Employees are the biggest asset and resource a company holds. The ability to manage this asset defines how far and successful your business will be. That is what the human resource (HR) department is deployed for, i.e., managing employees in general but it goes far beyond that. HR is responsible for employee tenure from screening CVs to off-boarding in the company. It also handles benefits and compensations.
Payroll processing is one of the most crucial and critical in an organization your HR is responsible for it. Managing all this for the whole organization makes you prone to errors and mistakes. According to Forbes, 36% of HR professionals find a lack of automation and adequate techniques in their process as one of the reasons for slow down and delay in the process.
Shifting to an intelligent and automated system can save you trouble. Payroll solutions are in huge demand in the market. Obviously, who would not fancy accuracy and precision without being overworked? DS Payroll 365, designed for Dynamics 365 for Finance & Operations, is a payroll solution that enables you to digitize your process. This end-to-end solution allows you to empower your employees through Employee Self-Service (ESS), optimize payrolls, and revolutionize your HR processes.
This blog digs into the advantages of having a payroll solution for your business and how DS Payroll 365 is the best choice.
Digitize Your Business Operations with Payroll Solution
The digitally transforming landscape of business has opened gates for more revolution. Everything is so fast-paced and demands accuracy that there is no room for mistakes or errors. This applies to all the workflows and processes in your enterprise. Especially when it comes to the HR department and processes. A reliable payroll solution can help meet the speed and accuracy required in the market. Listed below are certain reasons you should opt for a payroll solution if you have not done that yet.
Efficient and Accurate: Manual data management, benefits, compensation calculation, and payroll processes are complex and difficult. It increases the risk of errors and miscalculations whether you are dealing with a few employees or hundreds of them. Payroll Solutions takes up all this responsibility. Automation enables you to get error-free work done. This also increases employees’ trust, knowing they will not be underpaid, or their overtime will not be overlooked even by mistake. The automation, convenience, and accuracy make it an efficient tool.
Time-Saving: While your calculations are done automatically, you do not have to deal with data sets for salary, taxes, or other compensations by yourself, you save a lot of time that you can allocate to some important tasks. They also allow you to set reminders, so you never miss a deadline.
Cost-Effective and Secure: Due to the requirement for attention to detail and the risk of increased errors due to low expertise, companies take outsourcing payrolls to a third party as an option. This decreases the workload but comes as a concern related to the security of the company’s data. With payroll solutions, you get over not only the security concerns but also the cost of hiring a third party. The payroll solutions are customizable according to your company size. While your efficiency increases, it is always an indicator of cost-effectiveness.
Compliance: Adhering to legal requirements in your business is necessary. This includes processing payroll and taxation. Not abiding by them makes you suffer fine, negative backlash, and loss. HR and Payroll solutions automate this process. They keep up the recent documentation and send reminders to the authorities concerned so that you do not have to go through legal procedures. Being compliant helps you gain trust, attract customers, and get your brand recognized. With an efficient payroll- solution, you can offload lengthy and critical tasks such as taxation.
Data-driven Insights: Payroll analytics can help you unlock the true potential of your business. These insights enable you to make informed decisions and plan the future for your business. You can monitor your cash flow and allocate the budget accordingly. Having insights into analytics enables you to optimize and control your decisions and workflow.
Why Choose DS Payroll 365 for Your Business
DS Payroll 365 for Dynamics 365 Finance and Operations and Business Central is an end-to-end HR and payroll solution that allows you to automate and streamline managing your employees by using intelligent software. It is a cloud-based payroll that helps you to seamlessly carry out your routine operations with accuracy and precision. It manages your human resources and empowers employees with self-service, easy-to-use and flexible tools.
Key Features of DS Payroll 365
Many payroll solutions are rolled out in the market, but here is why DS Payroll 365 should be your choice.
Employee Self-Service
Empowering your employees gives them trust and inclusivity in the organization. DS Payroll 365 for Dynamics 365 F&O and BC provides employee self-service that comes with a variety of options for employees. This allows them to check in, check out, leave management, and provides an HR help desk which can decrease the processing time for each task and enable automation with fewer errors. With a unified solution, you empower your employees and give them insight into their relevant data, thus improving productivity and creating a better work experience.
Recruitment Management
Recruitment is one of the integral parts of an organization’s operations and processes. This recruitment must be done with the utmost efficacy to ensure the onboarding of suitable candidates for any position. Recruitment management allows you to automate the process seamlessly. Starting from the initial job posting to managing and tracking applications, sorting them out, and final selection, recruitment management helps you to manage the hiring.
Employee Management
Managing employees is now as easy as anything with DS Payroll 365. It allows you to manage your employees by managing how an employee performs, their database, monitoring their productivity, and enabling smooth communication channels in a horizontal and vertical hierarchy. This will also help you to decide and reward incentives for top performers. With Dynamics 365 F&O, you can elevate your employee management with our payroll solution.
Payroll Management
HR workflow cannot be processed smoothly without processing payrolls. Payroll management in DS Payroll 365 automates and provides a complete payroll solution that keeps a record of your employees and calculates their salaries, considering their days off, leaves, and overtime. It calculates all the federal and local taxes that would be deducted from salary. It keeps a cord of all payrolls and each employee’s pay statements. Payroll Management, in short, provides the taxation and financial documentation of your business.
Wage/Salary and Benefits Assignment
By the end of the day, if an employee is paid well according to his working hours, he will be satisfied, which will bring better results and productivity in the days to come. DS Payroll 365 takes control of this complete process. It goes beyond just calculating the salaries. It looks into benefits and other compensations. Benefits such as insurance, medical, transport, and other allowances that a company allows, keep a record of how much has been allotted, how much is left, who is eligible, and who must hit eligibility criteria yet. It provides a holistic view of the finances that have to be given to an employee.
Statutory Compliance and Company-Specific Tax Calculation
Every business is bound by the rules and laws of the state where it operates. Legal compliance is necessary and crucial for any business. This adherence is to both state laws and corporate regulations. The compliance and tax calculation feature in DS Payroll 365 automates this process and acts on your behalf to streamline the entire process according to the existing laws of the state. This implies tax laws, labor laws, and other environmental regulations in the company.
Experience Inevitable Growth with Dynamics Solution and Technology
With the ability to integrate with Dynamics 365 Finance and Operation and Business Central, DS Payroll 365 is the best HR and payroll solution for many reasons. It has global coverage, allowing you to make specifications and customizations according to your local needs. Increasing accuracy and streamlining your processes, it empowers both the employee and your HR department.
Dynamics Solution and Technology unlock the hidden potential of your business to drive success and customer satisfaction. Having a global footprint, we have been empowering businesses and leading companies to innovative solutions with utmost satisfaction and precision.
Contact us today to level–up your HR and payroll processes with DS Payroll 365.
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