Why 2024 is the Year You Invest in Payroll Software

We all put off things we should do because they seem difficult or time-consuming. The end of one year and the start of a new one gives us the chance to tackle these much-maligned tasks with a clear head and renewed drive.

If the past several years has taught us anything, it is that companies must be agile and adaptive to change. Where does that leave us in 2024 and beyond? Will business fall back into the same old routine? Or will we remain proactive and ask: what else is possible? 

For the many businesses and HR professionals who have avoided the payroll software conversation for too long—this is your year! Imagine what strides you can make moving forward when backed by powerful HR technology and industry experts. THIS is the year you finally invest in payroll and HR technology software.    

Outsourcing administrative and back office functions offer numerous benefits across your company. Discover why successful organizations invest in payroll software and supporting HR technologies to grow their business. 

Payroll is crucial to your business

Payroll is one of the most constant and frequent elements of business. Your company will always need to pay your employees. This makes payroll and related HR functions a business need, not a want—and certainly not something you can shortchange. 

Although it may not directly increase sales or promote your business, payroll is a critical function that requires time and attention to detail. When not executed properly, it can lead to countless legal issues and disgruntled employees.

Payroll software is an investment in your company and your employees. It is a commitment to getting things done right and on time—the two things that are now more important than ever.   

Payroll software saves time and increase efficiency

While payroll’s importance to your business cannot be overstated, it is only a fraction of what needs to get done. Company leaders, management, and HR have multi-faceted roles with never ending to-do lists. By saving time and increasing efficiency, payroll software can allow you to devote less time on back office processes and more time focused on running your company. 

HR professionals are often tasked with managing all employee information, including payroll, benefits, onboarding, and performance. If these processes remain manual and disconnected, the job is sure to be time-consuming, stressful, and prone to error. Through automation and simplification, payroll software combined with an HR solution can create workflows, eliminate spreadsheets, and ensure accuracy and timeliness.

Armed with more time to focus on more strategic tasks, like recruiting and hiring, employee engagement, and company culture, HR professionals can make a greater impact for your company.

Reduces overall costs

Manually tracking employee time and attendance for payroll could likely be costing your company revenue. Approximately 40% of businesses make payroll mistakes due to inaccurate timekeeping and payroll processes, including overpaying employees by almost 4%.

Whether underpaying or overpaying, these errors result in an average of $845 in IRS penalties every year and waste countless hours correcting. Eliminate this wasted time and money with an accurate payroll software system.

Compliance and tax expertise

Speaking of IRS penalties, to avoid those mentioned above and others, payroll taxes need to be accurate and timely. Partnering with a trusted payroll software company greatly reduces the burden on businesses to remain up-to-date and compliant with the numerous and constantly changing laws and legislation.

READ:  HR Compliance: What is HR’s Role in Ensuring Compliance

With tax compliance experts on staff to ensure compliance, Netchex provides the automation & accuracy to keep your company safe and worry-free. This allows your HR team to be people experts, not tax experts.

In-depth data & reporting

Everyone talks about data—and for good reason. Data is crucial for all departments of all businesses, especially HR. Collecting and analyzing data improves your business and processes by helping identify goals and tracking the progress.

READ: How Technology Makes HR Reporting & Analytics Easier

Gain easy, instant access to reporting that you regularly need like instant payroll preview, payment errors, time & attendance updates, payroll processing time spent, and up-to-the-minute compliance standards. Collecting this data and being able to visualize everything on an easy-to-read dashboard helps you share insights and make better business decisions.

Better service experience

When navigating the complexities of payroll and taxes, it is reassuring to know there are experts available and ready to help with any questions or issue you have. Customer support teams from a trusted payroll and HR technology are armed with a greater understanding of laws, regulations, and best practices—as well as extensive product and industry knowledge.

At Netchex, our award-winning service team is professional, personalized, and proactive. Your needs are our priorities. Our communication channels are accessible and designed to exist within the flow of your work. Our experts are quick to help with all your questions around not only payroll and tax, but also employee benefits, performance, learning, and all things HR.​ 

LEARN MORE about Netchex’s customer service experience guarantee

Empower employees with payroll software

HR has always been in the people business. But without HR technology, employees are often left waiting, frustrated, and uninformed. Self-service functionality helps engage and empower employees by giving them access to everything they need to manage their workplace experience. 

Employee autonomy is not only beneficial for workers, but also management and the company overall. Personalized self-service allows employees to access their own records, make changes when necessary, request PTO, check their performance, and answer many of their own questions before contacting a manager or HR. 

Additionally, even before the pandemic struck, the demand for mobile accessibility was paramount to the employee experience. With people using their smartphones more, especially when working remotely, the need to access payroll and HR information easily and instantly is essential to any payroll software.

Gateway to HR technology 

Payroll is the key to a truly integrated HR technology system. A lot goes into payroll, and the right payroll software can cover and connect it all–including time and attendance, benefits administration, performance management, learning management, recruiting, onboarding, and more. 

Payroll software creates automation that gets tasks off your plate and worries off your mind. Freeing HR professionals and managers to do more of the tasks crucial to helping your business succeed. 

Learn more about Netchex’s trusted payroll solution: