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How Does A Medium Between HR & Payroll Ease Out An HR Pros’ Work?
Managing Payroll is something that Accounts & HR professionals find the most difficult. Upon that if the task has to be done manually then nothing is more burdensome than that. Discrepancies in Payroll Processing can lead to wrong payments to the employees, delays in tax payments, etc.; which in every sense put a bad impact on the organization.
Basic But Crucial Tasks That Take Up Employer’s Time
Pay Day – On an agreed upon schedule, calculating your employees’ wages, suppressing the right amount of tax & issuing the paychecks.
Paying Payroll Taxes – Paying the Federal and State taxes withheld from employees’ paychecks to the government on time to avoid penalties.
Filing Tax Forms – Filling and filing never-ending forms related to payments, taxes and other data on a monthly, quarterly or yearly basis.
Common Pitfalls That Employers Face In Absence Of A Proper System
Errors – Calculating employee working hours, wages, withholdings, taxes, benefits and much more, gets complicated which leads to mistakes.
Deadlines – Keeping oneself updated with the latest modifications or additions in the Federal & State taxes and maintaining the deadlines defined.
Penalties – When deadlines are missed and calculations contain errors, organizations become prone to heavy penalties.
How Does HR & Payroll Coupling Help?
In the absence of a common platform, where HR and Payroll functions can be performed together, there exist a lot of data discrepancies. HR or the person in-charge has to perform manual data audits to fix this disparity by side-by-side tallying the information. This is so much pain and might take up hours or probably days to find the mistake. It is also possible that you may fail in tracking these errors.
With the aid of an interface between HR and Payroll, the chances of making errors become negligible; TeamWise can prove to be your helping hand in this matter. It quickly and easily synchronizes data with the payroll software and enables you to export it whenever required. This will ensure that you pay your employees always on time and with perfect accuracy. Along with that, it will assure that you never make mistakes or delays in paying taxes.
When you have data well coordinated between HR and Payroll Management Systems, there is no need of rework associated with entering new employees’ info into the Payroll system; the same can be drawn from the central database. Furthermore, HR gets more control over the data flow from and to a Payroll system, so that the work load is diluted among different departments. This way you can be sure that the task you are doing is up to date and contains no errors.