The Importance of Payroll Services in Your Industry: What We’ve Learned
This is the final blog in our industry payroll mini-series. Check out the other blogs in this series to learn more insights on how payroll can impact organizations across multiple industries.
Over the last few weeks, we have learned how important having complete payroll solutions are across a variety of industries. In the final blog of our industry payroll series, we will look back at some of the top takeaways and tips shared:
The importance of having one unified platform
In the first blog of our industry payroll series, I shared 5 key features that your payroll solutions software should have to ensure your employees get a perfect paycheck every time. One of the features I shared, and probably the most important, is having one unified platform. Having a unified, end-to-end vendor that can deliver a perfect paycheck, as well as other components of human capital management, such as recruiting, talent management, benefits administration, HR, and more is vital. Allow your payroll software to work for you, and not the other way around. Choose a payroll software that can streamline and automate your data for you.
Minimize your compliance risk
The payroll process is overwhelming in detail and compliance issues, and liability occurs when details are not tracked correctly. The second blog in our payroll series, How a Streamlined Payroll Process Eased the Burden of One Catering Company, M Culinary Concepts was able to leverage comprehensive tax filing and post-payroll processing services to reduce the time spent on administrative work. This did this while minimizing legislative and tax compliance risk with UKG Payroll Solutions™.
Accurate financial reporting
Our next blog highlighted 3 Reasons Why Accurate Payroll Is Critical in Manufacturing. One reason why payroll is so important in manufacturing is that it can provide accurate financial reporting. In an industry as competitive as manufacturing, maintaining strong margins is critical. And given the fact that humans perform 72% of tasks in manufacturing, labor costs are typically manufacturers’ largest controllable expense.
Provide your employees with autonomy
It is no secret that digital customer experience is becoming the standard for financial service institutions. Give your employees who work at your financial institution the same access to information by upgrading to a digital solution that can provide them account balances, tax information, PTO, and other payroll components. Learn more about how in our fourth blog: Advanced Payroll Solutions: Why Investing Is Worth It in the Financial Services Industry.
Complying with complex labor laws
When automatic calculations eliminate manual errors, compliance around FLSA, FMLA, and other labor laws is much more easily adhered to. The power of the calculations behind those punches is what makes a modern payroll solution so powerful. Learn more from Linda Misegadis, former Director of Payroll at the City and County of Denver, about why a modern payroll and timekeeping solution are so important for governments.
The importance of automation
For the construction industry, the upcoming massive infrastructure bill has the potential for the same kind of impact that the Affordable Care Act had on businesses. In order to manage an influx of certified projects, construction companies are going to need seamless payroll processes, including generating accurate, required weekly Certified Payroll reports. Check out our last blog from our UKG Technology Partner, Integrated Design, Inc. (IDI), to learn more about the upcoming infrastructure bill and the need for automation in the construction industry.
Looking for more information about how a unified payroll solutions vendor can help elevate your organization no matter the industry? Check out our HCM buyer’s guide to find the best-fit solution for your organization.