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Why is automated payroll so important?

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Where is your money going?

Payroll accounts for a significant amount of an organization’s expenses. With 82 million Americans reporting some sort of payroll error during their time in the workforce, it's time to take a serious look into automated payroll. Learn more about:

  • How payroll inaccuracies can impact your bottom line
  • How employees are impacted by inaccurate paychecks
  • Which system should support payroll 

Employees count on predictable paychecks

Your employees count on payroll in order to make ends meet. According to a Kronos survey, 87 million Americans and their families live paycheck-to-paycheck. So not only does incorrect payroll hurt your bottom line, but it also places significant stress on your employees. In fact, many of these Americans were unable to make important payments because of a payroll error. An effective payroll system will reduce payroll errors so that your employees can better manage their personal expenses.

Payroll errors impact your bottom line

While many employees are underpaid due to payroll errors, others are actually being overpaid at their employer’s expense. The same survey indicates that, millions of American workers report being overpaid at one time or another— and just because they are being overpaid, doesn’t mean that these employees are reporting it. Shockingly, the average American says that they “must likely be overpaid a staggering $463 before alerting their employer to the mistake.” If payroll errors are frequently made, the overall impact on your bottom line may be significant.

 

How automated payroll can help

An automated payroll system will allow you to increase the accuracy and efficiency of your payroll regimen. With this newfound accuracy, you can ensure predictable paychecks for your employees and better manage your company’s finances. By investing in payroll software, you also reduce time spent on transactional administrative tasks and can focus your time on more specialized responsibilities. 

 

Which system should support payroll?

So how do you know which payroll system will serve your interests best? Most employers already have a payroll system in place, so switching to a whole other platform would be cumbersome. Rather, look for an HRIS provider who offers integrations with a variety of payroll providers. This way, you won’t have to make any drastic changes to your existing payroll structure.

 

 Suggested Content:

What to look for in an HR software dashboard

What Deloitte has to say about the social enterprise

How unused vacation impacts your bottom line

 

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