Managing the payroll in any company is fundamental accounting, as it deals with the core financial aspects of the entire company. The payroll system basically manages the employees’ salaries, deductions, compensation, etc. Even though payroll is conventionally an accounting job but with the coming of advanced technology and software, these mundane and tedious tasks have become automated and plain-sailing. Running any business is not easy, handling all employee data from the bottom-line to the top, can become overwhelming. It doesn’t necessarily have to be this way as with smart delegation, the burden on the company can be reduced significantly. A classic way to do this is by integrating an online payroll software application.
The entire database is maintained in the payroll system and gives quick, complete, and accurate information of any given employee in the organization. The use of good payroll software not only helps in making accurate calculations but also extra money spent on manual labour. Integrating a good online payroll system can help an organization in saving millions, in the following ways-
Even a minute error in payroll management can turn out to be disastrous for the company. One of the most idyllic benefits of online payroll software is making sure your company never faces such a dilemma. Managing the payroll of every employee manually makes it boring and mundane for HR and is bound to result in some error. This can create a dent in the company’s morale and reputation. It can also cost a bomb for your company if the erroring payroll results in overcompensating the employees. With good payroll software applications, you can reduce the risk of manual error, which ensures that the employees are getting paid for what they are entitled to.
The security of data in all the companies is crucial, especially the payroll data. The payroll files consist of all the personal information about the employee like their address, bank details, ID cards, etc. By integrating a good payroll application you can ensure that no breach of data occurs. The software is password protected and hence can be accessed only by the authorized person. This helps the company in protecting all of its vital data and ensuring it doesn’t fall into wrong hands and cause a problem for the company.
Easy To Use
You don’t need to have a degree to manage payroll software applications. The tasks and features are designed keeping in mind the ease of usability. The HR can simply delegate the task to the employees, and ask them to fill in or update their information on their own. This reduces the burden on the HR department significantly and allows them to focus on more important tasks. This helps in increasing the productivity of the company and focusing on growth.
Handling all the employee data and their payroll manually is not a fun task. It is stressful, mundane, and often can end up in errors. By integrating payroll software, almost all the tasks can be handled by the employees themselves. This frees up a lot of time for the HR department. They can utilize this time to strategize on how to hire talented and experienced employees, also focus on the company’s growth graph.
The managers can easily keep a tab on the employees’ performance by viewing the hours invested by them every day. They can also see if any employee needs to improve in a certain area and give them feedback to improvise on it. Giving annual performance feedback is not helpful at all. With the help of payroll software applications, the managers can boost the morale and productivity of their employees by giving regular feedback.
- Transparency– This is one of the key benefits of installing payroll software. It ensures that all the workers in an organization have a crystal clear view of their policy, as well as other organization policies. The HR department can easily add all the employee-related information on the dashboard, like their leave balance, holiday calendar, performance graphs, etc. All the employees need to know is login onto the portal, and all the data is a click away. This helps the workers in becoming aware of their benefits policies, provident schemes, etc. Correspondingly, it benefits the HR department as well, as they too can view the employee-related data such as their work schedules, skill sets, leave applications, etc.
- Employee Self Service Portal– A new aged payroll software comes with a built-in ESS Portal (Employee Self Service). When an organization makes the wise decision of investing in payroll software, one of the key reasons is to lower the burden of HR. With the help of the ESS portal, employees can perform many tasks on their own without getting HR involved, like applying for a leave. Earlier, the employees had to manually fill out a form and wait for days and weeks for the manager’s approval. Now it has all become simplified and quicker with the help of payroll software.
- Employee Attendance System- Payroll software offers the easiest way to manage the attendance of the employees in an organization. It is beneficial for both, the employees and the payroll manager. The employee can easily apply for leave through the online software. They don’t have to wait for days for the manager to approve. Doing this also made the employees feel small and undervalued. With the help of payroll software, the manager can approve any leave of employees within a fraction of seconds. This also helps the HR department to calculate the exact salary of the employee according to the paid leaves or unpaid leaves they have taken, and give them salary accordingly.
It is evident that the benefits of payroll software applications are numerous. It can help all the companies to streamline their process and reduce costs as well as time. By reducing the stress of handling everything by traditional manual method, it provides room for everyone in the company to grow and work on career progression.
Ankita Singh is a content writer at Sage Software Solutions Pvt. Ltd. She writes HR-focused blogs for Pocket HRMS software – one of the best HR solutions in India. She holds more than 4 years of experience in content writing.