Payroll Software: Know its significance for the business?
Posted: Sep 20, 2018
Do you have Payroll software for your company?
One problem that any size of company faces is its payroll. This is because all the tasks are done either manually or in spreadsheets. Payroll is also an essential function in any business, which is why it critical that it gets executed with the least amount of error. It takes a lot of time for HR and payroll department to be able to process payroll every month.
Many companies still do it manually which makes it all the more time consuming and prone to errors. Payroll Software can be a solution to manual HR activities for all size of companies. But as there are many Payroll system available in the market, choosing the right one can be critical. To avail the best Payroll solutions in the Indian market, it must have the following criteria:
- Know the features
The first and foremost thing is to have the knowledge of how Payroll system will benefit your business. The response timing of the software should be quicker. Payroll provides automated and integrated attendance management, leave management, one-click payroll processing and expense management software.
User Experience is one of the most critical elements to consider when purchasing any software. The payroll process should be user-friendly as it makes it easy for employees, HR and team leaders to use. A simple, but yet smooth flow that contributes to a positive user experience is what needs to be aimed at. Any payroll system that your employees do not find easy to use will end up being a failed experiment. This is common and happens most of the time with HR software.
- Legal compliances
It is of prime importance that you do not hesitate on any of the legal and tax laws as you might have to end up paying a huge penalty for the same. You have to take care of minimum wages, TDS and PF deduction, gratuity etc. In order to address such complex issues of tax filing, a tax module in Payroll Software is recommended. You are saved from accumulating documents from each employee and filing them. However, this task is not as easy it seems.
The desktop-based software has limitations within themselves and they can never compete with the advantages that a cloud-based software can provide. A cloud based payroll comes with advantages such as anytime anywhere access, ease of use, higher efficiency and employee collaboration. The software that you choose should let your employees view, operate and function through any device and at their own convenience.
- Integrated with other systems
Choose a payroll that integrates with your time and attendance management data, performance management, travel expense management automatically so that payroll disbursement becomes an automated and quick process. Piles of documents comprising of manual recording of employees are inefficient and frustrating to keep track of.
Radhika vyas is a professional content writer and digital marketer and produces strategic marketing content for startups, established brands and digital business.