How to improve the speed, accuracy and profitability of your Payroll Software in Saudi Arabia?

3 years ago

PeopleQlik #1 Payroll Software in Saudi Arabia, In today’s challenging economic climate, considerations such as operational efficiency and cost reduction are accelerating the agenda for many companies. As a result, cost centers like payroll and human resources tend to come under scrutiny as business leaders try to understand where it might be possible to reduce overhead or cut direct and indirect expenses.

PeopleQlik #1 Payroll Software in Saudi Arabia

How to improve the speed, accuracy and profitability of your Payroll Software in Saudi Arabia?

Equally, however, the last 12 months have focused attention on Payroll System in Saudi Arabia like at no other time in corporate history, as boardrooms became dominated by issues such as business continuity for critical processes, the use of government support to protect jobs, the shift to remote work. and future location strategy. Payroll departments in particular, which are often underinvested, have proven both their importance and their fragility over the past year.

To balance these requirements, a more strategic review of payroll and human resources management has never been more timely. Human Capital Management (HCM) technology has evolved to a point where many traditional HR and payroll activities can be automated, allowing teams to focus on more complex and strategic decisions and eliminating the risk of dependency on key players.

But these are important decisions and should help prepare your business for the future. Any failure to get it right will inevitably have a direct impact on colleague experience, compliance, and risk management, all of which have an important role to play in shaping broader business outcomes.

Five ways to transform payroll and human resources:

So, to set yourself up for success, here are five ways to improve the speed, accuracy, and profitability of your core payroll and human resources activities:

1. Automate whenever possible:

The enormous complexity of many payroll and human resources processes is too often underestimated. Payroll processing, in particular, is often considered as simple as pressing a button, but this notion is far from an accurate reflection of reality.

In fact, about 65% of organizations still complete some or all of their payroll processing manually, according to our research, and the figure rises to 68% for general HR tasks, although many of these could be automated.

In HR Software in Saudi Arabia, for example, activities such as calculations and data entry could easily be digitized, while the same is true for HR tasks ranging from records management and onboarding to time tracking and attendance. Once these processes have been automated, there is the added advantage of being able to analyze and report on the data generated using appropriate software tools, thus facilitating a process of continuous improvement.

In other words, automation can have a positive impact on controlling expenses and increasing efficiency by reducing personnel costs, reducing the frequency of costly and time-consuming errors, and freeing up team time to focus on value-added activities rather than just completing administration.

2. Digitize compliance:

In the context of automation, the digitization of your compliance processes deserves a special mention because of the central role they play in ensuring that your payroll and human resources activities are efficient and robust. Not only is it imperative to ensure that employees are treated in accordance with the law, but failure to comply can also become a huge waste of time, money, and resources.

For example, those companies found to be in breach of the national minimum wage and the national living wage face fines of up to 200% of the total amount owed to employees. In fact, during 2018/19, the HMRC required non-compliant employers to pay £ 17 million in such penalties, as well as to pay £ 24.4 million in arrears. But automation can also help in terms of compliance by eradicating manual errors that could lead to violations.

3. Migrate payroll and human resources processes to the cloud:

About 52% of organizations currently benefit from using cloud-based HR systems. The figure is just under a third in the case of payroll, according to our research, although adoption is expected to continue to increase significantly, mostly due to the impact of the pandemic and the inconvenience that many organizations have seen in having solutions in the facilities.

Another reason is that, although local applications may offer a perception of more control, they also require much more time, effort, and money to maintain. Cloud-based software, on the other hand, increases the efficiency and profitability of your payroll and human resources.

Allow authorized users to securely access payroll and human resources data from any online device, thus facilitating remote work; Transfer the cost and responsibility of operating and maintaining your systems, including ensuring high levels of performance, to a third-party vendor; Ensure flexibility if you want to change the way your systems are used or increase or decrease the number of users they support.

4. Ensure that payroll processes are integrated with those of other business functions:

Our research shows that one of the top five technology weaknesses for just over half of all HR and payroll professionals is the lack of integration between their key systems. This is because many organizations fail to integrate their payroll and human resources systems or do not connect them with other applications in adjacent functions, such as finance or accounting.

Systems integration plays a vital role in controlling costs and increasing operational efficiency. Allows data to be seamlessly transferred from one system to another; No longer do team members have to manually re-enter information related to, for example, new incumbents or staff absences, eliminating duplication of effort.

Payroll Solutions in Saudi Arabia also improve overall productivity by allowing HR and payroll professionals to quickly navigate between applications, especially if single sign-on functionality is included, which means they don’t have to enter multiple identity credentials. Or, better yet, benefit from automated, end-to-end workflows.

5. Outsource to a reputable provider:

In the challenging circumstances of today’s pandemic, even the most efficient payroll and human resources functions can feel overwhelmed and need additional support to meet deadlines, meet regulations, and get help with complex and resource-intensive processes such as the calculation of license allocations.

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But outsourcing all or part of your payroll and providing human resources services can offer a number of cost and efficiency benefits. These include:

Achieve savings based on economies of scale and access to global labor markets – Because your partner of choice handles payroll for multiple clients, it helps reduce administration overhead, increases process efficiency, and provides access to a high-quality, global workforce; Reduce errors and costs of entry due to highly automated workloads, strict service level agreements, and streamlined processes; Reduce direct costs, such as internal equipment maintenance, and indirect costs, such as office rental, printing costs, software hosting, and system maintenance.
Take advantage of your data and turn it into useful information on how to reduce costs and increase efficiency even more.