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7 Reasons to Get to Know Beti

Organizations come in all shapes and sizes, but efficiency is a factor that anyone can appreciate. As your organization explores different tools to gain a competitive edge, let me introduce you to one that might just become your new favorite: Beti™.

Beti is our newest innovation, which further streamlines the payroll process by empowering employees to do their own payroll. And why not? They already do their timekeeping, PTO requests and expenses, enroll in benefits — basically everything that makes up their paycheck. If you think about it, having employees do their own payroll in advance of payday is the way it always should have been.

Payroll is a regularly occurring function in virtually every business, and when it’s done manually — or inefficiently — it consumes time, effort and resources. With Beti, you’ll experience a variety of benefits from employee-driven payrolls. Here are a few of my favorite reasons Beti will change the way businesses do payroll.

1. Beti is a self-starter

For each scheduled recurring cycle, Beti automatically begins your payroll. Instead of requiring you to open the payroll transaction and click through every step, Beti initiates the transaction and is able to identify errors for employees to resolve, like duplicate and missing punches, pending benefit enrollment, check approvals and more before they slow you down. With Beti, an auto rental company with 350 employees was able to reduce time spent on payroll by 50%! The only question that remains: What will you do with all that extra time now that Beti will take the heavy lifting off your plate?

2. Beti’s always working on the next step

Automatic creation of payroll is exactly as it sounds. After you’ve taken care of the three-step, one-time setup process, Beti gets to work by self-starting each period and pulling raw data like labor hours, approved expenses and compensation changes, as well as by reminding employees about outstanding tasks. Not being tied to every single step of the process frees your HR staff to focus on strategic planning and achieving high-level goals.

3. Beti empowers employees

Employees drive the payroll process by owning the entry of their personal data, troubleshooting their checks and, in turn, helping prevent any payday surprises. The simple interface lets them quickly understand their withholdings, expenses and deductions.

Through early feedback, we have found that for many employees, their experience with Beti is the first time they’ve really seen and understood the information on their paycheck. According to the American Payroll Association’s 2019 statistics, 74% of American employees live from paycheck to paycheck. When your employees know exactly what each paycheck will look like, they can plan their finances accordingly and avoid costly overdrafts at the bank.

“Beti gives us a great opportunity to put the accountability on the employee and fix things in advance of payroll so that it is correct. We’re excited to offer this to our employees,” said the vice president of HR for the auto rental company.

4. Beti stays agile with easy, real-time transaction adjustments

Once payroll is started, Beti gives you the flexibility to make certain changes, even after the payroll transaction has started, without needing to restart or even slow down! How often has someone submitted expenses or adjusted their timecard after the deadline? With Beti, this late information simply flows into payroll.

5. Beti provides risk alerts and helps reduce liabilities

Beti’s dashboard keeps you updated with easy-to-follow checklists that display the status of your current payroll and highlights any validation action items. Plus, Beti offers a single-screen dashboard that gives users a bird’s-eye view of payroll without having to switch back and forth between different modules.

6. Beti builds trust

Not only does Beti help reduce company exposure to liabilities associated with incorrect payrolls, it also helps build trust within the company. The fastest way to break that trust is to pay employees incorrectly, and Beti offers superior transparency and accuracy that only adds to the employee experience.

7. Beti saves you from unnecessary voids and reversals

Efficient processes and streamlined cash flow can aid the day-to-day operations of businesses both small and large. Business owners know it’s cheaper to run payroll right the first time, and Beti goes a long way in that effort by helping to reduce additional or late payroll runs as well as manual checks, voids or direct deposit reversals.

No matter what size your organization might be, enjoying the ease of employee-driven payroll approvals is always an easy call. Are you ready to see what Beti can do as a part of your HR team? Click here to see what the future of your payroll should look like!

 

DISCLAIMER: The information provided herein does not constitute the provision of legal advice, tax advice, accounting services or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional legal, tax, accounting or other professional advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation and for your particular state(s) of operation.

About the author
Author picture, Holly Faurot
Holly Faurot
Faurot, chief sales officer, has served in a number of roles during her tenure at Paycom, including vice president of client relations, regional vice president, sales training manager and sales consultant. A born leader and a 2012 honoree in Oklahoma’s 30 Under 30 awards, she has helped a number of individuals and clients achieve success through her energetic spirit. The product of a dairy farm in Kenefic, Okla., Faurot was taught at a young age the importance of working hard, being honest and having a desire to help others.