Human resource professionals usually spend 21 days per annum on payroll processing but with changing times the pressure increases to become a more strategic partner and help in improving overall communication and productivity of employees.
Payroll processing is very complex and is not just based on fixed salaries. Often HR has to consider additions and deductions of work expenses, unpaid leave, or overtime hours. If a company uses a modular payroll management system, they’re likely to be spending additional time by manually pulling data through multiple spreadsheets and reconciling data which increases the risk of human error. All this has to be done by a deadline too – people expect to be paid on time and therefore the HR or finance manager has to factor in this additional time – time that could be used elsewhere.
To solve this problem, many companies outsource their payroll processing or use vendor/third-party software.
The end result? Well – payroll calculations have many errors, slow data updates, and inefficient handling of payroll by vendors. Ultimately the company’s HR works extra time in order to ensure that benefits, attendance, timesheets, and payroll are in sync.
With Bayzat the whole process can be done automatically. All the integration of HR and payroll admin – attendance, timesheets, benefits, and policies can be done on one platform that is fast, correct, and doesn’t require supervision, and save HR from the trouble of routine admin troubles. Additionally, it recommends the correction if the data is not matching.
The five major reasons for synchronizing your Benefit, attendance, timesheets, and Payroll management system
1) Faster Reporting and Payroll admin
Payroll manual processing, double-checking with attendance and biometric records, requests, and benefit inquiries add about 70% to the time requirement of the HR staff. Plus, the possibility of human errors, by any of the human resource team members or employee leads to unsatisfied employees.
Syncing your Payroll data with attendance, timesheets, and benefits will reduce man-hours spend on payroll admin and the possibility of any error made by the human resource team.
Also, the Payroll Reconciliation Reports can easily help in correcting errors if any.
These obvious savings will reduce the man-hours required in human resource management.
2) Helping with payroll compliance
Compliance is becoming more complex every year. The legislation is changing each year. The human resource department and payroll management system needs to be up to date and compliant with the legislation to reduce any possibility of human error. The system has to be completely error-free and transparent so that employees have the opportunity to access their payroll information, attendance, timesheets, company policy, and benefits.
3) Increasing the morale of employees and improving efficiency
Through a cloud-based human resource platform, all employees have access to work records, request approvals, and overtime calculations. This increases the productivity and morale of all the employees as they know their work records are up-to-date and they don’t have to worry about discrepancies in the pay.
4) Fixing the profit leaks through tighter management of expenses and overtime
Effective, timely information about payroll admin, working hours, and overtime is important to your company’s bottom line. Both the HR managers and finance managers are responsible for payroll admin and controlling overtime costs. The finance department has to work closely with HR staff to achieve the possible savings and reduce preventable leakage. HR can fame customizable overtime policy on Bayzat and control the overtime payments if they exceed the permissible limits. Bayzat can help HR to identify and contain unnecessary cost leakages before they burn a major hole in the company’s profits.
5) Improving communications, empowering employees, and maximizing the return on your HR department
The HR department is a highly trained unit with expertise in many areas such as recruiting, employee satisfaction, retention, training, and education. These areas are crucial to the ongoing health of any company. However, most of the HR frequently spend up to 70% of their working day answering simple employee questions and solving problems related to benefits, instead of concentrating their efforts on more key strategic issues.
Providing employees with easy access to accurate reports and information such as attendance records, timesheets, policies, appraisals, and other information makes for a much more efficient management process of HR and related activities. For any company to maintain a competitive edge in today’s market, the corporate HR department must also be granted this opportunity of automation.
We hope you now have a better insight into the very real benefits that are readily available to any company by implementing Bayzat that seamlessly integrates Payroll, attendance, timesheet, customizable policies, and other components of the HR ecosystem.
Check out Bayzat and explore your new work possibilities.