A Guide To Payroll Management System: Payroll Is A Breeze Now!
How much time does running payroll take in your organization? A few hours or a few days? Well, what if I say you can do it in a few minutes in a matter of clicks! Sounds lucrative, right? And what if I assure you it is entirely error-free and goes one step forward to take care of law compliances? Indeed, it would be a perfect world. But, the payroll management system has made this a real-world scenario for everyone to enjoy! If you are interested to know more about payroll system, you can visit eebs.co.uk.
So, let’s dive into the nitty-gritty of this exciting tool- payroll software!
Table of Contents
What Is A Payroll Management System?
Payrolling is a humongous task that is also very prone to errors. And errors that cause a lot of employee stress.
That’s why payroll software aims to simplify this mammoth process. Indeed, running payroll is a breeze with this software.
Payroll software takes care of everything, paid day calculation, processing deductions, calculating wages, tax payments, return filling, bonuses, loan calculation, etc.
But how does it do all this?
First of all, the payroll module works in sync with modules like attendance, PMS, recruitment, etc.
Next, an HCM’s payroll software automates the process by fetching the attendance and overtime details from the attendance module, new joiners info from the recruitment module, etc.
Next, it takes care of taxes and insurance through inbuilt policies so that you do not need to be a tax guru! Finally, the calculated salary is immediately credited to the employee’s bank account.
Additionally, it also chalks out tens of reports for further optimization of the company’s human resource expenses.
What else could anybody want?
What Are The Functions Of A Payroll Management System?
#1: Create Employee Salary Structure
You can create salary structures by configuring paygroups and pay components. These guidelines help you auto-calculate CTC for new joiners too! Just key in HRA or Basic, and you are good to go!
#2: Guarantee Of 0% Error
Payroll software runs a smart algo check for any discrepancies in salary calculation. It shows all of them as a list which you can manually check for errors.
#3: Takes Care Of Tax And Compliances
Government law compliance is a mandatory yet complex task.
But payroll software to the rescue! It automatically deducts statutory deductions like PF, ESI, Professional tax, IT, LWF, etc. You can also generate challans for the same!
#4: Mitigate Payroll System Admin Pressure
Your payroll system admins no longer need to have sleepless nights come every salary day.
Auto-approve investment declarations, simplified loan approvals, auto deducts loan EMIs from payroll, automate reimbursement process, payslips, tax slips, and PF 12 BA forms are available on your employee’s single click!
#5: Insights Into All Human Resource Expenses
Tens of reports give you an insight into the actual costs you are paying for hiring your employees.
It shows your expenditure over a period considering variable components and reimbursements in various ways to plan your liabilities optimally!
The best HCMs can integrate with most financial software like Tally, SAP Business One, Oracle ERP, etc.
Benefits Of A Payroll Software?
Payroll software, when implemented right, can work wonders for you, and you will feel the difference from the very first day!
- Save money as automatizing redundant tasks decreases overhead costs.
- Save even more money by doing away with Payroll errors.
- 10x employee satisfaction by correct and timely salary payouts
- Correct paid day calculation
- Statutory guidelines are automatically taken care of
- Lastly, the numerous reports help you optimize your expenditure and extend the best packages to your employees, creating a win-win situation!
Easily, it is the best method to mitigate HRs operational task duties while multiplying employee satisfaction!
How To Choose A Payroll Software For Your Company?
Every company has its character, policies, and unique payroll demands. Thus there is no one-size-fits-all solution.
So, below is a checklist to check while you go out hunting for the right payroll software partner for you!
- Does the solution fit your budget?
- Can it deal with expected growth?
- What are the provider’s reputation and experience level?
- How secure can it keep your data?
- How seamless are the integrations?
- How robust are its reports?
- What are the support and training like?
HROne is a pioneer HCM suite provider with 500+ clients. We have implemented this so many times; we can read minds! Or let’s say, we try our best to. Moreover, our customized solutions fit within your budget.
Training is essential to use the solution optimally, so we provide unlimited free product and new feature training.
HROne is India’s first 100% accurate solution and integrates 15+ financial platforms!
27+ reports, accurate payroll management, 15+ integrations, and complete compliance, all combined, would make you fall in love with the solution!
Why not book a free demo today?