Straightforward payee management
With a range of different taxes and entitlements being applied to payments today, it is sometimes difficult to keep track of them and it is easy to over or under calculate a payment.
By installing payroll software, businesses can take advantage of the workflow automation and maintain accurate records. It is imperative that companies keep up-to-date records as even the smallest discrepancies can cause major headaches for recruitment agencies.
Businesses that implement efficient payroll software can not just avoid the lost hours and customer complaints, they can enjoy these following benefits.
Streamline of payrolls
A business that has a separate payroll system for different classifications of workers is asking for trouble. As temporary staff compared to contract staff, for example, are on contrasting hours, pay and superannuation, it can be extremely time consuming and costly.
Certain payroll software can manage all types of workers in one system and accurately maintain their different pay rates. In a large recruitment company, time is money, so this is especially important.
Often managing employee sick leave and annual leave becomes problematic for payroll as it is hard to track and then recalculate into the system.
Payroll software can help this issue by automatically updating leave figures while also managing allowances and deductions of payments such as superannuation contributions. This is where most mistakes occur during the payroll system so if businesses can eliminate it here, the business ultimately saves money.
For customers, the payroll software can also help make payments in a timely manner. Contractor company details already logged in the system can be tracked and tax invoices can be produced for them.
As this is managed on software, consistent invoices can always be created and this increases the likelihood that the customer will remain loyal.