Payroll Management Software is what our HRs need today

No other process can irk employees of a company than an incorrect payroll management resulting in erroneous paychecks. Yes, receiving an incorrect paycheck after a month’s of hard work is sure to irate any employee. Traditional and manual payroll processing practices are prone to human errors leading to dissatisfied staff. On the other hand, payroll management software whilst automating the entire process makes it paperless and organized. 

Payroll management system has a number of benefits for employees, HR professionals and company irrespective of its size and vertical. This article will talk about some prominent advantages of why you should invest in payroll management software.

·         Many payroll management systems come with employee calendar making it easy for managing work hours, overtime, absence and leaves. Simply put, it gives a comprehensive view of an employee’s leave, absenteeism, etc. at the click of a button. 

·         Since most of the payroll solutions are cloud-based meaning there is no need to invest in expensive hardware and IT crew as well as maintenance thus, saving a substantial amount of money and time for a business. 

·         One of the key aspects of payroll processing is tax calculation, since any blunder in this context can lead to expensive overhauls and penalties to the company. Nevertheless, as payroll software automates the entire tax and salary calculation process, there is no room for errors. Also, the software keeps abreast with latest tax regulations ensuring that everything is calculated in an error-free way.  

·         Payroll management software helps to generate and send out payslips in no time. It eliminates the cumbersome and time-consuming task of manually generating payslips for each employee of the organisation saving HR people hassles and time. Also, no need to surf through heaps of spreadsheets for calculating complex tax deductions. 

·         Automatic reminders and notifications prevent missing out on important meetings, schedules and tasks for the HR people. Be it a scheduled annual review meet-up or an important tax submission date, payroll management system notifies the users for all.

·         Outsourcing your payroll or executing it manually in-house is sure to consume loads of time and money, which is not the case with automated payroll software, as it speeds up the process whilst keeping it redundant free and quick.

·         Choosing to execute your payroll process with cloud based payroll software eliminates the security threats of sharing your confidential payroll information with third parties. 

·         As stated above, processing payroll manually is highly prone to errors and miscalculations, but you can choose to avoid these blunders with payroll software. 

·         One of the most prominent benefits of having cloud based payroll management software is that your HR crew gets a single point of contact or a centralized hub for all the crucial HR related data. Be it tax details, employee personal information, performance review data, etc., everything is available under one single roof.

·         Since the software reduces those tiring admin tasks for HR professionals and accountants, they can devote more time on other important chores rather than spending hours in computing salaries and taxes of employees manually.

·         Your payroll and HR department will witness reduction in the number of queries or concerns pertaining to salary and tax deductions.

·         Business managers and CEOs get easy access to crucial employee details such as performance reports, overtime, and work hours, etc. 

·         Easy to understand and use. Yes, anyone with basic IT know-how can manage payroll management software. No rocket-science required. This is great especially for start-ups and small businesses (SMB) that require flexibility.

In today’s fierce economical age, it’s highly imperative for a business to get rid of unproductive work hours, unnecessary expenses and redundancies in key business operations. From a small enterprise to a large corporation, it has become need of the hour to streamline crucial business processes and put into use cost-efficient, automated and agile business process solutions such as payroll management software. 

About author: 

Anwar Shaikh writes about leave management and HRM software.