Did you know that delay in salary is cited as one of the top reasons for employees to quit a company! Yes, being the most important aspect of all, payroll needs to be done efficiently at every organisation to retain happy employees. If performed right, workers / employees receive their paychecks on time along with proper tax deductions assuring compliance. Therefore, to avoid mistakes and disputes, you must look after your payroll processing practice.
Can HR software be of help here? The answer is yes, too a great extent! HR software helps streamline all human resources operations by automating mundane and admin HR tasks. In addition to timely payroll, the system also generates proper reports and analytics to make informed business decisions.
So what is it that makes payroll management system a favourite amidst HR professionals? Read on to find out:
Report and Payslip Generation
One of the most conventional qualities of an HR system – Auto generation of required documents. Now you can download and access reports pertaining to your employees be it leaves, performance, attendance, salary, etc. on the go. In addition, employees can view their payslips through self-service portal without having to ring up the HR department. Errors pertaining to salary and tax computations are a huge turn off for the employees. HR software addresses this issue quite diligently saving you from chaos at work. The software automates payroll and tax calculations thus, eliminating payroll inconsistencies and tax discrepancies. No need to gaze through pile of papers anymore.
Any payroll related process done on an HR software is liable. It ensures full statutory compliance. If there is any change in the employment laws and compliances, the system notifies and ensures compliance with the same saving your business from legal tussles and chaos. Once configured, payroll software takes care of all your tax deductions. So, no more difficulties in tax filing at the end of FY making it easier for both employees and the HR department.
What’s at the heart of a payroll software? It’s employee database. Data regarding employee leaves, attendance, pay, tax and every essential information is easily available on the system eliminating the need of any paper work. It helps you in keeping employee data in a well-organised manner.
There are a lot of well – performing HR software that also provide scalability and flexibility to the workplace making it a workflow driven. This enables you to perform at your fullest rather being in limits of a non-customizable HRMS. Customizable templates and configurable settings are something that allow an HRMS system to grow with respect to a business. Cloud based HR software makes you eligible to make changes on the go itself.
Organisations today are finding it very daunting to commit payroll process due to the various factors, compliances and regulations that ought to be kept under consideration, which eventually leads to committing mistakes. However, with the advancements in HR tech, the process could become an enjoyable and seamless activity. Make a wise decision. Happy payroll processing!
Guest article written by: Ritik Singh writes about HR (Human Resource) software, cloud and enterprise technology. A dynamic content writer who writes for PocketHRMS, a leading provider of cloud based HR software with inbuilt AI-powered HR Chabot (smHRty) to small and mid-sized businesses across India.