Did you know that digital payroll offers you more than just a quick and efficient way to pay your staff?
It has the potential to transform your business by saving you time and money in ways you may not have considered.
Today I’m going to take you through 21 of the lesser-known benefits of using digital payroll so you can take advantage of its full potential.
Let’s delve in.
Have Your Reporting Done for You
Automated reporting is quickly becoming one of our clients’ favourite time-saving hacks.
And it’s for good reason.
Here’s the thing; unlike a manual payroll system where you need to put a lot of time and energy into professional reporting, a digital payroll service will do this for you.
You heard that right.
An all-in-one digital payroll service will provide you with ready-made, professional reports.
And that’s not even the best part.
You can use these ready-made reports to fulfil whatever is required for your payroll or accounting process; hand them over for audits, easily load them into professional accounting software, or give them straight to your accountant.
Which means a reduced workload for you or your staff.
Whilst we’re on the topic of reporting…
Access Your Data, Fast
Did you know that you can load data straight from employee management and HR systems into a digital payroll platform?
This will enable you to calculate things like overtime, expenses, and deductions. FAST.
And I can tell you from speaking with our clients, this is essential if you’re looking to speed up your payroll process.
Remove the Headache of WPS
It is no secret that as a business in the UAE, you must comply with WPS.
The challenge is: WPS is a complex system and failure to navigate it every month could result in you facing a fine or penalty.
Because of this, you may find you or your HR and finance staff dedicate a huge amount of time to ensuring you provide accurate information, meet deadlines, and deliver on all the requirements set out in WPS.
Let’s cut to the chase: A digital payroll service will help you with WPS compliance and validation.
Partnering with an all-in-one digital payroll service can remove the worry and concern you have over WPS compliance.
Save At Least 10* hours a Month on Admin
Let’s be honest:
The payroll process in the UAE is complex.
There’s a lot to keep on top of, including deductions, holiday records, end of service gratuity, overtime… (the list, of course, goes on).
The reality is, automating your payroll process instead of managing it manually will save you a lot of time.
In fact, one of our clients recently told us they save at least 10 hours every month with our easy-to-use payroll service.
Imagine – 10 hours extra a month to pump back into your company.
That’s the gift of time right there.
Is there anything better?
Transfer Salaries Securely
The fact is:
Paying your employees via digital means, instead of cash, is more secure for both you and your staff.
Well, handling cash and cheques comes with risks like theft and miscounting.
And if you’ve had to deal with the fallout of either of those things in your company, you’ll know just how time-consuming it can be to resolve.
Speaking of security…
Protect Private Information
Using an online system for your payroll will ensure the confidential information you store on your employees and your business is secure.
And remember, this is not just a matter of importance:
You are required by laws regulating the workplace to maintain the confidentiality of some types of employee information.
With a digital payroll system, there is no need to email confidential Excel spreadsheets – which are susceptible to hacks, errors, and leaks – because all your sensitive information is stored in one secure and protected place.
Send Your Employees Digital Payslips
I’ll be honest with you:
There are so many AMAZING advantages that come with sending your employees their payslips online.
Benefits for both you and your employees.
Let’s start by looking at the three most beneficial for you as the employer:
Firstly, electronic payslips are cost effective.
Because payslips are available online, there’s no need for you to print them out or hand them out to staff. Which means you’ll likely save time and money on labour, too.
Secondly, online payslips are more environmentally friendly. There’s no need for printing and you’ll be using less paper and ink.
Finally, here’s that ‘s’ word again. Security.
Online payslips are more secure. By sending them electronically, you’re reducing the risk that private pay information is left around the workplace or that payslips are lost by employees.
Now, let’s delve into why a digital payslip is so advantageous for your employees.
Well, your staff will be able to view their payslip and the full breakdown of their pay, including tax and deductions, anytime from their mobile phone or an internet device.
Plus, your employees will have 24/7 access to payslips from the weeks and months gone by.
Why is this so important?
Well, it will help employees to meet evidence requirements (should they need to provide them).
And, if your employees can easily access these important documents themselves, that means they won’t need to ask you.
Verify Your Records With a 3rd Party
Working with a digital payroll provider means you have a third-party available to check and verify official records.
This means that errors can be flagged early.
Plus, in the event of an employee or legal dispute, you have assurance from a third party.
In the event of an employee or legal dispute, you have the official backup you need.
Spend Less Time Chasing Suppliers
If you’re anything like me, you’ll hate spending time on the phone chasing suppliers for answers.
What’s brilliant about using a digital payroll system is that you won’t need to.
Well because you’ll be able to access all information you need on your own portal.
And you won’t need to chase manual providers to find that out.
Speaking of easy access to information…
Access Records Outside Office Hours
No matter what time of the day it is.
Or what day of the week it is.
Your payroll records will be available to access, fast and 24/7.
Which means if there’s something you need to check at the weekend or whilst you’re on the move.
All it takes is a few taps of your phone.
Make the Most of Additional Services on Offer
The truth is: We are wholly committed to making money easy, for everyone which means constantly innovating our service to meet your needs and the needs of your employees.
And that means providing an untapped source of other services, beyond payroll, which are proven to make your business more efficient.
Remember, digital payroll services are here to make your life easy.
It’s time for you to take advantage.
Tap into the Expertise of a Digital Payroll Provider
The fact is: You cannot be an expert in everything.
After all, that’s why you hire specialists to help you grow your company.
Now here’s the thing, digital payroll providers are experts in their space, which means they can fill gaps in knowledge that may exist in your team.
For example, they know all the deadlines you need to meet, all the processes you need to comply with, and all the data sets you need to provide.
Embrace this expertise and use it to your advantage.
No Need to Hire Another Payroll Professional
Digital payroll services are so simple to use that anyone in your existing finance or HR team can do it.
Which means there is no need to hire that payroll professional you think you need.
When I say this, I really mean it:
Excel documents full of complicated formulas and coding that only trained professionals know how to figure out really are a thing of the past.
Avoid Huge Money Waste
The fact is:
Using a manual payroll system will be costing you – BIG.
You have a significant opportunity to save money by automating your payroll function. Research in one report found companies could save an estimated $37,000 by automating expense management and payroll.
There’s no denying that this is money that could be put to better use.
Attract and Retain Quality Staff
The reality is:
Low-income employees value working for a company that can pay in full, on time, and, provide them with access to a proper payments facility.
If you use an all-in-one digital payroll service, you will be able to deliver all three of these, without fail.
Which means, you will attract and retain the best talent there is.
Ensure Your Employees are COVID-safe
We may have moved past the initial shock of the Covid-19 pandemic, but it is still not appropriate to expect your staff to visit crowded places, like ATMs, to collect salary payments.
And it’s not just that – your employees no longer expect to have to visit these places either.
So, they need an account they can receive their money into, fast, and safe, without needing to travel.
You also want to mitigate the time your company loses through mandated quarantines and hospitalisations. Digital payroll will help you with that.
Choose Exactly Who in Your Company Sees What Information
One of the beauties of using a digital payroll service like ours is the level of privacy it gives your business.
Everyone who needs to access your company’s payroll portal can do so with their own login.
Multiple permission levels available within the software allows you to decide which information each person in your team can access.
In short: you can choose who sees what.
By having the ability to restrict access to data, you’re ensuring your private data is kept as it should be.
And do you know what else is great about this?
By using a central portal to manage your payroll, you reduce the risk of data getting into the wrong hands. For example: sending a SIF document to an entire workforce when it’s only meant for a select few individuals.
The overall risk of mistakes occurring is significantly reduced.
And whilst we’re on the topic of security…
The only way someone can access your payroll portal is via a two-factor authentication process.
So, your data really is as safe as it can be.
Keep Payroll Knowledge in the Business
The reality is: If your company runs on a manual payroll system, and the person in charge of that system leaves, you’ll be left scrambling to find someone who has the right knowledge to fill that role.
Without someone at the helm of your manual payroll system, you run the risk of things like payment errors, missed deadlines and consequently, fines.
Frankly, it is a situation you want to avoid.
Fortunately, a digital payroll service removes this risk because all the information you need is in one place, everyone has access to it and it’s automated.
So, you’ll be able to continue moving forward with business as usual – no delays, deadlines missed, or time wasted frantically looking for a new recruit.
Speaking of knowledge…
Make the Most of Experts
A few years ago, we realised that there was one thing in particular that had been really important to our speed of growth as a business.
Relying on the expertise of suppliers.
It is not always easy to relinquish control.
But doing so gave us the headspace to focus on what mattered most to us.
Remember, because digital payroll professionals work in payroll all day, every day, they have the knowledge to guide you, to warn you about changes, and are there to answer any queries you have.
Make the most of them.
Ditch Files and Watch Productivity Levels Rise
You’re in a legal dispute with one of your staff and you need to hand over a very specific record as evidence.
The issue is that you process your payroll manually and you have no idea where that record is or if it is still saved on your computer.
What lies ahead for you and your staff is hours of searching through paperwork, folders, shredding piles, and files on your computer until you find what you need.
In other words, a huge drain on time and manpower.
Now, this example may sound like an anomaly.
However, research has shown that employees can spend nearly two hours looking for files every day, and managers specifically spend – on average – four weeks per year searching for misplaced and lost information.
If you consider the numbers across a whole year, the cost of time wasted and potential opportunities missed, really begins to add up.
Here’s the amazing thing.
By using a digital payroll service, you have a track record of all your payments, all the time.
And frustrating issues like lost files can be solved within minutes, instead of hours.
Pay Staff More Frequently
If you are looking for ways to improve the performance of your staff, paying them more frequently, or, paying incentives or commission, is a great place to start.
There’s only one problem:
It can be tricky to process unscheduled or random payments with a manual payroll system.
It is fast and easy to use, which means you can pay your staff more frequently, and at your benefit.
In fact: One of our client’s, iPay Holding, reported that having the ability to pay incentives daily, led to a 50% increase in sales performance amongst its retail team.
Xavier Gregory Layre, CEO of iPay Holding, said: “It works particularly well for me in retail because as well as paying my staff their monthly wages, I’m also able to award them their commission on a day-to-day basis. This has had a huge impact on their motivation, and subsequently on sales.”