Technology continues to grow and evolve, weaving itself further into our day-to-day lives. It is also closely tied to every aspect of your business, from recruiting and hiring to payroll. Regardless of the function, technology is essential for a successful business, particularly for those that aim to expand their client base and workforce. Finding online systems that integrate effortlessly, streamline processes, and cut costs is crucial for business owners.
Importance of Payroll Technology
Payroll software helps with the process of calculating and processing employee wages, taxes, paid time off, retirement, insurance deductions, tracking work hours, and more. Implementing a payroll process that will effectively calculate these amounts and manage these tasks will allow you to stand out from your competitors, save you time, reduce costs, and keep your employees happy.
As a business owner, your time is valuable and often limited. An automated payroll system allows you to save time, enabling you to focus on developing other areas of your business, such as expanding your client base, hiring more workers, or developing another product or service.
Benefits of Payroll Technology
While saving time is one of the most important benefits of employing an automated payroll system, it certainly isn’t the only one. It also ensures accuracy, compliance, and provides more control over important payroll and wage information.
Improves hour and wage tracking
Correctly tracking employee hours is incredibly important for the employee and the employer. With an automated system, employees no longer have to fill out physical time sheets but instead log their hours through an easy-to-use online system. This process reduces potential tracking errors and lowers the risk of human error for wage calculations. This system also makes it easier to track overtime.
More control
An automated payroll system will not only streamline the payroll process and reduce the risk of errors, but it will also provide more control and accessibility. Employers can control the payroll schedule by choosing from weekly, bi-weekly, semi-monthly, or monthly options and setting up the system to automatically release pay stubs on time. Payroll software also allows the employer and employee to review past pay stubs, employee data, and personal records. Employees can also access the system to update their information at any time, including their address, health care information, and more.
Compliance
With an automated payroll system, it’s easier to maintain compliance with federal, state, and local regulations. This system ensures that employees receive timely payments according to their designated payroll schedules. Business owners can have peace of mind knowing that pay stub calculations accurately account for retirement and insurance deductions, as well as any potential overtime hours. Incorrectly paying your employees or deducting the incorrect amount from their pay stub can lead to costly fines, potential lawsuit fees, and reputational damage.
Record keeping
Traditional payroll processes often involve extensive paperwork and manual data entry, which can lead to errors and inefficiencies. Automated payroll systems, on the other hand, maintain comprehensive and accurate records of all payroll transactions, including employee hours, wages, deductions, and tax filings. Implementing payroll software not only ensures compliance with legal requirements but also simplifies the process of reviewing records and data. By using this software, businesses can maintain a more organized, efficient, and reliable approach to managing their payroll.
Improve Your Payroll Processing Now
As a business owner, processing payroll is one of your most important tasks. Inaccurate payroll processing can result in reputational damage, costly legal fines, and higher employee turnover. While calculating and processing payroll isn’t easy, automated payroll software can simplify the process, ensuring that your employees receive their payments accurately and on time.
By partnering with GMS, you can save time and gain peace of mind with our online payroll software, GMS Connect. GMS Connect is a SOC 1-certified human resources information system (HRIS) that helps business owners manage the entire lifecycle of their operations. This platform provides access to advanced payroll management software that simplifies the payroll process and additional business operations. Our payroll experts can guide you through GMS Connect and assist with your payroll processes, saving you time and money.
Contact us today to learn more about GMS Connect and our payroll services.