The benefits of payroll software

UK businesses have reported losing as much as £150,000 per year as a result of payroll errors. And it’s linked to the continuing use of traditional payroll methods. 

Thankfully, there is a payroll solution that can help you avoid finance-related headaches—payroll software. Online payroll offers benefits such as streamlining the payment process, improving accuracy, and saving costs.

So, let’s explore these benefits, highlighting the potential for easy, accurate, and risk-free payroll management.

Efficiency and Time Savings

From the accurate processing of payments to the calculation of tax, you can automate a range of processes with a payroll management system. This can significantly reduce the risk of errors and save great chunks of time for other areas of your business. Your finance team is bound to appreciate the automation of mundane and repetitive payroll tasks.

These payroll activities can also be automated with an online system:

• Accurate logging of employee work hours

• Employee benefit deductions

• Generation and distribution of pay slips for each payment period

• Processing of direct deposits to employee bank accounts

• Recording of leave request responses and tracking

• Notification of legal updates and requirements

Accuracy and Compliance

Many businesses have reported encountering payroll errors, requiring 12 hours or more each month to fix. However, there’s no need to worry about the incorrect processing of payments or deductions when you can count on a digital payroll solution. With the additional support of qualified payroll experts, you can be sure of ongoing compliance and the avoidance of penalties.

The benefits of a payroll management system include automatic updates according to employment and tax regulations. A cloud-based payroll system can automate the filing of tax forms, tracking of employee hours, and processing of payments according to minimum wage laws. Your first-choice online payroll provider should also offer safeguards for the protection of sensitive employee data.

Cost Savings

Payroll management is bound to become more time-consuming and costly as your business grows. And that’s not to mention the risks associated with manual payroll data processing.

However, you can reduce the costs and minimise the potential for compliance issues with a digital payroll solution. Simply pay for the payroll services that you need and enjoy the benefits of expert support.

Consider the cost-saving benefits of payroll software:

• Minimising the need for investment in hardware and software

• Avoiding the in-house maintenance and update of payroll systems

• Reducing the reliance on internal finance and IT staff

• Eliminating the costs of printing, postage, and paper waste.

Employee Self-Service

Payroll responsibility has traditionally been taken on by the business owner or delegated to in-house HR staff. Hours have had to be spent trawling through employee payment data, using paper or Excel spreadsheets. However, a cloud-based payroll solution will open up the potential for self-service via any device with an internet connection. It’s bound to have a positive impact on employee satisfaction.

BrightHRs payroll solution stands out when it comes to ease of navigation—great for those with little to no payroll experience. Following a simple yet secure login, your staff can gain quick access to their pay slips, tax forms and personal data. With personalised notifications, they can have more confidence in prompt and accurate payments.

Reporting and Analytics

Besides enabling fast and efficient employee payment, the best payroll software also allows for real-time reporting and analytics. You can generate customised reports, with valuable insights into labour costs, budgeting, forecasting, and much else besides. Potential improvements and financial savings can be identified, with the potential for data-driven payroll decision-making.

Detailed reports and pay slips are just a few clicks away thanks to BrightHRs' payroll reporting capabilities. With all of your payroll data managed via a central platform, you’ll be able to generate reports on everything from work scheduling to payroll exceptions. It’s the easy way of ensuring ongoing compliance.

Integration with HR and Accounting Systems

Rounding off the benefits of HR payroll software, we have the potential for seamless integration with HR and payroll systems. The best payroll platforms can be connected with your systems for onboarding, rostering, leave requests and time tracking; in turn minimising the need for repetitive data entry and costly mistakes.  It gives you a unified platform for the management of vital business operations.

Embrace the benefits of payroll software with BrightHR

From accurate payment processing to the generation of detailed financial reports, the benefits of using payroll software are clear. Hopefully, you’ll be ready to make the smart choice, moving away from the use of outdated and inefficient payroll methods to the use of a complete digital solution.

With the assured support of CIPP-qualified payroll professionals, there’s every reason to make BrightHR your first choice.

The benefits of our integrated HR and payroll software:

• Seamless connection of HR and payroll processes

• Easy management of pay runs and last-minute payroll adjustments

• Optional communication with HMRC on your behalf

• Maintenance of an accurate digital audit trail for your financial records

• Updates according to statutory payment rules

• Full reconciliation on time, every time

Get ready to reduce the time, stress and cost of payroll management with BrightHR. Book a free demo and talk to friendly software advisor today!