The Importance of Timely Payroll
Any business owner or senior executive will agree that equal to the service or product offered by an organisation is the value commitment of their employees. As important as encouragement, teamwork, and leadership is among employees, so is timely payroll for your employees. In the immediate instance should there be a mishap of payroll within an organisation – whether in delayed payment or an error in payment – the effect can have negative connotations for your employees and on the overall health of your company. One of the most negative impacts of a business that does not process timely payroll is the concern and lack of confidence from your employees towards your organisation.
If your immediate thought while reading this article is ‘this does not apply to me’ because you have a payroll division, or you manage your payroll yourself, or you have never encountered delayed payroll due to the utilisation of a payroll software package that does the work for you, then you are mistaken – this article is just the thing that will make you question your payroll processes.
The fact is that every employee is different and with that comes different benefits, different circumstances, various tax laws and varying particulars in the way in which each individual is paid. At some point this comes down to manual calculations and manual intervention of any payroll software system. Technology is only as good as the user. Having the expertise to manipulate the systems to suit the individual personal circumstances can have a huge impact on the overall cost of your annual payroll.
We have put together a guide on why the number one service outsourced by Financial Executives is Payroll. Download this guide to better understand the issues around organisational payroll in-house and things to think about when considering outsourcing your payroll.