Payday is fun for all except one; people ran into before and after the payday. Yes, we are talking about the payroll administrator.Â
If you are a payroll officer, you must be aware of how deadline-driven this process is. Paying employees (or freelancers and off-role employees) is the most complex and onerous element of any accounting software. The payroll administrator has to calculate every penny, produce cheques or make deposits in the bank with 100% accuracy. These underlying calculations also involveâ€”calculation of taxes, bonus, arrears, etc. so the only thing that can be helpful to a payroll officer is an expertly crafted 360Â° HR Payroll Software. An application that ensures precise and automatic calculation of salaries and deductions within the time limits.
Precision is the Key to Everything
Are you still using Excel for payroll or managing the complete payroll process manually? If yes, you must be familiar with the challenges, complexity, and drawbacks of this common practice. It might seem more like a cost-saving technique but if truth be told; this process is time-consuming, prone to manual errors and never assists in pursuing the deadline. Precision is inevitable when it comes to payroll but it is compromised when a general software is implemented in an organization.Â
With payday coming at the start or end of every month comes a lot of expectations from the payroll administrator. Employees count on them to reward them with their paychecks on scheduled paydays as paydays not only affect the predetermined plans/ schedules of an individual but also harms every other individual associated with the employee.Â
For instance, if taxes aren’t received by the tax agencies at scheduled dates they assess stiff penalties; if the health insurance companies donâ€™t receive their installment on time they charge penalties or even cancel the policy at certain times and if you donâ€™t wish to face legal consequences of delay In Salary Disbursement a smart payroll software is a sure bet.
Efficiency with Ease
HR payroll software brings efficiency in an organization directly and indirectly. It simplifies the complex process of payroll by automating time and shifts management, leaves management, increment and arrear management assuring no delay. Today’s payroll software has an interactive user-interface and inbuilt step-by-step wizards to guide employees and payroll officer with each and every information needed for withholding. This eases and fastens the adoption process, reduces any chances of manual intervention and increases the overall efficiency of the system.
No more Frustration
Software’s used for payroll have inbuilt templates of reports which are often used by the HR professionals so, one can use them directly or customize them according to his/her own requirement, saving time and minimizing frustration. They are also equipped with a smart record management system which makes it easy to store/ alter/ update the records of employees easily and access the record whenever needed instantly. On the other hand, these services are capable enough to solve your compliances problems as well. Using these services, you are much likely to invest less time in the complex calculation of PF, ESI, PTax & LWF, Bonus Calculations, Gratuity Calculations, and Overtime Calculations everything seems smooth.
Transparency is the Best Disinfectant
What’s going on under the hood of the payroll department is hard to mitigate. To bring transparency between the HR department and employees, integration with Biometric and Employee Self service (ESS) portal is essential. Integration of a Biometric system like eSSL, Real-time, etc., and Biometric software via SQL, MS Access, Text or Excel reduces the possibility of errors by automating the complete process, whereas, ESS assures that employee has all his information at one place and keeps him aware of the modifications in the HR policies.
The gist of this article is that if you are running an organization of more than 5 employees, HR payroll software is must-have in order to ease the pain of payroll and to keep your employees happy and productive; resulting in the boost inefficiency of the organization.