Enterprise Payroll Software for Large Businesses
Are you a large (500+ employee business) or have complex multiple awards, entities, acquisitions business? Your company probably needs enterprise payroll software.
Access Definitiv is a purpose-built enterprise payroll solution that streamlines payroll processing and manages your workforce in an all-in-one platform that saves you time and money. Say goodbye to data entry and hello to accurate, automated people and payroll management.
8min
Written by The Access Group
Top 5 Problems of Payroll Software
Payroll is essential for all companies. However, despite its importance, payroll can be a headache. From manual data entry to compliance issues, businesses face many challenges regarding payroll processing. Let's look at the top 5 headaches and how enterprise software can help your large business.
Manual Data Entry
One of the most significant payroll headaches - manual data entry can be time-consuming and prone to mistakes. Large companies can turn to enterprise workforce management software to automate all the data entry and manage large employee databases on one platform to solve this headache. The data in one platform satisfies a large enterprise's new payroll requirements.
The software has intuitive features such as time and attendance tracking, intuitive paperless onboarding, and a mobile app for employee self-service for payslips, leave requests and personal data. Populate employee information from onboarding from day one, provide payroll control and eliminate manual data entry, saving time and reducing errors.
Compliance Management
HR often uses employee management software, and the payroll system is separate, making it challenging for people and payroll compliance. There are many workforce regulations a business needs to follow, such as complex payroll compliance and labour and workplace law, so by using separate systems, compliance is more complicated to manage and audit.
Compliance breaches can be costly and tarnish the company's brand. Enterprise workforce management and payroll software help cure this headache by automating calculations, reporting and warning of compliance breaches. This ensures you are on top of the issues in real time. All your compliance reporting is in one place when you adopt an all-in-one workforce management and payroll solution.
Lack of Self-Service for Employees
Without a self-service option for an employee, they have no choice other than to contact the payroll department or HR, which creates a backlog for both departments and can be time-consuming and frustrating. Enterprise workforce management software comes with a mobile app to cure this headache. By providing self-service for employees in the palm of their hands, they can self-serve to view payslips, update personal information and request time off; the mobile app is also the perfect solution for onboarding.
Managers and supervisors can view and approve leave timesheets on the go and communicate and broadcast as required. The mobile app reduces the workload on HR, payroll, and managers and ensures a great employee experience.
Inefficient Reporting
Generating reports that provide workforce and payroll insights from taxes, leave, equal pay, gender gaps and much more is challenging when multiple systems are used to manage the workforce. When the data is disparate, analysis is complex, and reporting is time-consuming and inefficient. Enterprise workforce management software cures this headache by delivering efficient payroll reporting from a single data source.
With real-time data, the software generates reports quickly and accurately from a holistic data set, providing businesses with insights that help make informed decisions and identify areas for improvement.
Scaling for Growth
As a business grows, payroll needs and workforce requirements must adapt to change seamlessly. However, due to the software's capacity, many payroll solutions cannot accommodate the continuous payroll processing of growing businesses. Enterprise workforce management software cures this headache by providing flexible and scalable payroll to manage complexity, new payroll needs, unlimited pay runs, and industry needs.
What Is an Enterprise Payroll Solution?
Enterprise payroll solutions are designed for larger businesses (typically 500+ employees) that possibly have multiple entities or complex business structures. Enterprise payroll software typically handles a complex workforce and is designed to manage the needs of an enterprise business with features including time tracking, rostering and scheduling, award interpretation, leave and absence management, real-time dashboards, and reporting for compliance.
It is important for larger businesses to have tighter cost controls, and budgets, as well as open connectivity to other core systems, such as ERP and finance.
Do you need an Enterprise Payroll Solution?
If you answered yes to any of these, you probably fall into the large or complex payroll category.
Business Size & Growth
Do you have more than 500 employees, or need to scale?
Multi-Entity Structure
Do you plan to acquire additional businesses or manage multiple locations, legislations, or entities?
Complex Payroll
Do you have complex payroll requirements, such as multiple awards, multiple pay rates, complex deductions, overtime and superannuation payments?
How Do You Choose the Best Enterprise Payroll Software?
There are a few factors to consider when choosing the best enterprise payroll software for your business. Start your research with requirements like features and functionality, scalability and growth options, compliance reporting and cost to ensure you get the best value.
Functionality
Workforce management solutions provide a comprehensive view of the entire workforce, from payroll, rosters, overtime allocation and compliance. Every business is different, so it needs different features and functionality. An all-in-one platform automates payroll and workforce management processes, saves time and money, and delivers real-time comprehensive reporting. The agility with one system eliminates payroll complexity with a powerful award interpreter, ensures compliance, is easy to use, and delivers on employee experience.
Scalability
Enterprise workforce management with an inbuilt payroll platform enables businesses to scale rapidly without losing data or changing systems. Onboarding automation helps to streamline processing and lessens workforce administration. This enables businesses to focus on more essential tasks like employee experience, reporting, and analytics. Additionally, automation helps businesses save time and resources, allowing them to focus on more critical initiatives.
Compliance
Australian payroll compliance is complex, and large enterprises are across the latest regulations. All businesses can make compliance more manageable with the right payroll solution tailored for a complex workforce. An all-in-one workforce management solution helps to reduce human error and streamline payroll processing, making it easier for businesses to stay compliant.
Cost
In today's working environment, companies need robust, modern, and easy-to-use workforce management solutions that tick more than the payroll box. An all-in-one payroll and workforce management solution offers more value than task-based applications. You no longer have to manage multiple software subscriptions, support agreements, vendors, and maintenance on connectivity, training, and licensing. Additionally, spreadsheets are no longer required to manage disjointed data and reporting, manual data handling and time-consuming analysis that is rarely more than 80 per cent accurate. These costs can add up quickly and tend to be hidden costs many companies don’t consider when choosing a workforce management solution.
Definitiv delivers an enterprise, cloud-based payroll all-in-one solution.
Is It Time to Upgrade Your Payroll?
Companies often outgrow their payroll software and workforce management systems as they grow. This can lead to inefficiencies, errors, and an overall decline in productivity due to poor workflow. Businesses that upgrade to enterprise payroll technology with intelligent and automated workflows ensure workforce compliance, lessen administration, and have a better overall workforce planning process.
With enterprise payroll software, you can eliminate inefficiencies and ensure your employees are engaged and in the right place, on task and within budget. An intelligent workforce and payroll management system automates scheduling time tracking and improves your payroll processes, saving you time and money and improving accuracy.
However, implementing payroll software requires careful evaluation of your business needs and priorities. That's why it's important to work with an Australian payroll service provider to customise the software to meet your industry and the complexity of your business.
The good news is by leveraging the many benefits of enterprise workforce management software, you can transform your business operations, streamline processes, and increase efficiency and productivity. With a little effort and investment, you can position yourself for success in today's competitive business landscape.
Access Definitiv: All-In-One Payroll and Workforce Management
Access Definitiv is a workforce management solution incorporating enterprise payroll software for large companies and is designed with the end user in mind. It reduces manual data entry, automates award interpretation, seamlessly offers a single data source for payroll processing, reporting and analytics, and delivers a positive employee experience.
