Payroll software is an absolute necessity in today’s times when we deal with hybrid and remote workers. No more do you go about handing cheques to every employee. Moreover, juggling through excel sheets for payroll processing is a thing of the past. Powerful payroll software automates all these redundant tasks and takes care of statutory compliance and many more functions with ease.
In this blog, let’s see how payroll software can improve your payroll processes?
What Is The Benchmark Of An Efficient Payroll Process?
Here is a checklist to see if your payroll process is efficient or not?
- Your employees are receiving their salary at a definite time.
- Your employees are receiving their correct salaries.
- Your payroll process doesn’t take you days or too many resources
- Your payroll process is not overly complicated
- You struggle with statutory compliances
- You are not able to tackle a remote or hybrid workforce. (If Applicable)
If your payroll process comes clean on all these parameters, you are good to go, but if not, you might want to consider payroll software.
How Does Payroll Software Improve Your Payroll Processes?
1: Helps Keep Up With The Statutory Compliances
The statutory laws keep changing, and it isn’t easy to keep up with them. And non-compliance with even a single statutory can lead to fines and a dampening reputation.
A payroll software eliminates your problems by notifying you about portal openings and deadlines. It also provides you with challans and forms templates that you can just edit and be done with the submission.
It includes deductions like PF, ESI, Professional Tax, IT, LWF, etc.
2: It Ensures A Smooth Payroll Cycle
Most companies use an excel calendar for marking the date for payroll processing. Calculate how much time your payroll processing takes, and mark the dates accordingly.
It is also suggested to minimise your pay cycles to ensure minimum risks, time, and other resources are used.
But only if you use traditional payroll processing with Excel. With payroll software, everything is automated. You can configure your pay cycle into the software. And since the software picks up data from its central database and does not manually input it, there are hardly any chances of error. So, you can run your pay cycle as often or less as you want.
This feature is specially helpful in the case of multiple contractors and part-time workers.
3: Eliminate Human Errors
When employees do not understand a company’s payroll processes, errors are bound to occur. The reason could be lack of knowledge, absence of proper payroll guidelines, or even basic human error.
Payroll software replaces human errors with its efficiency and automation. This software is usually integrated with time and attendance software. Thus there is no need to input attendance manually as it is already present in the central database.
Also, it auto-calculates CTC from the pay policy configured in the system. Further, the software runs an intelligent algorithm before debiting any amount, which further error-proofs the document.
4: Save Time And Money By Eliminating Paper Cheques
Handing over paper cheques doesn’t cut it anymore as it is time-consuming and sometimes dangerous. Also, with the advent of hybrid and remote workforces, it isn’t easy to distribute salaries through paper cheques.
A practical alternative is going paperless and depositing salaries directly into the employees’ bank accounts. Most powerful payroll systems have integrations with payment gateways, and you can directly send the payment to the employee’s bank account in a jiffy!
5: Cloud-Based Payroll Software
Instead, consider opting for contemporary cloud-based software, implement an integrated time and attendance system, direct payments, integrations with Tally, ERPs, etc.
Any employee with proper authorisation and consistent access to the internet can access their payslips, hours worked, leaves spent, available leave balance, etc.
All of this makes the payroll process more efficient and faster.
Summing Up
An obsolete payroll software or processing payroll manually can be the primary reason your company faces payroll issues. So, invest in HCM suite that suits your present and future needs.
HROne, an HCM Suite, offers the most powerful payroll software in Mumbai. It can achieve all the above feats and more!
