Is outdated payroll software harming your business?
Payroll is often regarded as a back-office function, providing a service that is simply expected to be there.
A repercussion of this complacency is that the vast majority of large organisations utilise a software they introduced a decade ago.
Even worse, some organisations continue to pay hundreds of employees each month while relying on spreadsheets.
Why is outdated payroll software and processes an issue?
Organisations are unknowingly damaging their payroll department and forward planning capabilities by using archaic software and processes.
The following are just a few ways you could be hindered:
Human error: Payroll processes that require human intervention will inevitably be susceptible to human error. When managing deductions, pensions and data input for an entire workforce through spreadsheets or outdated software, mistakes are bound to be made.
Missing out on benefits: One of the greatest benefits of a modern payroll solution is the streamlined reporting functionality that supports strategic business decisions. Attempting to run reports and analyse data that is stored in an outdated platform or in a spreadsheet simply isn’t possible.
Wasted time: Managing payroll for a vast number of employees and supporting fluctuations in your workforce is an enormously time-consuming task, especially if you’re unable to automate processes.
Ensuring compliance: Payroll is an ever-changing beast, with legislation constantly being updated and introduced, for example, RTI, AE and Holiday Pay are all recent changes that shook up processes. Ensuring compliance with legislation becomes significantly harder when your processes are outdated.
Meeting your workforce’s needs: Research from Inc. found that 75% of the workforce will be millennials by 2025. Statistics such as this emphasise the need for technological advancements within the workplace with payroll being no exception. As the workforce becomes increasingly digital, features such as digital payslips are no longer a luxury but a necessity that traditional payroll software doesn’t provide.
Welcome the future and upgrade your payroll software
IRIS Payroll Professional provides organisations with a best-of-breed payroll solution that eradicates time-consuming tasks and provides the flexibility required to meet your complex requirements.
Key features include:
- Facilitation of specialist requirements
- Easy data entry
- Straightforward reporting
- Digital payslip distribution
- HMRC recognised
For more information on how IRIS Payroll Professional can revolutionise your payroll department, click here.