What is an HR software?
HR software or HRMS (Human Resource management software) is a digital platform to automate and optimise various HR functions effectively.
It helps perform HR activities like recruiting, on boarding, leave management, timesheets, and payroll. Managing payroll is one of the most important HR responsibilities at an organisation. It is so critical that when managed manually, it invites errors and expensive penalties.
Popular modules/ features of new-age HR software:
- Performance appraisal
- Online payroll software
- Attendance management
- ESS (Employee self-service) portal
- Full and Final settlement
- Recruitment management
- Employee time tracking
It helps you save time and HR efforts put in mundane and repetitive tasks. HR software helps you conclude with activities in seconds without and unwanted expenses.
What are some common Payroll bloopers?
- Settling for cash payments
- Missing out calculations
- Missing out filing deadline
- Mismanagement of employee filing
- Difficult appraisal management
- Data loss
- Payroll delays
With an improper payroll system or manual payroll, you tend to commit mistakes at salary processing or any tax activity. As an HR or business owner, you must be well aware of the pain of committing errors at payroll processing.
Working on spreadsheets and papers might lead to loss of data and documents, which are irreversible. Whereas, dedicated solution like payroll software can help in many areas while processing payroll and managing tax compliances.
Here are 6 ways an Online Payroll software helps Businesses with effective Payroll Management and avoid bloopers:
1. Direct deposit through payroll software
If your payroll department takes more than half an hour to pay the workforce then you must go for a payroll software adoption. Paying your employees in cash may bring in disputes due to miscalculations and delays at payments. Whereas, an online HR software with an integrated payroll module helps you with direct payment deposit to an employee’s bank account.
Direct deposit prevents any hassle and delays in payroll. Accurate calculations of parameters and complaint nature of payroll software makes it good pick for a business.
The flexibility it provides to functioning is a great advantage. Employees can easily access and download payslips from anywhere, even if they are on OFF.
2. Easy payroll parameter tracking
What are some major payroll parameters? How do the parameters contribute to calculation of final pay? Tracking and managing employee leaves and attendance can be difficult for an HR. Automated solution like HR software makes the data collection easier for management.
Easy parameter monitoring like timesheet management, leave tracking, time tracking, etc. makes the payroll management easy and eliminates mistakes amidst final pay calculation.
Manually keeping track of worked hours and handling logs of papers might be a dauting process for HR people and consumes huge hours. Instead, automatic hour calculation can be feasible for both HR and employees. Fool proof payroll helps in building better relations with timely payrolls.
3. Automated payroll
Automatically calculating the contributing factors like attendance, tax, credits, bonus, and withholdings can make the payroll management a less time consuming activity and requires least resources. Streamlining of operations brings all data at one place and makes calculations automated and therefore, HR software delivers right data in time.
Calculating each employee’s leftovers and cuts manually is not a good practice. There might be chances you miss out some parameters and bring loss for your business. Missing out extra leaves taken by employees contributes to loss of company.
Automated payroll software lets you enjoy a more fast paced and accurate payroll.
4. Easy tax calculations
Everchanging tax parameters and regulations make it difficult to stay complaint with payroll management. Tax calculation and keeping abide by IRS laws is an important task for the HR department and payroll people. Failing to which could bring expensive errors and fines by the IRS.
Calculating PF, PTax, EPF, etc. is not an easy task for bare handed person, irrespective of their expertise. No business can bear the effects of error at this step. A dedicated payroll solution can help you with easy tax calculation for an accurate payroll process.
5. Compliance management
A cloud supportive payroll software solves all tax related concerns at once. Be it statutory compliances or other tax concerns pertaining to employment, payroll system helps you manage them well. It helps you with compliant tax filing and payroll. Automated tax calculations, tax filing, and employee payments helps in quick and error-free operation.
The software allows you to sit back and enjoy a hassle-free salary processing without any manual errors.Timely and accurate salary computation with a payroll management software is what you get at the foremost.
Prime advantage of payroll software is not missing out any important deadlines and filing.
6. Cloud security
Keeping an employee’s data safe and secured is one of the major responsibilities of business owner. Power outage and data breaches are common instances where you miss such data and fear about losing the crucial data permanently.
Whilst, an HR software comes up with cloud security and data backup to provide assurance to companies. Cloud-based payroll software has got futuristic feature to hold and provide best backup to selected documents and data.
Businesses no more need to worry about their crucial data and operations getting leaked or lost.
By now, it is clear that having a payroll solution onboard is always a beneficial thing. With it benefits reading from saving costs to online payrolls, HRMS solution is one best asset to any aspiring and modern business.
It helps keep any sort of error/ blooper and headache away from the management. Numerous benefits of payroll system make it a great pick for an SME and start-ups as well.
So, are you ready to take the call? I hope it is clear and the blog was helpful enough!
That’s it. Thanks for reading!
Happy payroll processing!