Are you still on the fence between the benefits between automation and manual payroll software?
The American Payroll Association’s research estimates that companies who have automated their payroll processes have reduced payroll costs by as much as 80%. APA’s statistics also show that a significant portion of the amount of cost is the result of fewer mistakes in invoices and checks that are issued.
Automating your process.
Automating your payroll/HR can reduce your staff’s manual workload, prevent opportunities for fraud, expediently calculate all benefit deductions, ensure clearer audits, better reporting and less employee tax errors.
By incorporating a fund accounting solution that does not leave you managing employees’ salaries and benefits in multiple spreadsheets your time can be better spent on boosting employee value propositions and training. You can also more easily stay ahead of how employees want to communicate and access their salary and benefit information.
Benefits of online access.
Statistics also show that as generations come into the workplace, the shift toward wanting 24/7 accessible information on pay and benefits is in high gear, coupled with more desire (and need) to work from home. Employees benefit from having access to their income tax information forms, viewing their check stubs online and changing their personal information and accessing their direct deposit information easily.
Millennials, for instance, who have grown up in the technology revolution want secure and protected access to their payroll information even on their smartphones. And they increasingly bank online where checks can be automatically deposited on the earliest possible date. According to Finder, about 27% of millennials and 30% of Gen X said they had an account with an online-only bank. In fact, Finder also noted, “An estimated 76.9 million Americans (30.3% of the US population) say they have, or are planning to, open a digital-only — or neobank — account.”
By giving employees more access to payroll and human resources information online, you save HR staff time in responding to emailed questions or spending time on the phone fielding payroll questions with employees. You also keep employees more engaged in regard to their benefits and give them an easier way to track and update any benefit changes or additions.
Did you know it is estimated that by 2025, millennials will comprise 75 percent of the global workforce? Nonprofits that want to attract and keep millennials need to ensure their payroll and human resources technology can stay competitive as an added employee value proposition.
For tax filing and reporting, automating payroll and HR can enable tracking updates to tax policies as well as making sure you’re meeting all the correct withholding information for employees. Nonprofits can also be assured they are meeting the compliance requirements regarding grants and GASB through automated payroll processing.
Nonprofits who automate payroll also report a significant reduction in preparation for audits and reporting to donors and funders. The value of automating your payroll and HR to meet the needs of your employees today as well as in the future cannot be understated. Your mission is growth in your community and your services. Our mission is to help you spend more time serving your clients and less time on manual processes.
Register now for our upcoming Webinar on the Integration of Payroll and HR to learn more about the power of automation.
See what MIP Fund Accounting can do for you. Request a demo today.