You’re utilizing a payroll solution that’s outdated and there’s a lot of reasons for you to improve your payroll processing solution such as improved employee satisfaction and improved efficiency of processes. However, you are not looking into moving forward as the economy seems down and you plan on keeping money rather than spending it. If you look a bit closer to the issue, you’ll just realize the fact that your outdated payroll system costs you money instead of saving. Here are the reasons why you should choose to update your payroll solution, may it be through a payroll software or payroll service in UAE.
Paper Consumption
While it’s often not at the top of your mind, lots of paper are consumed with payroll processing in UAE from the printing of checks, use of envelopes, stamps, report printing paper, and more. Paper costs money. A lot of it, if you have a hundred or more employees.
What are printed checks if not pieces of paper that cost the business money but only last until employees go to the bank? If you implement direct deposit, the money that you would pay employees as their salaries would be transferred electronically. This means you have eliminated the requirement of printing checks every single pay period for every single staff member.
This helps as well in conserving the environment as you have reduced paper checks consumption. According to research, checks add millions of tons of carbon dioxide onto the atmosphere as they travel the payment cycle. Yes, throughout one payment cycle. Think about how you process your paychecks! You gather payroll data also using paper, you make sure you keep enough checks available on hand, you get the printers ready, you line up the papers, you print and collate checks, then hand them to employees or mail them.
If you only utilize direct deposit and adopt a brand-new solution for payroll processing in UAE, then you can eliminate all these steps and pay electronically! You can save your business some valuable money and time. Small businesses, in particular, would be best to utilize digital payroll solutions or outsourced payroll to save both time and money.
Speed
Just think about the rate or speed of how the industry of computers moves. A nice machine used to be a memory of 64K but now that is considered as a dinosaur. So, how fast really is your old payroll system for payroll processing? How much money are you saving with the time it takes to process payroll with a dinosaur? How much money will you actually save if you upgrade your payroll solution? What if you completely take it out of your business’ hands and leave payroll processing in the hands of a team of specialists instead?
Payroll processing is crucial and it is best handled by people that can do them swiftly and accurately at the same time. If you finally want to enjoy a more efficient process of maintaining high employee morale, then you have to make a change. This is only an added bonus as well as your main goal is saving your business money!
Employee Morale
You will be sacrificing your company’s employee morale when you continue to utilize an outdated payroll solution. Why? Because you won’t be accurate in the payments. Also, it can run slower, which means it is highly likely that payments are always late. Take note: the market has been globalized which means the market is getting more and more candidates. A good way of making sure your business retains its key employees is by making sure they are compensated promptly and accurately.
Double Work
If your staff members are having issues in dealing with payroll processing for the entire labor force to get paid, then it is time for you to change your payroll solution. Your payroll and HR staff maybe spend more time in manipulating processes in order to complete payroll processing and analyzing data rather than just accomplish tasks effectively and efficiently. See if there are tasks that are taking four to five steps for payroll employees to complete when they have been completed with just a single or two steps. In such a case, your business will be saving a significant amount of time when it moves on to a different payroll solution that can handle your business requirements.
At Payroll Middle East, we have the tools, skills, and expertise that can save your business a significant amount of time and money. If you want to discuss your specific situation and needs with our team of payroll specialists, don’t hesitate to call us. We’d love for you to book a consultation so you can see if we are the right partners for your business. Reach out to us today!
