What is Payroll Automation?:

While Finance & accounting automations get much of the press, payroll automation is sneaking in behind without much fanfare. Payroll automation is a process where manual calculations pertaining to employee attendances, leave, bonus, increments, deductions for taxes etc are now automated. It is not just a time saver, but it gives your firm transparency, orderliness, efficiency and accountability.

Additional reading suggested :How do we embrace AI into our firms’ Accounting and Bookkeeping functions

1. Payroll automation - reduction in the percentage of calculation errors:
   Errors are an integral part of calculation, especially, when we are managing different groups of employees having their own structure of pay rates and hours worked. Furthermore, calculation calls for taking input of monthly paid or unpaid leaves, overtime, shift differentials to avoid both over / under payment to employees. Manually calculating employee hours is unproductive.
   Payroll robots can easily process information either from a time tracker software or excel spreadsheet, on the hours worked including overtime and absenteeism.
2. Payroll automation - switch to paperless office:
   Many offices effortlessly automate the main payroll tasks, however, there are many ancillary areas in payroll processing that includes a lot of paperwork. It is necessary to make a list of processes that accompany the main payroll tasks and make it inclusive to automation. This will eradicate unnecessary and hassle prone paperwork.
3. Payroll automation - regains time to the workforce
   Running manual payroll by collecting details from employees adds unproductive employee time and excessive paperwork. The payroll and human resources team are forced to dedicate their time to authenticate information sent, prior to payment.
   Our payroll bots, validates missing hours, handles payroll corrections, reconciles work hours etc. With these tasks being automated, the HR and payroll teams can successfully do more productive work.
4. Payroll automation - accessibility and securing employee payroll data:
   Employee payroll records are an asset for both the employer and employee. For safeguarding, accessibility and retrieval of records, it needs to be properly cataloged and stored. This calls for additional storage and access of records becomes difficult for reporting if they are archived at offsite storage.
   If payroll automation is done, under a secured server, the team can gather information, make amendments and protect the sensitive data. Employee details will remain encrypted within the protected firewalls of the company.
5. Payroll automation - self-service facility to employees’ payroll records:
   Every employee is interested in knowing the paycheck they are receiving at the end of the month. Through payroll automation, it introduces a culture of transparency and accountability.
   The employee gets to know the exact methodology adopted by the HR and Payroll team for calculating standard hours, extra hours, leave etc. If payroll is linked to your ‘Time attendance software’ then it eases the tasks further. In case of any kind of discrepancies, an employee can speak to the payroll team to understand the calculations.
   Our payroll robots substitute the role of HR staff, by adding new employees, calculating holidays, absence and deductions. It also maintains the current employee records.
6. Payroll automation - linking to the existing accounting software:
   The success of the payroll automation system depends upon how it handles its compatibility with the current accounting software or platform used in your firm or company. Once it fits and seamlessly works with the current system, it reduces budget and helps the related departments and payroll departments to integrate and function with ease.
   Our payroll robots work with accounting software like QuickBooks, Xero, but also other payroll software such as ADP, Gusto etc.
7. Payroll automation - facilitates rapid payroll processing:
   Linking time attendance and provision given for employees to enter authenticated information eases line managers to endorse and payroll departments for approval. This helps in reducing the backlog of pending approved payments. Once the information is approved, payroll automation takes care of the process and timely payments are done. The firm gets prior knowledge of its cash flow, liquidity position and accruals it has to handle in case of additional operating expenses.

If you are interested in changing your firms’ landscape through introducing payroll automation, kindly contact us.