Payroll Management is one of the most crucial processes your company carries out, nevertheless it is also one of the most arduous and time-consuming everyday tasks. To make matters worse, as businesses grow, the management of employee centric data becomes more complex. The need of the hour is a fully integrated Payroll system that can tackle challenges of a new-age workforce, so companies can focus on what is really important – expanding their bottom lines.
What is a Payroll Management System
A fully integrated Payroll Management System can take a company’s human resources management to the next level. The significance of error-free payroll management that is both easy to use and HR effective ensures minimal intervention in line with business interests. While an extensive range of services and other backend processes are automated by the system, your company can enjoy a payroll process which is timely and accurate.
A payroll management system is integrated with accounts to give users the benefits of simplified payroll processing and accounting. Most payroll systems support payslip printing, flexible salary, attendance, leave and overtime registers. What’s more, a payroll management system can deliver all the necessary built-in compliance; and, can handle a range of complex processes like loans and advances, salary revisions and arrear calculations.
- Create and maintain the employee database i.e. contact information / personal details / bank account details / statutory information.
- Employee group or department wise categorisation
- Attendance, overtime, leave or production details
- Multiple salary structures for different groups of employees
- Support salary revisions and arrears calculation both as prospective and retrospective change
Benefits of a Payroll Management System
Payroll software lends itself to your overall business automation, integration, data centralization, and customization that, together deliver the following key benefits.
- Date Security of employee sensitive information is fundamental to the application of company payroll management. With a number of recent employee data leaks, cyber-security is increasingly vital for payroll departments – with governments coming down heavily with stringent regulations. The simplicity of a payroll solution ensures payroll is managed internally, getting rid of a third party to handle employee sensitive data. With payroll management software, this data is accessible only by an employee who has the right of access by means of a password.
- Time spent on processing salaries and paperwork can be reduced to a great extent by syncing and consolidating employee data and regulatory rules which automate calculations. This leaves no room for an oversight resulting in extra time on your hands.
- Accurate and timely salary processing not only saves considerable time; it builds trust and can improve employee morale. Payroll software keeps calculations consistent and accurate. It automatically factors in important items like salary grade, benefits, expenses, allowances and deductions when processing salaries.
- All payroll-related reports can be generated with a click of a button this includes employment data, such as, contracts, CBAs, performance records, leaves, timesheets and conversations. Additional, the system gives users quick access to related data from various devices and platforms.
- Complete integration of payroll automation with Accounts and HR helps generate customised reports. The system can customize reports based on rows & columns, fields and other rules. Defining what items go into a report, for instance, payslips, benefits, expenses or current or historical data is a simplified process. What’s more, users can generate recurring reports that are easily standardized and scheduled with smart alerts.
Choosing a payroll system that best fits your business is highly critical. One miscalculation and the company could find itself in serious legal or financial trouble. It is therefore crucial to decide just the right system; nonetheless, with the relevant information and proper guidance you’ll be right on your way.