Keep Up With Employee Satisfaction With The Best Payroll Management Software

Although payroll isn’t the only factor contributing to employee satisfaction, it is definitely an important and fundamental one. The least that every employee expects from the employer is an on-time and accurate salary. Often, organizations entangled into the core operations happen to either involuntary ignore the payroll management part, or fail to manage it in time or in an accurate manner. This isn’t a healthy business situation for sure, and therefore it is imperative that business owners revamp their payroll operations get the best payroll management software onboard. With this article, we’d be looking at how HCM software helps retain the employee interest on the payroll front, and also keep you compliant with all the rules and regulations associated with payroll.

The Need for Payroll Management Software India | Need for HCM Software

Erring while managing payroll and the inability towards paying people on time could gradually turn precarious, as it may result in a higher employee attrition rate, stakeholders’ loss of interest and trust in the organization, and most importantly a loss of reputation, perhaps, the damage of which could be rendered irreparable. The question is, in the pursuit of saving some IT costs, often, employers commit the mistake of managing things manually, and that is how the dissatisfaction begins to build up. Delays in processing salaries and incorrect calculations could result in employee dissatisfaction; however, what’s equally alarming is the compliance part and organizations need to extremely careful and concerned about it.

Ascent payroll management software is one of those technology-oriented solutions towards managing payroll and payroll compliance in an effective and accurate manner. It keeps delays, inaccuracies and manual errors at bay, thereby building trust within the employees of the organization, and making it simpler for the employers as well to deal with the complexities of payroll management.

Functions of Payroll Management Software within Different Verticals | Best Payroll Software Bangalore

Payroll is an operation that engulfs diverse, but intertwined verticals within the organization. The most direct ones are finance and human resources. Eilisys payroll management software proves operationally beneficial to both the departments. Here are some benefits that different departments can reap out of this software.

Finance Department: Income tax management, TDS calculations, tracking and monitoring loans and advances, form 16 – digitally signed, variation report for the last month transactions, simple and hassle-free integration with the existing ERP/ financial accounting system, creating audit trails for earnings/ deductions and changes to employee master information, etc.

Human Resources Department: Employee job history management, employee information management, FnF settlement, managing various elements such as investment declarations, attendance, salary revisions, holding and releasing salary, processing supplementary payroll, the availability of comprehensive reports in various formats including PDF, text, excel, etc.

Besides, the above Ascent payroll management software also helps manage various forms including form 16, form 3A, 6A, 12A, 5, 10, 9, ECR online return, professional tax return, PF and pension nomination, professional tax statement and so on. It proves to be a complete solution relieving the concerned departments out of the intricacies of payroll operations, and allow them the scope to focus on other important activities of the department.

Remember, employee satisfaction is critical. Regardless of our reliance on smart machines and devices, it is people who make things possible and help the organization reach greater heights. Hence, ignorance towards an automated or technology-based solution towards payroll management could pose a major challenge going forward on the employee retention front. The sooner, the better it is, and hence, the sooner you implement the software, the quicker you start reaping the fruits. Ascent proves to be a one-stop technological solution to payroll management that takes care of every little detail related to it. For a detailed insight on the software, get in touch with Eilisys at (+91) 20 6729 5300.

Eilisys technologies has been doing a successful run in delivering flexible and quick payroll systems, leave management and Ess management solutions since the year 2000