A great payroll management software is the key to fixing all salary related problems for HR managers and business owners. The payroll system provides the easiest and most efficient way to maintain records, manage profiles, sort out payroll taxes and provide analysis with zero human error!
Let’s see what key features must be there in top-notch payroll solutions–
Highly Configurable Payroll System:
You can set a variety of parameters, including salaries and variable pay based on grades and work roles. You can also decide to calculate taxes, payslips, CTC and benefits according to the needs of the organisation.
One Click Payroll:
The payroll system is quick and instantly responsive. You will have everything you need with just a click of a button; all you need to do it is configure it according to your needs. Say you want to check the holidays an employee has; you can just go to their record and get instant results.
The payroll software is designed to meet the expectations of the organisation very carefully. It keeps a check of new joinees, exits, monthly payroll compliances, trends in employee records, and non-compliance. The dashboard consists of all the data in one place about the employees and this ensures that there is no heavy-duty paperwork involved every time an employee needs some kind of assistance.
At the same time, employee self-service feature helps employees see their salary related details when they require it. Saving more time for HR team.
Instead of sitting with a mountain of records on paper, it’s the payroll system that collates the holidays, the extra hours of work put in or as a matter of fact the number of hours an employee puts into the job every day. This avoids the hassle of maintaining physical records which in turn saves space, time, and errors.
To understand the full potential of a payroll system, one must know the benefits that the software offers.
Some of them are–
- Integrated Accounting – The accounting and HR department saves a tonne of time on calculating and managing every payroll detail. It eliminates the scope of errors and miscalculations, misplacement of files, and eliminates the need for an additional employee or two considering most of the process is automated.
For example: If by mistake someone adds an extra 0 or misplaces a decimal in an Excel sheet, the entire system falls apart. In the case of a Payroll system, you know for sure this mistake will not happen because the data fed in for each employee is synced. It is also easier to abide by the rules and regulations of the company.
- Recording files and payslips – The payroll system generates reports, these also include summaries of every little detail such as salary, tax benefits, payslips, employee records. What’s more, you can download forms such as 12C, 12BA and Form 16.
The payroll software acts as a single repository for all things that an HR or an employee might need. It includes things such as an experience letter, employee profile, occupational safety, tax, etc.
- Backed up in the cloud –The best payroll systems are cloud based and also have a mobile app . In both Android and iOS versions. This ensures easy access from anywhere at any time. All the files can be accessed by team members no matter where they are.
For example: If an employee from the Mumbai office transfers to the Delhi office, all the HR needs to do is check their files online instantly, and they are pretty much up to date with the employee details. This makes it such an easy transformation for the employee as well as the team.
- Reporting in the payroll software – Through the payroll system you can take care of: Timesheets, balancing audit reports, wage and liability reports, tax forms. The payroll reports must follow the regulations.
- This helps understand the allocation of resources to certain departments and functions.
- Tax management – The Payroll software helps execute the mammoth task of filing taxes on time and as per the terms of the company. With minimal or absolutely no errors it also makes sure the task is completed at a go and correctly.
It gives automatic quarter end updates, pre-tax deductions, checks due dates, and manages employee compensation. It also pays attention to employee tax benefits.
- Deposits directly to the account – The most important and best function of a Payroll management system is that it gets the money deposited into the bank account of the employees directly. This saves a huge deal on processing fees and avoids any frauds.
- High Level of Security – It is obvious that if a system has so much importance in the life of an employee or an HR professional it needs to be heavily encrypted. The best payroll systems take care of the information to the highest degree.
- Straight-forward statutory compliance – A payroll system keeps the company out of trouble with the law. It manages all statutory compliance (PF, PT, ESI, LWF, and IT) and makes tax reporting simple with tax reports. Taking care of regulatory compliance helps the organisation to focus on the core business rather than handling notices from Govt authorities.
So, to summarise, the payroll software with these key features is the most efficient choice, in fact a necessity now for any business looking to streamline their payroll process. Before choosing a payroll solution a business owner must ensure it has the capability to handle a large number of salaries and payslips in a given time frame.
The software should have a good track record with customer testimonials for accurate payroll generation and statutory compliance.
Good dashboards and employee self-service must be enabled.
OpportuneHR payroll generation module not just meets these expectations, it goes beyond. It is the ‘best in business’ solution, designed and made affordable for SME businesses. So not just features, you also get the best experience for your HR team as well as employees. It can handle unique scenarios in all industries.
So you can expect flexi-salary structures, investment declarations, reimbursement claims, and any other essentials that the employee might require.
If you would like to know more about how to get yourself a Payroll system you can connect with us via WhatsApp +91 – 7700-954949.