Moving Your Company’s Payroll to Magnar HCM
“The only constant in life is change,” a famous quote by Heraclitus, applies to all natural and business processes. Despite this truth, many small and medium-sized enterprises still run their payroll operations on Excel, overlooking its limitations. While management may recognize the need for change, they often resist due to various psychological and operational roadblocks.
These concerns include fear of change, lack of trust in new systems, and the overwhelming nature of adopting new technologies. Yet, holding onto manual payroll processes can introduce severe risks, including human error, non-compliance with regulatory laws, and inadequate oversight of payroll—one of the company’s largest expenses.
If your company is still managing payroll on Excel, here are six compelling reasons why you should consider adopting a modern solution like Magnar HCM.
1. Magnar Is Efficient
Using Magnar HCM automates numerous time-consuming tasks such as data entry, tracking attendance, processing payroll, and managing employee benefits. This shift allows your HR personnel to spend less time on administrative tasks and more on strategic activities like recruitment and talent management.
According to a report by the American Payroll Association, automating payroll can reduce payroll processing time by 80%, significantly enhancing HR efficiency.
2. Magnar Improves Accuracy
Manual data entry on Excel is prone to errors, leading to costly mistakes and compliance risks. Magnar HCM eliminates these issues by automating calculations, minimizing the chance for human error, and ensuring payroll is processed with precision.
Research from Ernst & Young shows that 93% of companies experience payroll errors when relying on manual systems, emphasizing the importance of automated solutions like Magnar HCM to avoid these costly mistakes.
3. Magnar Ensures Compliance
Keeping up with ever-evolving labor laws, tax regulations, and compliance rules can be overwhelming. Magnar HCM automatically updates to reflect the latest regulations, ensuring your payroll stays compliant with tax laws, benefits administration, and other employment laws.
According to ADP, companies that adopt automated HR systems reduce compliance risks by 60%, minimizing the threat of legal penalties and fines.
4. Magnar Enhances Employee Experience
Magnar HCM provides a seamless experience for employees, offering self-service portals where they can access pay stubs, tax forms, and benefits information. This transparency boosts employee satisfaction and engagement while reducing the administrative workload on HR teams.
A study by Forbes found that companies with highly engaged employees experience 21% greater profitability—highlighting the benefits of improving the employee experience through streamlined HR processes.
5. Magnar Provides Real-Time Data and Visibility
Manual payroll systems lack the ability to provide real-time insights. Magnar HCM offers real-time analytics on important HR metrics like employee turnover, absenteeism, and benefits usage. This visibility empowers businesses to make data-driven decisions and pinpoint areas for improvement.
Gartner research shows that companies using HR analytics improve decision-making by 42%, demonstrating how Magnar’s real-time data can lead to better business outcomes.
6. Magnar Secures Your Data
Payroll data is sensitive, and managing it manually on Excel exposes your company to data breaches and security threats. Magnar HCM offers robust, cloud-based security measures, including encryption and secure servers, ensuring your payroll information is safe from unauthorized access.
Data security is a major concern, with 30% of businesses suffering a data breach in the last year, according to a report by Varonis. By adopting Magnar HCM, your company can protect itself from these risks.
Embrace the Future with Magnar HCM
It’s time to leave behind the limitations and risks of running payroll on Excel. By adopting Magnar HCM, you’ll improve efficiency, accuracy, and compliance, all while enhancing employee satisfaction and securing your company’s sensitive data. Don’t let fear hold you back—embrace change and trust Magnar HCM to guide your payroll into the future.
Try Magnar for free, contact us at sales@magnarsystems.com
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