Let’s face it, payroll management directly or indirectly impacts employee management. Accurate and timely payroll processing boosts the productivity and engagement of employees. This is the main reason why companies, regardless of the size and complexity, pay extra attention to payroll. HR managers, in particular, spend a large chunk of their time and efforts to track employees’ attendance, calculate their salaries, and finally, transfer the same. Now, all this may sound very simple but the reality is not what it seems to be. Payroll management is, undoubtedly, a tough process!
Thankfully, we have automated payroll systems to simplify this routine operation. While the majority of Indian businesses already know about such systems, some do not have any idea about them. So, in this blog, we have explained five ways how payroll management systems can help you in the long run.
Let’s dive in!
Calculates Payroll Accurately
One of the crucial parts of payroll management is calculating each employee’s salary. For this, most companies use several outdated methods; however, they do not ensure 100% accuracy. Payroll software, on the other hand, helps companies to completely eliminate payroll errors.
The right software will calculate the payrolls with zero mistakes, in just a matter of seconds. All an HR professional will need to do is give a command to the system and it will take care of the rest. When salaries will be credited on time, that too without any error, employees will automatically be satisfied and happy.
Transferring salaries is not the end of the story. Providing employees with their payslips is also a vital part of the payroll management process. Traditionally, HRs prepare salary slips of employees on their own using tools such as spreadsheets, excel, and much more. This is when payroll software comes into the picture!
The best payroll systems in the Indian market come with the Employee Self-Service or ESS feature. This feature allows employees to carry out several tasks without the help of higher authorities. From checking attendance to downloading payslips, employees can do a number of operations in just a few clicks. Features like ESS make payroll systems a must-buy.
In a traditional setup, HRs manage the whole payroll process all by themselves. This usually drains their productivity and keeps them away from other important areas of business including employee management. So, the best solution is to implement one of the top-notch payroll software. Such systems are fully automated that allow HRs to streamline and optimize payroll without much human intervention. In simpler words, less time spent on the payroll process means more time to focus on other duties.
Complies With Legal Requirements
Payroll and compliance go hand in hand. As a result, HR managers are always expected to stay updated about the latest laws and regulations. But, most times, they fail to do the same due to excess workload as well as time constraints. Fortunately, payroll management systems solve this problem as well. Such systems are designed to send automated alerts. That means every time the tax slab changes or a new amendment is made, the software will send notifications to the HR department. This way, a company can avoid non-compliance and its serious consequences such as fines, penalties, and legal cases.
Stores Sensitive Data
From employees’ financial details to the company’s sensitive information, HRs are responsible to take care of several pieces of data. Payroll-related data are the most important ones. If stored manually, they will be always vulnerable to theft, misappropriation, and much more. When it comes to cloud-based payroll software, they store and arrange every data in the cloud, thereby making it easy for HRs to search them whenever required. Most importantly, the data will be safer in the system!
Now that you are convinced that payroll software simplifies payroll management, it is time for you to take a step ahead and purchase an efficient system for your organization.