Indian economy is growing rapidly and various new industries are blooming. With the advent of new opportunities, the businesses have flourished and they are hiring larger workforces than ever before which have led to certain repercussions in Payroll Processing. We shall discuss a few of them and how a SaaS-based Payroll Software can help in tackling those problems.
Erroneous Payroll Processing:
With most of the Indian businesses still using conventional Spreadsheet tools, the chances of errors are pretty high. It’s because, for processing payroll, one needs to collect multiple inputs from attendance and leave registers, travel and expense reports along with performance track records which makes it very complicated to be processed on monthly basis. A typical Spreadsheet tool may not be feasible for such tasks as storing data in multiple spreadsheets and then calculating salaries for each individual employee is very tiresome and disbursing the amount through various channels. An HR and Payroll Software can help streamline all the above-mentioned process as it can integrate with other modules of the Human Capital Management System. The data acquired from these modules are stored on a central database in order to be processed in real time to calculate the Payroll properly without any error. This is highly appreciable as calculating salaries of employees of different cadres, locations and shifts are timely and accurate.
The Indian taxation structure is one of the most complex ones around the globe and thus Payroll Processing requires proper attention to various taxation details as any unintended breach may entail legal law notices and penalties. Payroll Software can handle various legal formalities precisely and make deductions accordingly. It can generate proper statutory reports for meant to be submitted on a monthly and quarterly basis. As a matter of fact, these statutory compliance reports are also to be maintained for partnership firms or listed companies as any inquiry can hurt the investor sentiments.
Efficiency and Productivity:
Payroll Processing may seem to be a task of releasing salaries at the end of the month but it costs way more than its productive output. Most of the HR professionals often complain of their job profile being reduced to merely clerical formalities owning to the manual Payroll Processing. An HR and Payroll Software decimates the time taken in the process and helps in strategic management tasks such as employee relations, talent acquisition, and benefits administration. Thus the human hours and overheads wasted in redundant data entry and manual processing can be utilized for productive purposes.
Centralization of data and accessibility:
Being over-the-cloud, they provide complete access to the users as they can access the system using their own devices over the internet using their credentials. The employees can also submit applications for making changes in attendance data and track the status of their employees through the ESS Portal. Moreover, the functionality of accessing the system from multiple locations at any time also renders better responsiveness as manually acquiring data and then processing it locally utilizes unnecessary resources. All the data acquisition processes take place from localized centers and the data is available for being processed by the central facility and it is protected by end-to-end encryption.
Improved Onboarding and Performance Management:
Today the companies are suffering tremendously from the employee turnover as the employee life-cycles have reduced drastically and newer forms of employment such as gig economy and freelancing. An HR and Payroll Software helps to accommodate these new employment terms without having to consult the accountants over and again. Moreover, employee efficiency is a major concern which is to be addressed by HR while giving appraisals and bonuses. The Payroll System can be integrated with the Performance Management System in order to link remuneration directly with the performance of the employee in order to create a healthy environment and promote fair practices.
Thus the Payroll Software can be versatile for the Indian market and thus a lot of vendors have introduced their cloud solutions. While deciding whether which software to buy, make it a point to discuss the need of ISO certified Data Centers and the degree of configuration as every organization is operative in a different field and thus proper customization is required as per your specific organizational needs Latest Tech Magazines Website.