Before the technological advancements in the IT industry, most paychecks were prepared and calculated manually by accountants. Nowadays, thankfully, companies tend to use payroll software regardless of their size or workforce.
How does a payroll software help the company?
Finding a trusted and experienced payroll provider will eliminate the confusion and stress that often accompanies paying employees correctly, filing forms, and meeting all your tax requirements. Applying appropriate formulae at various stages in the software play an important role in the calculation of the final amount to be transferred to the employees’ bank account. To achieve this the payroll processing needs to be streamlined to ease the payroll burden in a single click of a button. Selecting a correct payroll software is an utmost task of an HR to assist the accounting department.
Employee calendars: All your employees are added in the payroll in a few simple steps, and manage all their information centrally. Since payroll is connected to leave and time & attendance management, it is super easy to have all data connected under payroll.
Tax updates: An organization must adhere to rules and regulations of the state in which the business is established. All the labor and taxation laws of the state come under statutory compliance. Any non-compliance would mean heavy fines, penalties or even complete shutdown in extreme cases. A well-designed payroll would save money as well as defame.
Avoid Making Mistakes: This tool is an essential factor in ensuring that no error occurs in payroll, all pay checks are free of errors and properly accounted for.
Save Time: Before the advent of payroll software, people worked in HR know how much of a hassle it can be to click through multiple screens to verify the information and input the necessary data. With a big goodbye to paperwork, payroll software helps in automating the time-consuming processes and free up valuable time for the HR team.
Cost Effective: Payroll software is cost effective as you can add all details of employees, generate n-number of payslips, file your statutory returns and many more things in one simplified software. You have just a couple of dozen employees, payroll software will help ensure that the process of salary payment becomes more accurate, efficient, and faster. Not needing specialized credentials or training the payroll task can be delegated to employees who have no experience, thus removing the need to hire a professional. This will, in turn, lower your costs and make it possible for cross-training within your small business.
Create Payslips: Payroll software allows you to quickly and easily generate payslips for all your employees. Accurate statutory compliances included in payroll ensures that the final amount credited to the employees’ account would be accurate.
Added Security: Managing with in-house payroll software, the organization is free of sharing inside information about employees and finance of the organization to a third party. The organization would still need to consider the security of its own IT systems, though a good payroll solution will accord with the highest IT security standards.
No Need for Expertise: When the right software is used and the payroll demands are modest, anyone with a good understanding of IT can manage a company’s payroll requirements effectively. Payroll software helps you maintain accurate records of all statements, making the compliance process a simpler affair. This is good for smaller businesses that want flexibility.
Automated Attendance & Leave Modules: An integrated payroll with leave and attendance modules would create a unified system that keeps track of all the salary payments adjusted against the leaves taken.
Easy Report Generation: Good payroll software makes it easier to generate multiple reports based on needs, which will, in turn, help the management make better business decisions.
Overall Help: Payroll software bestows less pressure on the HR and Finance Teams, boosts employee satisfaction, and ensures that the entire process becomes accurate, transparent, and fast.
Ongoing Customer Support: Another brilliant benefit of using payroll software is to have access to a support team. When you upgrade to a payroll software system, you will benefit from ongoing upgrades and support along with the know-how to operate your software.
Dear Reader, you have now seen that the benefits of using payroll software are numerous. Simply put in, it can help almost all businesses to streamline their accounting processes, to massively reduce stress by removing the need to perform endless complex calculations and reduce costs. Are you looking for state-of-art software? Here are some of them:
- HRONE claims to be integrated end-to-end payroll processing software crafted keeping in mind the requirements of Indian companies. ‘
- paybooks’ offers to handle your end-to-end payroll and you can concentrate on your business.
- ‘keka’ says, Indian payroll is complex and hence has revolutionized the Indian payroll industry.
- We have PulseHRM which has taken into its strides to offer and support with payroll software to maintain accurate records by making the compliance process a simple affair for anyone with a good understanding of IT. As simple as that!