Brand Story – Payroll software has come a long way.
No longer do manual entry, tax calculations and labor-intensive data transfers have to bog down payroll administrators and accounting departments. Today’s payroll systems feature a more holistic, user-friendly approach in their important function. Current payroll software offerings can be a valuable tool for the whole life cycle of an employee from hiring to retiring, while helping organizations operate more efficiently and securely.
“Payroll software has come a long way and can be a valuable tool in improving the employee and administrator experience, and with streamlined capabilities, robust reporting and enhanced security, owners can address data security and regulatory concerns,” said Jacob Colmenero, who works in the Employee Health and Benefits department at Marsh McLennan Agency and helps businesses of all sizes maximize their investment in payroll software. “In our work with businesses around the Northwest, we often find that organizations are not utilizing all of the time-saving efficiencies and full-service capabilities built into their existing software, or we sometimes discover that their current payroll tool isn’t the optimal fit.”
To maximize an organization’s investment in payroll software with improved efficiencies and user experiences for all employees, Colmenero recommends organizations consider these system functions:
Integration
Today’s leading payroll software platforms can integrate seamlessly with various other business systems, creating a more cohesive and streamlined workflow while negating user error with manual processes. This includes integration with talent acquisition, time and attendance systems, accounting software and employee benefits management.
Talent recruitment and onboarding
With features such as job board integration, approval workflows and offer letter automation, payroll software can streamline the recruitment process. And by integrating the software into the onboarding process, new hire information can be entered once and then flow smoothly into the payroll system without manual data entry, also creating a more efficient, accurate and welcoming experience for new employees.
Benefit management
Payroll software with benefit management integration can also significantly enhance the user experience for the employer and the employee by automating processes, ensuring accuracy and providing valuable insights. On the employer side, the software can track employee eligibility for various benefits and send notifications when employees become eligible for new benefits. When employees select or change benefits, the system can automatically update employee records to ensure accurate deductions and contributions. Some software also integrates with insurance carriers, retirement plan providers and other benefit vendors to facilitate seamless data exchange.
For the employee, the benefit management experience is also greatly improved, with the ability to enroll in benefits online, view benefit status and detailed information about their benefits, and update personal information through a self-service portal.
Strategic decision making
Payroll software can also be a valuable tool in forecasting and planning, using payroll data to support workforce planning and budgeting for future hiring needs. Cost-benefit analysis reporting can help evaluate the financial impact of retention strategies and compensation adjustments.
Compliance and risk management
By reducing errors, saving time and avoiding financial penalties, payroll software can offer a reliable solution for maintaining regulatory compliance and mitigating risks. A payroll system can automate tax calculations and filings, stay current with regulatory changes and generate compliance reports, supporting audit preparedness with organized records and audit trails. It can also ensure accurate employee classification, overtime calculations, and leave balances and entitlements in accordance with laws such as the Family and Medical Leave Act. Today’s cloud-based payroll software platforms implement advanced security measures, including encryption and multi-factor authentication, to protect sensitive company data and safeguard employee information. They also control access to data based on user roles, ensuring that only authorized personnel can view or modify sensitive information.
In addition to implementing software security measures, Colmenero advises that all employers consider cybersecurity insurance to protect their business and employee data from malicious threats. Marsh McLennan Agency’s 2024 Business Insurance Trends report found that U.S. business owners identified cybersecurity and data privacy as their the top risk, with the second being regulatory risk.
“By leveraging payroll software’s full capabilities, organizations are not only streamlining administrative tasks and enhancing the employee experience, they are also addressing core data security and regulatory concerns,” Colmenero added.
Brand stories are paid content articles that allow Oregon Business advertisers to share news about their organizations and engage with readers on business and public policy issues. The stories are produced in house by the Oregon Business marketing department. For more information, contact associate publisher Courtney Kutzman.
