The Benefits of a Payroll Management System

Benefits of a Payroll Management System

It is not just payroll managers who can benefit from a staff payroll management system. The entire organisation should also benefit from a number of advantages from a well-designed system like Quantum Payroll. This versatile software means that financial decision-makers, such as CFOs and CEOs will notice immediate cost benefits through greater efficiency. Indeed, workers will find that their pay is handled much more professionally, too. If work in human resource development, are the managing director of a growing firm or work in any other business leadership role, then considering the benefits of payroll management systems should be a priority. Read on to find out about the advantages of these sorts of systems, especially the flexibility of Snow’s online payroll management packages.

What Is Payroll Software?

Payroll software comes in many shapes and sizes. However, Quantum Payroll by Snow Technology is designed to provide all sizes of organisations in Ireland with a secure payroll management system. As opposed to a limited module of your accounts package, this payroll system will handle every aspect of payroll in a fully managed way, often being able to integrate with your other financial systems seamlessly. Because the system can communicate directly with Revenue Online System (ROS) and hold employee data in the cloud securely, businesses can meet all their monthly or weekly payroll functions in a way that complies with all the latest regulations. It speeds up processes, eliminates human errors and is currently serving the needs of over 1,500 organisations throughout the country.

How Does an Online Payroll Management System Work?

The idea of using an online payroll management system to take care of a firm’s payroll is that all relevant data is stored in the cloud. This does away with the need for organisations to have their own servers where payroll information is stored. Keeping records like employee’s bank account numbers and other sensitive information comes with a cost if you choose to do it in-house. With Quantum Payroll operating online, all the security aspects are taken care of for you. What’s more, since the online management of data is effectively subcontracted, there is no longer any need to pay your own staff to manage your own data security in this area.

Then, there is an economy of scale to be enjoyed since the online management of the system is carried out not just for your organisation but for others, too. That said, all company data connected to payroll remains private and safe at al times. Employees can access their own payroll records at any time they like, too, and see old payslips, input holiday dates, or add overtime information at a time and place that suits them with a secure staff payroll management system.

Why Do Companies Need a Staff Payroll Management System?

The truth is that not all companies need to invest in managing their payroll functions. However, if they don’t, then they won’t derive the many benefits of payroll management systems today. In short, you can keep operating with your current system, but it is likely that it will be slower and less cost-effective than a more up-to-date approach. Even worse, storing your employee’s salary and other information yourself could lead to potential breaches of data. If so, your company might not just suffer from reputational damage, but it could also be fined if it has been found to breach the security regulations surrounding this type of information.

Companies that will benefit from a staff payroll management system the most tend to be ones that have a growing workforce where their old system simply cannot cope with the increased demands put on it. Equally, firms that are seeking to rationalise their back-office functions and perhaps minimise staffing costs in their financial departments will often find that these sorts of systems provide them with an elegant solution plus ongoing cost reductions.

What Are the Commercial Benefits of Payroll Management Systems?

Getting payroll right every month is an important part of the way any professionally run business in Ireland should run these days. With Quantum Payroll, for example, all the payslips that are produced will be available to your employees in a highly readable format that makes it clear exactly how their pay has been counted. Whether it is pensions contributions or taxation, everything will become immediately clear to staff members, so they know their pay has been calculated fairly. In turn, this helps to lower recruitment and retention costs since employees feel they are working for a transparent organisation that deals with their pay properly.

Equally, the human errors that are often associated with manual and antiquated payroll systems will be eliminated. This is one of the chief benefits of a payroll management system like Quantum Payroll, of course. Mistakes often cause additional costs because they take time and effort to resolve as well as resentment among employees in some cases. Even better, because such systems are easy to use, companies no longer have to invest in their bookkeeping staff to such a degree because the processes and skills required to run a payroll each month are no longer needed in-house. Even better, your payroll costs can be analysed by senior managers so that expenditure can be minimised more effectively without having a negative impact on productivity.

What Are the Features and Benefits of Quantum Payroll by Snow?

Quantum Payroll offers numerous feature enhancements that mean it is a cut above its competitors. For example, users can integrate with many leading HR software systems. The system will also integrate with numerous financial software packages, like Microsoft Dynamics, Pegasus or Sage to mention just three. If you work with a time and attendance software system, then it is highly likely that Quantum Payroll will offer you all the integrated functionality that fits your business requirements.

When it comes to system features, the benefits of this payroll management system should not be underestimated either. For example, firms that pay weekly, monthly, fortnightly and with any other payment frequency will find it works perfectly for them. Equally, job costing and cost control areas can be used with Quantum Payroll, something that many organisations will want to take advantage of. Furthermore, the online system provides employees with a complete history of their payslips on demand. Timesheets and management reports are also both standard features of the software as well as the ability to provide both printed and electronic payslips with every payroll run. As previously mentioned, data security and ROS integration are two important features to take note of. Finally, it should also be mentioned that data migration from a legacy system is another time-saving feature all businesses can take advantage of.

Who Needs an Online Payroll Management System For Their Business?

Unless you are a sole trader, it is likely your business will benefit from the economies of scale and time savings that are associated with cloud-based payroll management systems today. Nationwide businesses that operate throughout the country and even overseas can make great savings by adopting such a system. However, smaller enterprises with just one or two employees will also find it helps to streamline their monthly or weekly payroll processes. Indeed, charities and non-commercial organisations will find the same thing too.

To Conclude

Retailers, manufacturing firms, the construction sector, logistics businesses, food production firms and e-commerce companies can all benefit from an online payroll management solution. The same goes for professional business service providers and operators in the financial sector. Why not consider making the change and deriving those benefits sooner rather than later?

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