Employee is the key contributor in any organization’s success. To keep the employee’s morale high and to keep them happy, the employer puts in the best effort to bring in the best practices. The first and the foremost thing that keeps the employee happy is to receive the correct salary on time.
Processing salaries manually is a very tedious task and requires highly skilled people. Yet “To err is human”, the possibilities of errors and delays may lead to a frustrated employee. To ensure timely and error free processing of the payroll cycle, it is suggested to opt for payroll software.
There are ample number of options available in the market. How is it going to be beneficial for your organization? By automating the payroll system, you ensure timeliness, accuracy, cost effectiveness and precision. The reason why an organization should get the automation done are:
- Cost Effective: The workforce required to manage the payroll system can be reduced as the data is fetched and calculated automatically. The complicated payroll heads can be integrated and processed by few clicks. This also does not require maintaining the paper files as the large data can be stored and retrieved easily. Any errors while performing the tax calculation may lead to huge penalties. Automation thus helps in saving this cost.
- Simplifies The Whole Process: Salary processing and calculation is not an easy task. It includes lots of heads like wages, incentives, extra time payouts, attendance collation, tax calculations, compliance deductions etc. Payroll software is designed in a manner that it considers all the heads without missing any head. Manual process will require more number of employees to manage the same with a lot of teamwork.
- Reduces Errors: Organizations normally have different salary structures for different levels of employees and even in different departments. The payroll software takes care of such complicated calculations without missing on minute details. It also takes care of tax calculations based on IT and Government compliance norms. As against manual calculations, which has higher possibilities of errors, the payroll software does the work more effectively and in less time.
- Customization: The software systems are generally developed keeping all the payroll processing heads in consideration. The organizations have the option of choosing the modules based on their requirement. This primarily depends on the number of employees and variance in the salary structures, roles, benefits, bonuses etc. It also provides the flexibility of processing the payroll cycle as per your monthly needs be it monthly, fortnightly or weekly.
- Integrated HRIS: Payroll softwares can be accessed from anywhere, any time. The employees can view their reports, payout details, deduction details, tax reports at their own convenience. All the employee information can be stored online giving more control over their work lives. This information is accessible to both the employee and the employer hence saves employers time to access the employee data just by the click of a few buttons.
- Easy Integration: Payroll processing normally requires the time and attendance details of the employees to process their wages. Automation through the software allows you to integrate the time and attendance management system. The data of both the systems can be synced reducing the dependency. Reimbursements, travel, incentives are few other systems, to name a few, which can be easily integrated with the payroll software.
- Security: Payroll data, in other words, employee personal data is very sensitive and critical hence need to be secured keeping the sanctity of the data. Payroll softwares saves the required data on the secure cloud servers or the local servers placed at your premises. Documents and files can only be accessed with passwords by both the employees and processing team.It also has the option of setting the accessibility levels to help secure the data from unauthorized access.
To sum up, the payroll management system is a must have for every organization to process the salaries and other components without errors.