Published on March 16th, 2021 | by Sumit Bhowal0
Future Finance: Has Payroll Software Reshaped Businesses?
Payroll software has come a long way in recent years and offered a lot to businesses in terms of efficiency upgrades. In years gone by, payroll teams were manual and steeped in process documents that hinder innovation. Teams often managed documentation manually and with physical documents, all to the detriment of the speed of decision making. With the introduction of payroll software, businesses have the ability to make smarter and faster decisions. Whether payroll software has reshaped businesses is dependent on the structure of the business and the software adopted. To understand how this software has helped businesses, consider these outcomes.
Payroll teams are often specialised by role, which often doesn’t create a lot of visibility across teams. With good payroll software integration, payroll teams can have visibility over the entire business, irrespective of role. This visibility allows teams to manage absences or leave more simply, as well as ensuring items can be actioned swiftly by anyone. The right integration can help teams become far more proactive and collaborative through this increased visibility of work. It can also help create opportunities for growth within the team, and foster stronger stakeholder relationships across the business. Improved visibility, can reshape the wider business by helping educate them on payroll processes as well.
Payroll software allows finance teams to make swift decisions and action work by allowing access from anywhere. Manual payroll teams or processes often mean you need to be in the office to action something. This limits outcomes to business hours and Monday to Friday workweek. Payroll software allows finance team members to be more responsive to urgent work and action those outcomes outside of business hours or on weekends. Having that ability means stakeholders in the business can achieve their outcomes much faster. This helps make the overall business function much better and deliver better outcomes for all involved.
Better record management
Manual recording and physical records are inherently risky, especially if something happens to a person or process. Payroll software allows for both soft and hard copies of documents to make tracking and reporting much easier. This management of records also means businesses can adapt the way they report and make decisions. Having greater access to historical records means any individual can look back on financial records and payroll decisions. With this information readily available and easily digestible, businesses can make more informed and rapid decisions. Having the option of soft or hard copies can also help safeguard the business from the loss of either, as opposed to only having one option available.
Offer control back to the user
Payroll software is fantastic for allowing cumbersome processes to be better handled. If the software has a customer portal or option available, payroll teams can empower individual staff to better manage their payroll. Items like personal information, banking details or hours works can be managed by the staff, instead of payroll. Giving this level of control back to the user means payroll staff can focus effort elsewhere instead of on admin tasks. The employees will feel more empowered to manage their payroll and ensure accurate information as well. This level of control can also be adapted to ensure the payroll team still has a clear delineation of authority, without adding more work to their day.
Payroll teams and processes have changed dramatically with the introduction of software, from greater efficiency in the management process to faster decision making. Payroll software has reshaped the finance function of businesses in many ways, allowing for greater visibility and efficiency. Payroll software is a sure-fire way to reshape the performance of any business and finance team.