Any organization thrives on its employees to achieve its goals and its employees rely on them for their livelihood. But the process of releasing salaries at the end of the month is not a walk in the lawn as it may appear to people. Here are some of the common problems which almost every industry in India is facing upto a certain extent if not completely.
Employees communicating Payroll inputs in multiple ways such as musters, registers, printed applications and oral communications.
Dealing with one of the most complex taxation structures in the world.
Various wage types for different employees.
Lack of integrated compensation and compliance management.
Invoicing multiple statutory compliance reports and maintaining their records.
Limited access to technological tools.
Working with employees from multiple locations, multiple shifts and age groups.
Owning to these circumstances, the resultant complexity urged to hire more and more employees to rescue businesses of the turmoil. Over the span of years, various vendors have developed Payroll softwares with the primitive ones being stand-alone while the modern ones working on the SaaS (Software-as-a-Service) Model. Before the advent of modern HR technologies, gathering Payroll inputs from multiple sources and then compiling Spreadsheets with that data was a standard practice. Moreover making calculations for each individual employee while keeping in mind their tax liabilities, investments and loans makes the process a baffling one. But the real factor responsible for jeopardizing HR’s lives is statutory compliances. Thus the following features have empowered businesses in an unparalleled manner when it comes to opting for the Payroll automation over the traditional approaches to Payroll Processing.
e-documentation
Documentation is a mammoth task which has to be maintained in almost every official transaction and HR transactions are no exception to it. A cloud-based Payroll Software allows storage and access to a large number of documents that are stored digitally over the cloud. This feature helps save time and money spent on printing, storing, retrieval and maintenance of physical documents. Moreover, it also provides better accessibility while providing security as authorized personnel can access them through their own devices at any place of their wish.
Error-free calculations
Spreadsheets are great and handy as office tools but using them for Payroll Processing is no longer relevant as the full-fledged Payroll Software are available. The fundamental problem with using Spreadsheets is manual data entry and redundancy as you may have to maintain multiple spreadsheets and link them over and again. The SaaS-based payroll software calculates salaries based upon inputs from Attendance and Leave Management, Performance Management and Travel and Expense Management System for reliable and error free Payroll Processing,
Single window processing
They serve as single window processing channels for HR as they can be used to input, store and modify all the Payroll information and it is used to process all this information centrally by incorporating inputs from the HR and the approving managers. The ESS portal provided by them can be used to communicate official notifications within the organization. This decimates the need of other modules and the workload on the HR executives.
Employee engagement
Any organization with a number of employees faces potential miscommunication which can be easily curbed by providing them ESS Portal. They can use the ESS Portal to view and update their information stored in the system and can also for leaves and claim reimbursements from their own devices outside the office premises. The approving managers can track the performance of their subordinates and HR can schedule for trainings
Statutory Compliances
The best past of using such software is automated statutory report generation and filing. As a matter of fact, there are numerous reports to be filed on monthly, quarterly and annual basis for each employees and any error could entail legal prosecution and penalties.
Record Keeping and Reporting
Businesses are showing more concern towards decisions backed by facts and the HR department is no exception to it. The Payroll Software can completely automate the record generation and the reports are available in multiple formats as per specific requirements such as attendance, leave, performance, travel and expense reports along with total expenditure and taxation reports.
Thus you should consider these functionalities when investing in an Payroll Software to boost your productivity. Source: https://factohr.com