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Everything You Need To Know About Payroll Software

by Soft2share.com

The talk on technology has been around for quite some time now and nearly half of the Indian business population have initiated their shift towards it or have at least considered the possibilities of replacing outdated HR and payroll processing.

The principal focus for any company is to establish a strong command over its core business activities and boost its visibility among customers. With an ardent goal of achieving business targets, it becomes challenging when HR professionals are stuck executing manual data entry or commercial calculations. Let’s face it, managing payroll manually takes up too much time and becomes acutely cumbersome for HRs. They get caught up in a loop performing daily record maintenance and data collection.

This is when payroll management software comes into the picture. Needless to say, the need for automated payroll processing has arisen in COVID times. For those who do not know, payroll systems aid in systematizing operations that involve a lot of mundane work. Such systems are designed to function based on algorithms and predefined commands that streamline payroll tasks. This approach towards payroll management can result in guiding a workforce’s effort to directly impact the overall business performance.

In this article, we will tell you the top advantages of using payroll systems and the features such systems offer to simplify payroll processing. So, without any further ado, let’s dive in.

How Can A Payroll System Benefit You?

  • Saves Money

No employer out there will wish to invest a big amount in technology. This is also a common reason why most Indian businesses do not implement payroll software. But, when it comes to payroll software, such systems are not just super affordable but also allow companies to save a large chunk of money in the long run. Since such systems avoid non-compliance issues and costly mistakes, companies can stay away from unnecessary expenses as well.

  • Boosts Productivity

The second best thing about using online payroll software is that HR managers can save time for other productive business activities. Since such systems are fully automated, HR managers will just have to give the command and the software will streamline the whole payroll process on its own. Also, configuring payroll software is not at all complicated. The right system can even be integrated with other modules, and payroll-related inputs such as attendance data, salary structure, employee details, etc that make the process easier.

  • Reassures Compliance

As mentioned earlier, payroll software takes care of the compliance as well. We all know that calculating monthly tax, and managing statutory remittances (Provident fund, Gratuity, etc.) are not as easy as it sounds. Besides, errors can cost a considerable amount to the business. Fortunately, payroll management software keeps HR managers updated about the latest laws, amendments, and tax slabs, thereby helping their companies to stay compliant along the way.

There is more to it but we have only included the top three benefits of relying on payroll software.

Features

Here are some exceptional features offered by the best payroll software in India:

  • Direct Deposit

This is one of the must-have features of payroll software. Direct deposit or DD makes sure that money from a company’s bank account goes directly to its employees’ bank accounts.

Simply put, HR can easily avoid several risks such as losing a check, check-tampering fraud, and much more, which usually lead companies to a huge loss.

With DD, payroll can be transferred in a matter of seconds that in turn improve employee satisfaction to a great extent.

  • Automation

It is high time we agree to the fact that outdated tools and methods are time-consuming. In a traditional office setup, HR managers carry out every small process on their own. But, if a company has a payroll system in place, it will automate every payroll task that will save a lot of time for the HRs. Simply put, payroll software takes the payroll burden off the HRs’ shoulders.

  • Employee Self-Service (ESS)

Every employee relies on his or her HR manager to clear a payroll-related doubt. And, HRs spend their valuable time explaining and solving each employee’s doubts. This problem can be easily solved with payroll software’s feature called Employee Self-Service (ESS). ESS offers employees the autonomy to do a lot of easy tasks without depending on anyone. This way, both employees and HRs can save their energy and time.

  • Tax Filing

The tax filing feature in payroll software not just allows HRs to calculate the taxes (local, state, and federal) their business owes but also file the return. Unlike manual methods, it just takes a fraction of the time to complete this process.

That is it.

The key to sustaining the dynamic demands of today’s business world is embracing digital transformation. That being said, we hope this blog helped you to learn more about payroll software. So, get your hands on one of the top-notch payroll systems for your organization.

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