Today, organizations are facing increased challenges to handle the dynamic regulatory landscape and statutory compliance in HR. Functions such as tax compliance, payroll processing, financial and accounting is complex, time-intensive and requires full business confidentiality. There are numerous laws and regulations governing the employment relationship that HR professionals must adhere to avoid an unwelcome spiral of compliance audits. Therefore, dealing with statutory compliance requires companies to be well-versed with the various legislations. But, how can a business confidently navigate the compliance landscape if it relies on manual data entry and spreadsheets?
In today’s demanding regulatory environment, companies are evaluating an enterprise-ready HRMS to increase efficiency, reduce risk and be compliant to the constantly evolving landscape of statutory and labour laws. But before we discuss the potential benefits of HRMS for payroll management and compliance, let’s quickly discuss some of of the payroll management challenges that companies confront.
Some of the Payroll challenges
- Data entry errors result in incorrect payments and unnecessary confusion and delay
- Incorrect payroll calculations lead to additional work, inconvenience, and penalties
- Unable to manage payroll records effectively. This may delay employee salaries, tax payments, business reporting and more
Incompetency of existing payroll processing software
- Doesn’t go well with our company unique needs
- Doesn’t integrate with other HR tools, consequently increasing the time in payroll processing – (Employee, department, designation , location wise……)
- Doesn’t automatically update as per statutory changes
- Untimely filing of tax return — preparation and filing and important payroll reports
- Unable to comply with financial and tax regulations, and in local statutory requirements
“A more strategic HR role requires smarter HRMS”
Keeping a track of all compliance, regulations and payroll processing with HRMS
Payroll is a highly regulated discipline filled with compliance complexities. A robust and enterprise-ready HRMS provides the foundation to ensure that regulatory requirements and governance is handled effectively. A payroll software such as HR-One is designed to meet the growing payroll needs of a business. It supports accurate payroll calculations, payslip calculations, and manage payroll taxes and provide information and reminders about any compliance needs.
Among the many benefits of using this software, HR professionals will have the option to be more proactive in their risk mitigation strategies. This is the key differentiator between working with spreadsheets and working with a robust HRMS. With the automated system, businesses have more time to identify compliance gaps and fill them with confidence and timely.
Today’s HR departments have the capabilities and access to the advanced system at the table in helping businesses grow, stay competitive, and mitigate compliance risk and payroll errors. Instead of relying on spreadsheets and outdated software, businesses can approach HR compliance with confidence and ultimately proceed with their ongoing operations with HRMS.