Businesses across the country are constantly searching for ways to streamline and improve their workplaces. An often overlooked but vital aspect of this growth is proper payroll processes.
Building an effective payroll is key to protecting company data and creating a positive workplace culture. By improving performance in this area, businesses can expect increased wellbeing for workers and stronger overall outcomes.
But why is payroll so important? And how can you ensure the best outcomes for your business?
The importance of payroll
Payroll is the process of determining how much money is owed to each employee based on their work. However, the shortcomings of Australia’s current payroll systems are becoming more evident due to factors such as the continued impact of Covid-19, as well as labour shortages in almost every industry.
Experts from leading payroll services suggest that evolving these programs from unpredictable and reactive to data-focused and driven might be the key to solving a majority of problems and future-proofing Aussie businesses.
They argue that finding qualified, hardworking professionals has never been more challenging. However, by paying attention to the wellbeing of employees, companies can set themselves apart and encourage applications. It all starts with a strong payroll. Having a quality system can reduce stress and highlight the reliability of your business.
As such, leading payroll service provider ADP have put together a list of strategies that businesses can employ to improve their payroll system and grow their organisations as a whole.
One of the simplest ways to streamline the payroll process is by investing in technology designed specifically for this purpose.
By integrating a cloud-based, unified system, the payroll can adapt and grow alongside your business. Luckily, there are so many options for digital support in a modern age – however finding the right model for you can be a challenge.
To ensure you make the right choice, focus on how the system will build on your current operation, whether it has been designed with the specific purpose of supporting business development, and whether it can help the company to reach its individual targets.
Beyond just finding a system that simplifies payroll processes, you also need to focus on the reliability and accuracy of the software.
While reducing cost and tax penalties is important, ensuring the payroll program complies with labour-related legislation is a fundamental way to avoid unnecessary complications. Fines for non-compliance can be some of the biggest blows to reducing overall cost and mitigating errors. By doing the research when establishing your payroll scheme, you can avoid complications later down the line.
When running a business, you can’t protect what you can’t see. As such, it’s vital that your payroll system works alongside all other HR and accounting programs.
By ensuring smooth interdepartmental collaboration, employees can feel comfortable making decisions, and unnecessary confusion will be reduced. By fitting your payroll program into other programs already in-use, you will encourage seamless transactions across your business and reduce issues caused by a lack of communication.
For the best outcomes, it is important to introduce payroll systems that can adapt to new markets and expand as your business grows. This comes by focusing on agility.
Having a versatile system means you don’t have to worry about transferring data or adopting new programs as you expand. Instead, you can feel confident that your payroll will suit whatever situation you find yourself in. It also means the company can predict problems and changes in pay-related trends before they occur, so that your business can pivot and avoid issues before they arise.
Perhaps most important to developing a strong system is finding a solution that works best for your teams and departments.
With so much to consider, it can seem simplest to turn the entire process over to digital programs and online servers. However, the payroll is an issue that effects all departments and workers, meaning it’s important to listen to feedback from staff, such as those working in HR and finance.
Molding your payroll to suit the values of your team is key to improving its effectiveness and ensuring it speaks to the needs of every team member. However, it’s also vital to increasing the wellbeing of your staff. Maintaining an open line of communication reduces pay-related anxieties, encouraging a happier workplace culture.
Clearly, payroll is more important to running a successful business than they first appear. By following these simple guidelines, you can ensure your company is in the best position for growth and development, while also reducing costs and promoting a positive workplace. Navigating the business world becomes a lot simpler when you start with a strong system.
Check out our interview with Sharon Nouh, CEO of Prospend, Australia’s first expense management tool.