On-time, accurate employee payment is critical for employers. It only takes two payroll issues before an employee starts looking for a new job.[1] Businesses report up to 18% savings with outsourced payroll services[2] and 30% of businesses are open to a payroll provider for improved user experience.[3]
Unfair pay practices, payroll errors, and payroll taxes are some of the most common payroll issues employers face. Integrating payroll technology to streamline your payroll processing could be the key to higher employee retention, job satisfaction, and improved business efficiencies.
COVID-19 has resulted in unfair pay practices, wage discrimination, and payroll errors costing employers insurmountable expenditures in lawsuits. Integrating payroll technology can reduce payroll errors and unfair pay practices by providing:
- Enhanced recordkeeping data entry, which helps reduce inaccuracies of names, Social Security numbers, and other pertinent employee information that can result in payroll errors, as well as government penalties.
- Appropriate employee classification, such as temporary or independent contractors, exempt vs non-exempt employees, and proper layoff, furlough, or terminated employee classifications are updated.
- Accurate pay and overtime calculation, such as commissions and paid time off, through automated payroll technology helps alleviate payroll oversights.
- Tracking and notification of upcoming deadlines for timely payroll fund disbursements to employees.
- Management of garnishments, child support, and other legal-related payroll matters to safeguard proper protocols are followed and tracked to avoid lawsuits or penalties.
Implementing an all-in-one payroll system integrating employee information eliminates manual data entry, thus reducing the risk of payroll errors. A self-service employee portal allows easy access to wages and personalized payroll solutions, as well as permit management to run customizable reports to address any payroll issues in real time. Conducting regular maintenance on the system to ensure quality user experience is critical to efficient and effective payroll technology integration. Contact SBS Payroll for more information on our payroll services and payroll technology integration. Our certified payroll specialists can provide unlimited resources and support for any payroll needs.
Source:
A Technology Integration Is an Intervention to Dissolve Common Payroll Errors
[1] Workforce Institute at Kronos Incorporated
[2] Software Advice: Payroll Software
[3] Payroll Stats for Small Businesses
