your payroll processes , please get in touch .
Local Offices : Ashford : 01233 629 255 Canterbury : 01227 454 861 Maidstone : 01622 690 666 Orpington : 01689 827 505 Sandwich : 01304 249 997
www . azets . co . uk
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