UK businesses are losing up to £150,000 a year through payroll errors according to recent research. Many of the problems may be caused by lack of investment in technology, as almost three quarters (72%) of companies still use manual processes for their payroll systems.
Steve Tonks, SVP – EMEA at WorkForce Software, speaks with HR Magazine about the importance of digitizing payroll to avoid costly errors while modernizing and streamlining operations.
Tonks offers insights around the many benefits of utilizing modern workforce management (WFM) technology, automating the payment approvals process, and switching to digital payroll systems – which has great benefits for employees as well as their employers.
“By leveraging modern, cloud-based WFM technologies, employers can combine timesheet data with automated pay rules to ensure accurate and timely payment,” Tonks says. “Automating the payment approvals process will ensure that the cut off for hours, especially overtime hours, can be paid during the period in which they were incurred.”