6 Ways Payroll Software Can Help Grow Your Business

6 Ways Payroll Software Can Help Grow Your Business

Every business is looking to grow and become more successful. To achieve this, there needs to be organisational change to assist with this growth and development, managing changes and challenges that may occur.

HR and payroll are two of the functions that can benefit the most from moving to online payroll software solutions, rather than traditional manual methods. If you are looking to grow and scale your business, these are the leading reasons why you should consider migrating your payroll to a digital solution.

Here are 6 Ways Payroll Software Can Help to Grow Your Business:

1. Scalable Enterprise Payroll Solutions

Having payroll software is one thing, but will it match the shifting and growing requirements in your workplace? That is why scalable enterprise payroll solutions are essential to managing the changing tides of your workforce and government legislation.

Payroll legislation is constantly changing with some recent examples in Australia including Enterprise Bargaining Agreements (EBAs) and the National Employment Standards (NES). Australian Tax Office obligations and reporting constantly change as well.

On top of that, you want your business to grow. A successful business is going to take on more employees, start operations in new areas and have different payroll requirements year on year. By adopting scalable enterprise payroll software, new legislation and compliance requirements can be added and your payroll solution will match your business growth.

2. It Provides Employee Confidence

One of the keys to a successful, growing business is retaining your top talent. Having the best people remaining constant in their position improves workplace morale, ensures customer confidence, helps to grow your sales and ensures there is deep organisational knowledge within your ranks.

There are many ways to retain your best workers, but not paying them correctly is one of the quickest ways to lose them. Employees will quickly lose confidence in their employers if payroll is not regular and the right benefits like leave and superannuation are not applied correctly. Payroll software will ensure this system runs like clockwork, helping to retain your best talent.

3. Payroll Software Will Protect Data

Cybercrime is on the rise. The Australian Cyber Security Centre received 67,500 cybercrime reports in the 2020-21 financial year, which was a 13 per cent rise on the previous 12 months. This figure is only expected to rise.

All sensitive business and personal information need to be safeguarded and cloud-based payroll solutions offer many layers of extra prevention against physical and cyber intrusion.

4. It Streamlines And Centralises Your Payroll Data

Many businesses still use multiple platforms to record their growth and development, including antiquated paper methods. Not only is this method inefficient, but it also opens the door for human error. Payroll software provides a centralised, digital platform that reports your financial data so that you have clear and accurate visibility over your growth and development – and weaknesses that need to be addressed.

5. It Is More Efficient

One of the keys in growing any business is developing greater efficiencies across the board and this includes payroll. Old payroll systems are time-consuming plus any errors compound the time it takes to process payments. The larger your workforce gets, the longer the payroll process will take. This also means there will be a considerably higher risk of errors occurring. Payroll software will provide much greater efficiencies and accuracies in payroll management to help grow your business.

6. Greater Monitoring Capabilities

Payroll software will accurately record when employees clock in and clock off each day, plus manage all leave requirements so you have clear visibility over staff attendance. It will make workers more conscious of their attendance requirements, but it will also simplify the leave process for them with digital approvals and easy application processes.

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