How long does it take you to process payroll? A couple hours or more? A couple days?
If you have unique pay policies for incentive pay, special rules for salaried employees, production pay, or a complex job rate assignment, you’re probably spending a lot of your week processing payroll — and crossing your fingers that no corrections are needed!
Once the new overtime rule goes into effect in December, you should expect payroll processing to be impacted even further. Be prepared for additional time to manually apply the rules and handle the new calculations.
But what if you could run payroll with the push of a button? How much time would you have back in your week if your complex pay policies and the new overtime rules were automated? Application integration solutions can be configured to automatically collect data from all of your employee systems and apply the calculations and rules you’re manually doing now. In a fraction of the time.
Signs It’s Time to Automate Your Payroll Process
Could an automated integration solution be right for you? Here are a few indications that it might be time to automate your payroll process and ditch paper or spreadsheet methods.
1) Your systems don’t get along
If you use two or more systems to capture employee data, they probably don’t play nicely together. Incompatible systems stick you with onerous manual data entry—and because it’s manual, it’s also error-prone. But an automated integration system can pull all the data you need from each of your systems and output it in the format you choose. It’s simple, quick and reliable!
2) You don’t know if you can trust that spreadsheet full of macros
It’s tempting to use spreadsheets because you can create macros to do just about anything. But spreadsheets are notorious for being unreliable, and macros can quickly become so convoluted that it’s not clear what’s actually being calculated. Spreadsheets are also prone to data corruption and error. A single incorrect entry in a formula, or the wrong change to a macro, can make a mess of your entire spreadsheet—and payroll.
But automated integration correctly manages the data and reliably applies complex business rules without the risk that spreadsheets pose.
3) Your managers are managing payroll, not employees
If your managers are spending hours on payroll, you’re wasting time and money while vital resources are being pulled away from the jobs they were hired to do. Automation lets your managers focus on their jobs — improving efficiency and cutting operational costs every pay period.
4) You’re hoping no one’s paycheck is wrong
Humans will make mistakes. It’s unavoidable. But one mistake you can’t afford to make is misallocated pay that leads to legal action and fines or settlements. Automation guarantees that pay policies and government regulations are correctly applied every time you run payroll.
5) Potential FLSA audits loom over your shoulder
FLSA regulations are becoming more and more confusing and convoluted, and a DOL audit can be traumatic for your company. If the possibility of being audited is a real one, automation can give you the peace of mind like nothing else. An automated integration system correctly administers all of the compliance rules that apply to your business and ensures that you’re in compliance every time you run payroll.
6) You’re anxious about the coming overtime changes
FLSA rules and regulations are constantly evolving, and it’s nearly impossible to keep up with the latest changes. Even the regulations that interpret those laws often change. While many businesses have basic payroll automation, only sophisticated automation that’s tailored to these issues can provide the level of protection that brings peace of mind every time you run payroll.
IDI’s Time Bank is a proven solution for the challenges you face each pay period. Thousands of companies use Time Bank to save time and money and to manage risks to get their people paid accurately.