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Payroll administration can be a tricky process. Unfortunately, it is a core part of an organization that requires dedicated attention. Most organizations rely on an expert accountant to handle the process, albeit incurring high costs.
However, the alternative is asking HR to spend long hours dealing with tracking the employees to be paid, their hours and discrepancies in total working hours. Additionally, recording the payroll expense can be a gruesome process that diverts time from the ideation of strategic initiatives and budgeting.
Fortunately, the middle ground is to outsource your payroll needs to renowned handlers like ADP. Their payroll management system can help you focus on your business strategy and drive employee engagement.
Here are some benefits that ADP payroll software solutions can provide for your organization.
Cloud technology is gaining traction as the go-to for storing large amounts of data. Not only are you assured of flexibility with remote installations and changes, but they also provide the benefit of scalability to customize the software according to requirements.
In fact, an estimated 100 zettabytes of data will be stored in the cloud by 2025.
ADP uses cloud storage technology to store large amounts of data. The benefits of a centralized cloud are many, including:
• Minimizes errors in calculating taxes
• Reduces the total expenditure associated with licensing costs for hardware
• Offers a single platform to gain insights into the payroll process and incorporate changes
In an era where efficiency and productivity levels are directly proportional to corporate profits, ADP payroll solutions offer a feasible way – they take on the responsibility of managing the payroll process with a centralized platform. At the same time, your organization can focus on meaningful initiatives to foster productivity.
Self-service is another notable feature that results in effective streamlining. Employees can access payroll information like salary slips and update redundant information using a consolidated platform.
Ultimately, it saves the hassle of additional work for the HR team, freeing them up to plan initiatives that aim to upskill the workforce.
While payroll might seem a simplified process, it is far from it. In conjunction with signing cheques and sending them to employees, it involves tax filing and checking each employee's record for scheduled overtime or the number of hours invested. Overall, it can be an extensive process that can waste valuable working time.
If your business is in an expanding stage, it is all the more essential to keep employees satisfied. The first step towards that is paying their salaries on time.
According to a recent survey, an estimated 44% of employees were the victims of late payments. More shockingly, 48% of these employees were paid incorrectly. In response to this, 44% of them even claimed to consider leaving their jobs!
Additionally, you are susceptible to increased fines if you fail to pay the correct tax amount to the government.
Collaborating with ADP Payroll Solutions can help you increase the accuracy of your system. Since seasoned specialists handle the payroll process, it can assist you in improving employee satisfaction as their salaries are processed and sent out on the expected monthly date.
System integration has changed the landscape and witnessed the rise of consolidated platforms to offer centralized solutions for employees and business owners alike. Traditionally, you would need to rely on multiple systems to generate reports and other insightful data, which significantly wastes time.
However, ADP's cloud-based automated payroll system has made life easier for business owners. In addition to offering complete integration with your existing ERP, ADP also ensures that scalability is not a problem.
Customization is a core part of ADP Payroll Solutions, as it grants you the flexibility to add modules as your company expands and onboard new employees. As your company grows, so does your need for better and more effective reporting.
Data analysis forms a core part of any business. It offers the perfect insights to optimize performance while reducing the total cost to increase profits. But collecting and analyzing unintelligible data is a mammoth task. Although the results are often worth it, you might constantly ask yourself: Is there a better option?
Constantly checking and analyzing your payroll data is incredibly crucial and is laden with the following benefits:
• Identify possible bias in pay levels and correct it
• Spot trends in the payroll process and ideate on ways to save costs
• Ensure timely and accurate payments to employees and government entities
For example, you can track your overtime costs for a particular period and ask specific questions. If you notice an increase in scheduled overtime, maybe it is time to ask yourself if there is a labor shortage at your organization. Alternatively, it could be a result of poor scheduling.
Irrespective of the reason, you can schedule meetings and discussions to address the issue and ease the workload on employees.
Here are some metrics that can be obtained by analyzing your payroll data:
• Retention analysis
• Comparison of salaries against the market average
• Training costs
• Geographical differences in pay, especially if you encourage a remote working model
On average, an external accountant is bound to charge anywhere from $20 to over $100 an hour, depending on their experience and your organization's needs. For expanding businesses, this could translate into a steep price that can impact overall profits.
Not to mention, they have complete control over your payroll data, making it challenging to get an urgent report delivered on time.
As a small business owner, you might feel confident to conduct the payroll process yourself or assign it to HR. While this might seem like a good idea when you have a few employees, it can become complicated when your business's requirements increase.
Time is money, and the long hours spent calculating payroll can take a heavy toll on your productivity and leave you less inclined to dedicate time to other tasks.
Additionally, the payroll process must be error-free and optimized to prevent duplicate payments or incur additional fines from government authorities. ADP Payroll Solutions offer a centralized platform with cloud-based automation to avoid all kinds of errors and digitalize your outgoings.
ADP also offers automatic updates to be compliant with the ever-changing regulations. Your payroll data is in experienced hands, where you can leverage it to improve functionality.
Automation has emerged to leverage the use of technology to eliminate tasks and streamline complex processes like payroll calculations. With an established organization like ADP, you can rest assured that you can scale your business growth without the hassle of managing your employee payments.
Adopting their services also offers you the option to focus on employee training programs and focus on the overall growth of your business. Innovate your products and services to gain an edge over your competitors as you save significant time by outsourcing your payroll needs. Enhance productivity and customize your business requirements with ADP Payroll Solutions now!