May 19, 2022
The COVID-19 pandemic has changed how businesses operate on a global scale. To survive or thrive in their respective industries, businesses must reinvent their ways of working and adopt a more streamlined, agile framework to the way they handle operations. In recent years, this mostly meant embracing advanced automation technologies to facilitate cost efficiency and profit maximisation.
And throughout organisations of varying sizes across both Singapore and the world, one area of immense focus when it comes to implementing automation is that of payroll management via outsourced payroll solutions and services.
Simply put, payroll automation entails delivering employee payrolls and managing other payroll processes with as few manual workflows as possible. In other words, processes such as manual data entry and calculation will be replaced with automation technology that can calculate, collect, store, and organise employee time, attendance data, and entailed tax matters.
Whether you do it in-house or engage a HR payroll service provider, the automating of payroll management processes in your company can be greatly beneficial in numerous ways:
Payroll automation frees up time company-wide by eliminating the need for indnividual manual tracking and the collection, review, calculation and inputting of data from timecards and the likes into a collective system, not to mention time spent on calculating and organising deductions for taxes and benefits.
It also reduces the likelihood of human error no matter how complex your working arrangements are. Manual calculation can easily go wrong when taking into consideration the adjustments that need to be made due to overtime work, shift differentials, performance bonuses, and more. Automated payroll solutions can thus enhance accuracy in payroll management, which is essential for both efficient financial management and employee satisfaction.
Manual storage of payroll records via onsite and offsite paper or electronic files can take up significant time and budget. Promptness is also an area that will inherently be lacking in manual systems no matter how sophisticated the sorting or organisation.
However, with payroll automation, cloud storage keeps things easily accessible and viewer rights can also be controlled and managed to provide employees with self-service options.
Payroll data is extremely sensitive, and manual systems run the risk of data leakage and theft. However, automated payroll systems can easily protect and secure data via encryption, firewalls, and other outsourced payroll solutions external vendors may offer. Employees also won’t have to worry about having too many eyes on their payroll information since everything is automatically tracked, calculated, and stored.
But with all that being said, automating payroll management processes can be both costly and difficult to do; in other words, even after incurring expenses to purchase the right technologies and IT solutions, companies may still run the risk of setting it up wrongly or having it integrated in a way that is far from optimal. Without expert knowledge, payroll automation can easily become a counterproductive endeavour with heavy upfront capital investments.
This is why many companies in Singapore turn to Liberte for outsourced payroll solutions that can be personalised to deliver optimal results. HR payroll service providers already have the technology, systems and expert know-how required to automate and streamline otherwise-arduous payroll processes. Relieve your internal team today and partner with Liberte to automate payroll management in your company.
Liberte is an award-winning boutique agency with a wide range of outsourced payroll solutions. With accolades such as Best HR Outsourcing Partner and Best Payroll Outsourcing Partner at the HR Vendors of the Year 2021 awards, you can rest assured that our payroll services are the best you can find in Singapore.