Is automated payroll management Software a boon?
Web based solutions have been creating buzz for quite some time now. Automated process for bill payments, tax renewal, tax deadlines and automated salary credit with accurate payouts sounds satisfying, doesn’t it?
Payroll management software customarily provides automation of such functionalities of an organization. Being tech-savvy is the new key towards growth and organizations opting for such technologically advanced solutions have experienced higher efficiency in growth of business.
Let’s dig a little deeper to understand how an automated payroll software enhances productivity for the organization:
Minimized error
A minor error on the paycheck can cause chaos within the organization. Although spreadsheets and calculators assist in keeping a track on minimized errors, automated payroll software is proven to diminish the probability of errors. As payroll deals with tax payouts and deadlines a minor error can result in huge penalties and hampered reputation.
Efficient time management
In this present tech efficient world time is considered as valuable as money. Managing numbers in huge files and spreadsheets comes with a need for huge investment of time. Payroll management software automates calculations related to payouts and notifies the payroll team about the number of days the employee is paid for ensuring less risk of error. The automated feature saves time and energy of the payroll team allotting time to aim and strategize moves for increase in employees’ productivity and growth of the organization
Security
Payroll department is entitled with confidential information related to the employees and the organization. It consists of data related to employees’ medical history, bank details etc. Easy access without ensured security may result in breach of data. A system configured software is accompanied with higher risk of loss of data with crashed software or stolen system. Web based payroll management software saves the organization of such disasters as it ensures a safe tech friendly environment to store data in an organized manner. It assists the HRM and the data analytics team to analyze and prepare reports on employees’ productivity and growth of the organization.
Report management
Data analytics team is responsible for preparing reports on growth of the organization and employees’ productivity. Reconciliation report of data, PT report, MIS report, customized payroll reports, salary report, wage report for contractual employees, etc to name a few. These reports require a lot of data for categorical analysis and discuss strategic planning for the next step towards development of the organization.
Essay audit
Audit being one of the vital processes for any organization. It increases the requirement of the data to be available just within a few clicks. Web based application provides the required data by logging in to the account created by the IT team to prepare, report and audit the financial year for the organization. As the automated web based solution stores data related to working hours, salary structure and the deductions made on the ctc of the employee.
Integrated software
Web based solutions are designed in a way that can be integrated with other functioning software of any organization. These integrated softwares automates the data for the payroll software to categorically organize data and proceed with attendance data calculating the payouts accompanied with leave details. The integrated software abets in notifying the deadlines via various portals binding the whole organization into a communication loop which smoothes the functioning of the organization.
This payroll management software has enhanced the productivity of the employee. It benefits various organizations providing a safe roof as it customarily functions in taking care of relevant tasks as managing employees’ benefits as PF, notifying the employees about new tax laws as amended by the state and the federal government, tax application deadlines, deadlines to renew lease issued by the government for organizations etc. It aids in saving valuable time for the HR and payroll department to aim for employee satisfaction, increased productivity and growth of the organization. It can be established that payroll management has served as a boon for organizations. Having said that it is important to choose compatible payroll software acknowledging the requirements of the organization or it may have adverse effects on the organization.