Why Running Your Payroll on Excel Is a Thing of the Past

Embracing Change: Moving Your Company's Payroll to Magnar HCM

“ The only constant in life is change” a famous quote by Heraclitus, applies to all occurring natural and non-natural processes, including businesses. Companies in certain areas may resist change even if a change is necessary to the organizations’ operations and growth. Many small and even medium-sized enterprises still run their payroll solutions on excel, discounting excel’s many limitations in the process. Management might get the nagging internal feeling to move into automated software yet resist this necessary move due to many imaginary roadblocks that, with the right payroll solution, could be easily overridden. Fear of change, fear of the unknown, lack of trust are psychological reasons companies fear the move. Not to mention many of the operational reasons running your payroll on excel might invoke, including time-consuming and meticulous mathematical calculations, high degree of human error, and falling into the pitfalls of regulatory law compliance that could put the company at risk of penalties and in extreme cases, prosecution. As is this point, manually preparing your payroll puts the company at risk of failing to gain proper oversight and vision over the company’s biggest overhead cost within the organization, the payroll department.

If you’re a company still running your payroll on excel, then here are six reasons why you should consider a payroll solution such as Magnar Hcm:

1. Magnar is efficient: Magnar, HR and payroll solution, automates many manual and time-consuming tasks, such as data entry, tracking attendance, processing payroll, and managing benefits. This can save HR personnel a significant amount of time and enable them to focus on more strategic tasks such as recruitment and talent management strategies.
2. Magnar is accurate: Magnar Hcm reduces errors by automating calculations and data entry. This can improve accuracy and reduce the risk of costly mistakes.
3. Magnar is compliant: Magnar ensures compliance with labor laws and regulations, such as tax requirements, benefits administration, and employment laws. This can help avoid legal issues and costly penalties.
4. Magnar is loved: Magnar provides a great employee experience with a fast and easy transition. The solution provides employees with self-service options, such as accessing their pay stubs, tax forms, and benefits information online. This can improve employee satisfaction and engagement, as well as reduce the workload of HR personnel.
5. Magnar is an open book:  Magnar gives you visibility and provides real-time data and analytics on a wide range of HR metrics, such as employee turnover, absenteeism, and benefits usage. This can help businesses increase their data visibility, make data-driven decisions, and identify areas for improvement and growth.
6. Magnar is secure: a Cloud-based payroll system with robust security measures to protect your data, such as encryption and secure servers. This can help to reduce the risk of data breaches and other security threats.

It is time to let go of all your fears and give change a chance. Trust Magnar Hcm solutions as the best partner to facilitate your journey into the future of cloud payroll.