- On February 19, 2019
- By Beehive HRMS
The Vitality of Payroll Management System in an organization
Any company let how small or big it may be, does business to earn money. Financial transaction is an integral part of any organization, for this reason most of the companies have a finance and tax department which looks after the financial transactions of a company. Now payroll is a part of the finance department of a company. Payroll Management generally calculates net salary of an employee including all the incentives, deduction of taxes and provident funds etc. Our system is fully integrated in accordance to the tax system of Indian Government.
Organizations must be very careful while calculating the payments to prevent discrepancies in future. An efficient payroll management system provides complete solution to all your payroll needs.
Features found in a payroll management system of modern business organizations:-
User Friendly :-
The peoples using the payroll management systems may or may not have studies about computers, so it is absolutely necessary to keep it as simple as possible and easy to understand for all.
It must be able to calculate the advance transactions:-
Extra transactions like bonus, commissions and advance payments must be available in the payroll management systems to make it versatile for the organizations requirements.
It must be able to calculate the monthly salary, DA, HRA, PF, IT :-
This are basic necessities of a finance department of any organization, our payroll system cater well all this features and makes them very easy to understand for most users.
Payroll Systems must be able to generate various management and operational reports:-
Sometimes reports are required by management to keep track of the incoming and outgoing flow of funds from the organization. So our payroll management system cater well to all such needs. Report generation is instantaneous and it is very easy to understand for anyone who understand basic English.
Maintain employee profiles:-
It is necessary to maintain the profile of payroll management of employee to understand and analyze his/her performance.
Saves money and time:-
If an organization choses to appoint a person instead of a payroll management system them the salary of that person has to be paid by company which is extra expenditure. Moreover humans are prone to error whereas software systems provides accurate and fast calculations based on pre-given algorithm.
We have discussed about some of the interesting features that are included in the payroll systems. Now let us know why an organization should maintain an automated payroll system. Necessity of having an automated payroll system are as follows:-
Assurance to employees:-
Automated payroll management system allows an employee to feel secured in an organization. Payroll is not only limited to the monthly salary but also the bonus, incentives and benefits of the employees.
Uphold companies reputation:-
Automated payroll management system makes it clear that the payroll of company are strictly in accordance to the rule of government of the respective country. It also shows that the company strictly adheres to the tax regulation and this improves the image of the company.