Ask an HR, what is the toughest part of his job and you will hear about the payroll hardships they face every month. If any company HR is able to get the payroll right in one go without using a payroll software, it’s applaudable. Because, honestly, there are a whole lot of things that need attention. The statutory laws, the right paid days calculation for each employee, seeing if their PF has to be deducted, deduct the amount of health insurance and what not. If even after that, any payroll manager is able to get every salary slip right in one go, it is considered an achievement. However, it does waste time even then.
A payroll software automates many inputs, and calculations. All of that helps HR in taking the hidden pain and extra effort involved in payroll processing.
So, let’s see how a payroll management software manages to do that.
By managing payroll on your behalf
Reviewing timesheet to check if the employee has completed total work hours each day is a huge task. It adds up to the time. A payroll software allows you to configure salary structures, automate payroll inputs, calculate and pay overtime, encash leaves, add bonuses, make bank advice and rich reports and analytics. It is by your side at every step of payroll processing.
By taking care of employee finance
The payroll software can also declare & verify investments, help the employees claim their expenses and reimbursements. Moreover, it also allows your resources to download payslips, and Form 16. All of this reduces the burden from the shoulders of the HRs. They start getting fewer complaints and queries which gives them the time they need to focus on employee engagement activities.
By making your company statutory compliant
PTO accruals, overtime payment, comp. offs, and tax deductions, it takes care of them all. Besides it also works according to the laws made by the state and national government so that there is no compliance issue.
By managing loans & advances-
Some software also have the provision to manage loans and advances given by the company to any employee. It automatically deducts the EMIs based on your instructions from the salary of the employees.
We highly recommend every business whether a startup or an enterprise to get a payroll software. Also, beware of the outdated and obsolete software and remember it only takes only two payroll mistakes for an employee to start looking for another job opportunity. You cannot sit back and relax till the time a serious payroll mistake occurs and make you lose money or get you into a legal war.
A piece of advice, however, is to look for payroll software that has all the aforementioned features. Not all the software available in the market will have all these features. The best that you could do is analyse the software that you have in your mind and then make a decision. So, what are you waiting for?
Begin your search for it today!