For any organization, payroll management could be quite a daunting task. It also requires accuracy and near to zero tolerance for errors. It includes employee salaries, allowances, calculating deductions, gross payments and generating pay slips that indicate all of these.
Manual payroll handing is a thing of the past and is completely outdated due to obvious reasons. The system was slow, had a number of dependencies and prone to human errors. Well, payroll management software makes things simply easy, reduces errors and is pretty fast too. Well, as your organization grows you cannot keep hiring more and more employees to process the payroll. This is exactly where payroll management software can step in and take the load off.
Here are some of the must have features for payroll management software:
Integration with employee calendars
This feature gives you a super easy way to understand the leaves availed by employees, calculate the absenteeism and the leave balances. It makes the net salary calculations very easy. At a glance you know the number of paid days that each employee is entitled to.
Creating pay slips
An automated payroll system can auto-generate pay slips too. Most of the commercially available software has all the information required to easily generate pay slips of all the employees. These pay slips are complete with salary deductions and tax information.
Organization of employees by pay grade
Each organization has a systematic pay – scale allocated to various ‘levels’ of employees. There is a minimum pay for each grade of employees. For example, junior staff will have a different pay scale as compared to the management staff. With automated software to handle payments you can segregate these employees – this will help you better manage your payroll system.
Statutory filing and tax filing becomes very easy with an automated payroll system. The software has the capability to generate ready to upload statutory report files in the required format. So, there is absolutely no need to manually file all these details.
This software can be easily integrated with the other human resources software such as attendance management, leave management, reimbursements, loans and other such software. This ensures that the data across the entire HR suite of software is consistent and is not subjected to any human errors caused by manual work. Plus, there is no repetitive processing of the same information.
Especially for large businesses where the number of employees is large and is distributed at various geographical locations, automated payroll management software makes things a lot simpler. Any inaccuracies in calculations are eliminated and payroll processing is faster and much efficient!
Automating the accounting processes and ensuring that there are no glitches due to manual work, introduces efficiency in the system and improves the overall employee satisfaction too.
If you are looking at improving your payroll management processes, you can start with simple payroll management software. Call Us Today! +91 22 6699 firstname.lastname@example.org