Commercial businesses were one of the last industries to try automated tech for their payroll systems. Payroll offered through automated tech solutions like pay cards employees can access like their debit cards was a long time coming. But once the commercial world started using automated tech, they never looked back.
Today, companies are thriving, and some of this growth is due to businesses transforming their payroll systems. If you’re looking to save time and money in your business straightforwardly and efficiently, an automation tech payroll system is the best way to go. Automation tech payroll is error-free and provides you with payroll solution technology that saves your business time and money.
Please keep reading if you want to join the automation tech revolution for your company’s payroll needs.
Automation Tech
Payroll and technology automation is not only an acceptable way of doing payroll, but it’s a payroll system that is transforming companies throughout the business finance world. If someone asks you what is gained by using automation tech in the payroll system, you can tell them it reduces the amount of time spent on payroll accounting. You can also let them know that by using an automated pay card for employees the payroll systems can also ascertain biometrics or RFID and taxes owed by each worker.
By using the latest and greatest automation methods for payroll, you’re able to reduce not only the number of hours it takes to complete your company’s payroll efficiently, but you can even cut back on costs on payroll management staff. After all, you don’t need a plethora of payroll staff when your payroll is automated. What’s more, the technology used in computerized pay cards or payroll, in general, is more secure because of the automation systems and methods used.
That’s why when you’re trying to find ways your company can best save time and money, it’s essential to check out how automation in payroll can benefit your company. It is a technology that efficiently and effectively streamlines your payroll system and costs. The automated payroll isn’t the only technology system that is transforming businesses.
Automatic Payrolls
Everything from sending out news bulletins, travel itineraries, reading data information reports, and more have become part of the technology revolution for businesses. Part of the technology revolution is through the use of automatic payrolls in firms. It’s rare that companies anywhere still use manual payroll systems as they are so unwieldy, prone to mistakes, cost more, and require more payroll staff.
Automatic payrolls are not only the wave of the future in businesses, but it has already started to transform and grow payroll solutions and benefits being used in commercial industries.
Employee Payment
An automated payroll system offers benefits and advantages too numerous to count over traditional and manual payroll methods. The conventional and manual way of performing payroll tasks included but isn’t limited to:
- Finding ways to pay taxes per employee. The current Social Security tax rate is 6.2%, which the employer has to match. That makes for a total percentage of 12.4% being deducted in total between the employee and employer.
- The medicare tax percentage is 1.45% for the employee and 1.45% for the employer. Both have to be deducted per employee payroll check for a total of 2.9%. 2.9% has to be submitted per employee payroll check that goes to the IRS.
- If your employees have lost their job through no fault of their own, you also may need to determine the unemployment tax rate for each payroll.
- Often there are other state-level taxes or systems you need to deduct based on what state you live in.
There are also other financial deductions that employers may offer their employees, from health insurance to garnishing court-ordered child support.
New Technology
When automation tech offered up payroll solutions that provided systems and services for all companies it may have seemed too good to be true. But this payroll technology continues to prove its worth in filing tax forms, paying payroll taxes, and offering paycheck options on paydays.
The payroll options include everything from automatic deposit in your checking account to payroll pay cards. Since payroll is the most important and most expensive cost of any business, it’s vital to use payroll technology to reduce your net costs in paying employees and contractors. How do automated tech systems reduce your overall payroll costs?
On average, every manual payroll system makes two mistakes per one hundred entries. Some of these mistakes can cause serious financial harm to a business. One of the most damaging mistakes is not meeting payroll when the payroll schedule states you will.
Automation Tech Payroll Solutions
Companies have started to turn to automation tech solutions, and one of those solutions is paying your employees or contractors with a pay card. Pay cards enable companies to set up payroll deposits on employee pay cards as an automatic system solution. This is an automated payroll system that never misses a paycheck date and doesn’t make payroll errors that cost you time and money.
The payroll system is automated to meet tax, hourly pay rates, salary, and benefit criteria. Once all the data integration is made into the automated tech system, employees gain the advantage of having early access to their pay and on-demand access to their wages. What more, this automation access doesn’t cost them a dime in fees.
Pay Card
Employees can use their pay cards anywhere they want, just like a regular debit or credit card, and can pay their bills online using the card. Employees can even get cash out of their local ATM using their pay card to have some money for a particular expenditure. There are no hidden fees or costs to activate pay cards, and most come with customer service support every day of the year.
Automation tech pay cards offer both employees and employers a way to meet their payroll process in a timely and seamless manner. The transformation of your business once you make the switch to automation tech payroll is one that rewards you legally and financially. It also enhances your company’s reputation for offering your employees a payroll system they can count on.