There are various aspects of making sure that a business runs in a successful manner, and payroll is one of them.
Payroll management revolves around managing and organising employee payments so that they are happy with the fact that they are getting paid the right amount and at the right time.
Payroll is vital as it enhances employee experience, thereby retaining them and instilling their trust in the company. However, it can be challenging to calculate payroll manually and manage the same.
Accurate payroll management is one of the crucial components that lead to the success of any brand. A good company never fails to pay their employees on time.
Thanks to cutting-edge technology, now you can bid goodbye to traditional forms of calculating salary and opt for software that can streamline the same for you.
What exactly is Payroll?
Payroll is the process of calculating how much money you owe to each and every staff or contractor based on the hours worked. If your employees see that they get an incorrect amount or a late payment, they will slowly start mistrusting the company.
There are so many things to consider when payroll is calculated, such as taxes, benefits, holiday pay, sick days, etc. A well-managed one helps brands keep track of finances, reduces mistakes and also provides the right information about compensation. A flawless payroll management is what you should aim for.
But does it affect your company’s reputation in the market?
Yes, it does. Irrespective of the size and industry of your business, you should pay attention to payroll. Here are a few reasons you should ditch the manual system for an automated one.
Company reputation: One of the major reasons you should manage your payroll processors in the best possible ways is because a badly managed one can harm your business reputation.
It can put you on the radar of local labour and tax authorities and also put you at a disadvantage in not being able to hire the best talent from the pool out there. It is important for you to maintain all this to get good reviews on forums such as Glassdoor.
Compliance: Correct payroll processing is important to ensure that you are compliant with tax and labour laws. Otherwise, you might end up paying hefty fines and penalties.
Talent retention and employee turnover: Paying employees on time and the right amount keeps them happy and ensures that you gain employee loyalty. It is extremely important if you want to retain the right people in your company. It also shows that you have a clean and transparent financial system.
Employee engagement, morale and productivity: A timely payroll system creates trust between employees and the company which in turn leads to more engagement and motivation. It drives employee morale as well.
How does payroll affect employee experience?
You might be thinking what has payroll to do with employees’ experience? It enhances the overall experiences of employees at a particular organization.
It will determine how your staff feels about your company. It leads to a positive payroll experience, which ensures that your employees trust your company.
In the digital era, you must take advantage of payroll technology that boosts employee experience. You can achieve greater flexibility in the same way.
There are so many things you can do with payroll systems such as adding digital wallets. It again reflects the financial well-being of the company.
Employees feel empowered when there is modern payroll technology because they can access employee self-service functions. They can access and update their personal information, check their payslips, and more.
Time-saving: Another reason you should focus on payroll systems is that it helps save a lot of time and effort. Your payroll department can now spend time on other important aspects of the business rather than managing your employees’ salaries.
Having a single system that handles all payroll procedures saves you time every month.
Data security: Your data is stored in a secure cloud environment. Data security is one of the top reasons why most modern-day businesses opt for payroll systems. This way, their data is protected against damages, theft or loss.
Risk mitigation: This is one of the major reasons you should switch to payroll software. Because it reduces the number of risks that are generally related to manual procedures.
It increases accuracy so that you do not end up overpaying or underpaying your employees.
If you have employees all over the globe, having payroll software in place can eliminate the possibility of human error. It is a well-organised system that will pay off in the long run when it comes to both efficiency and compliance.
There are several payroll service providers out there which you can choose from. Here are some of the things that you should check while choosing payroll software.
User-friendliness: You should check whether the payroll is user-friendly or not. It should be easy to operate and use.
Employee self-service functions: Another thing that you should check is whether it has employee self-service functions or not. Self-service improves employee experience and reduces the workload of the HR and payroll professionals.
Scalability: If you want to scale up, the payroll software should have the right solution for you. Even if you own a small business, you should choose software that comes with scalability.
High level of automation: The less amount of manual work is needed, the better it is for you. Make sure that most of the processors are automated. Integrations: Payroll software integrations are important. It should integrate with other workforce management tools such as time and attendance management. This way, you can opt for minimum human intervention in payroll.
High-security standards: The payroll system you choose should have a high level of security standards. It is imperative for the software to protect all your information. Always keep in mind that payroll data is highly sensitive. And should be protected.
Advanced reporting capabilities: The software should be able to generate reports. Software must support payroll, HR and accounting in extracting the necessary information for financial reports. It should also come with customization options.
Compliance support: Payroll compliance is another critical thing that you need to keep in mind. A good payroll system will help your business stay compliant and keep on sending reminders from time to time. It automatically implements the latest legal changes when it comes to tax loans and payroll regulations.
Inbuilt payment capabilities: It should also come with inbuilt payment functions.
Customer support: Just like any other software application or service, payroll software comes with great customer support. Ensure you check the same.
Payroll is critical for every company out there and shouldn’t be taken lightly. It can make or break your brand image. When you select payroll software for your company, make sure it has all these capabilities in place.
DynaPay Human Resources & Payroll solution for Dynamics 365 Business Central
DynaPay Human Resources & Payroll solution for Dynamics 365 Business Central is an all-in-one integrated package. It provides end-to-end solutions and automates the most complicated pay rule systems for seamless payroll processing. This helps in saving a lot of time and effort.
DynaPay-BC is a Payroll and HR Management System that provides employee records management, document management and payroll calculation. It is built inside Microsoft Dynamics 365 Business Central with the help of its native development tool AL.
It leverages the functionality of Dynamics 365 BC such as workflows and document attachments. DynaPay-BC is hosted on Microsoft Cloud, thus allowing HR personnel in more ways than one. Even employees gain access to the Employee Self Service system at any time, from any device.
Dynamo for Dynamics 365 FO – cloud based payroll software
You can now make the most of your workforce with the help of Microsoft Dynamics 365 F/O and Dynamics AX. These solutions help in streamlining reporting, reconciliation, data management and document generation processes. Your HR team do not need to worry about compliance as well. All these tools enable optimization while reducing time and expenses.
Dynamo is a global integrated Payroll, Human Resources, Time & Attendance and Employee Self Service Software works inside Microsoft Dynamics 365 Finance & Operations.
Dynamo Payroll, a set of modular software applications that automate HR and Payroll Management is a trustworthy and feasible solution that every entrepreneur should consider investing in. It uses advanced technology to turn HR into a seamless function in the industry. Your employees can focus on other aspects of work while Dynamo HR and Payroll transforms administrative chores.
Dynamo HR & Payroll for Microsoft Dynamics 365 provides solutions like payroll management, leave management, employee self-service, time and attendance solutions, compliance and EOS management, etc.
Dynamics Business Solutions (DBS) is certified Microsoft Dynamics partner in UAE, we take pride in our ability to develop and deploy the right business solution that matches global client’s requirements. DBS has developed in-house state of the art solutions for HR and Payroll, Dynamo and DynaPay on top of Microsoft Dynamics 365 FO and Business Central respectively. These solutions are catering the all business needs of HR and Payroll departments. We provide best services and support to our clients.
To know more, speak to our expert at Dubai: +971 4 447 5525 Abu Dhabi: +971 2 222 2100 or inbox us your query at info@dynamics.ae OR visit www.dynamics.ae
