Most companies already leverage on technological advancements like payroll softwares to achieve this. Tools like Payroll Metrics, a web-based payroll software company in Australia, help businesses of all sizes reach peak efficiency, while minimising the possibility of making errors. The company offers web-based payroll and workforce management software with cloud delivery, among other services.
State and Federal legislation makes Australia one of the most complex countries in the world for payroll. Only countries in the European Union have more complex payroll processes than we do¹. So complex are these processes, that even our top employers are making mistakes to the tune of $4.4 million a year each.
Historically, making payroll was relatively easy. Paperwork and spreadsheets were more than enough for most employers to manage the company payroll. Over time, changes in state and federal legislation, as well as the introduction of compulsory superannuation in Australia, has made payroll a much more complex function and substantially increased the risk of errors being made by payroll staff. Today, employers also need to be mindful of the potential damage to a company’s reputation that these payroll errors can cause. Too many errors and you can be certain that everyone on social media and the job search sites, will hear about it.
It is for all these reasons and more, that businesses, big and small, are either outsourcing their payroll functions, or using payroll software to perform these functions in-house.
Why it’s Important to have a Payroll Software
The best payroll software makes it easier for you or your payroll staff to manage the payroll cycle without any significant workarounds required to make the software do what you want it to do. Furthermore, because payroll staff have many more tasks to perform these days, your software should be able to give your employees and managers self-service access to basic functions, such; changing bank account information and contact information, viewing earnings and payslips, managing time-sheets, etc.
In a small business, payroll and workforce management will likely be performed by just one person. In a large organisation, a team of people in the HR department will be responsible for these functions. Therefore, no matter what the size of your organisation, it makes sense to use software that performs both of these important functions.
Your payroll and workforce management software should also integrate in the Cloud with the other systems used your organisation uses for HR like recruitment, as well as e-Learning, human capital management, and finance.