New Research Reveals Payroll 'Blind Spot'

For businesses of all sizes and descriptions, payroll management is notorious for its complex nature. The need for complete accuracy often leads to errors, which can subsequently lead to serious issues from employees not being paid correctly to hefty fines being imposed on the business. A recent report has highlighted these and other issues. 

The report, entitled 'Reaping the Benefits of Unified Pay Solutions', revealed the results of in-depth research carried out by Everest Group with the support of CloudPay. Drawing insights from a survey of more than 100 senior professionals in the HR, Finance and Payroll sectors, the study was designed to examine the logistics of payroll operations at a global level and to 'highlight the significance of unified pay solutions in today’s dynamic work environment'. 

The key takeaway from the report is that payroll management teams show a worrying lack of both transparency and visibility, a combination that had rendered them unable to deliver timely, accurate payroll as well as preventing them from making strategic contributions to the business. Described as a 'payroll blind spot', these issues were found to extend beyond operations, damaging businesses by causing them to miss out on 'strategic insights' that could 'significantly impact their growth and productivity.'

The findings showed that a massive 80% of survey respondents demonstrated an inability to 'use payroll reporting for informed decision-making'. In addition, 45% showed a lack of visibility into their payroll management operations. The report concluded that payroll teams affected by these issues would not be able to meet their stated top objective for this year, namely the timely and accurate processing of employee wages.  

Problems encountered in the payroll management process are extremely common, with businesses of all types and sizes struggling to invest the time and resources required. The vast majority of these businesses could benefit from outsourcing their payroll management; those that choose this option need to be absolutely sure that the organisation they choose to carry out the crucial process is of the highest calibre and that is where Bachmann Group comes into the picture. 

Our extensive experience in the HR sector combines seamlessly with BACS-approved payroll bureau MultiWage to provide the most reliable, accurate and cost-effective payroll management service. Using the most advanced, award-winning software, our dedicated payroll team comprises skilled and knowledgeable experts who together handle thousands of payments every month.

For further information about how Bachmann Group could transform your business by managing your payroll more effectively, please browse our website or get in touch with our customer support team. To receive regular updates from across the marine industries, please subscribe to our free email newsletter.