5 Ways a Payroll Platform Can Transform Your Business Efficiency
We’ll start by outlining what a payroll platform does and move on to the 5 ways a platform will make your business even more efficient.
Managed payroll services usually use cloud-based software (which means backups and no loss of data) to automate all payroll processes; deducting payroll tax, issuing payslips and determining workplace pension scheme eligibility, all this along with enrolment makes the foundation for cost saving and greater profit.
The 5 Ways a Payroll Platform Brings Efficiency to Your Business:
- Cost saving for your bottom line
- Accuracy means profit
- Statutory compliance for peace of mind
- Business integration means efficiency
- Employee satisfaction
Cost Saving for Your Bottom Line
By using such a platform via an outsourced specialised payroll company like ours, based in Liverpool you’ll make a saving as you no longer have to have in-house payroll staff using your company resources. The knock-on effect means freeing up salary costs and training costs. These savings can then go towards your company focus, marketing budget perhaps.
A specialised company has to be accurate and efficient and work closely with its clients to succeed.
Accuracy Means Profit
A payroll company does just that and that means a concrete and bombproof process aimed at eliminating mistakes and your business will benefit. No more trying to trace inconsistency in the company books. Accuracy means no more disgruntled employees which leads to a significant intangible, employee satisfaction. Satisfied employees add to the profit of a company as they are always willing to go that little bit further.
Statutory Compliance for Peace of Mind
If you struggle with the latest round of statutory governance then that struggle ends. It is now the concern of a professional company that make sure all is in place for full compliance to be followed.
A well-organised payroll company using state-of-the-art software will hit every tax deadline.
Every new tax law is accessed and put into operation.
Deductions from employee payments such as National insurance, taxes, and other contributions are calculated directly by themselves, to ensure accuracy.
The platform records every transaction. Therefore, if an anomaly occurs it can be traced.
The platform (and the payroll company that uses it) frees you from any legal worry and easily makes your business fully compliant.
Business Integration Means Efficiency
The payroll is the core of your business. The software will be able to ‘talk’ to your other systems like HR by using clever apps known as APIs (Application Programming Interface). Which is a long way of saying ‘Make the software work with this software’.
Instant access to data. You’ll know exactly how much you are paying to each member of staff and therefore the company.
It’s like having a window to your human costs; a clearer picture of your business.
Real-time data can be assessed instantly, for example when the business has to pay overtime and keep an eye on unexpected expenditure.
A payroll platform can show you the ‘health’ of your business.
Employee Satisfaction
As mentioned above, happy staff add to the efficiency of your business, meaning more profit in a competitive world.
An efficient and accurate payroll means trust is given and loyalty created.
Transparency is the key. You’ll be able to show all the elements that makeup payments and benefits instantly.
Conclusion
A payroll company and platform is more than software, more than a good working relationship. It is the foundation of trust in your business bringing contentment to your employees and encouraging efficiency and loyalty.
It is these payroll platform intangibles that will transform your business efficiency.
Get in touch if you fancy a no-obligation chat,
The E&P Services Team
Image: Alexandr Podvalny, unsplash.com