Certainly, once in a month there comes a time in the life of an HR when he feels storm-tossed. Yes! It is when they have to run the payroll. Payroll is such a hassle-some and intricate task on its own. When done manually, errors are bound to happen. Why?
Well, that is because-
- They have to do the process for all the employees.
- They have to comply with tax related laws.
- They have to check the attendance and calculate the salary accordingly.
- In some cases, they also have to pay overtime, comp. Off, arrears and etc.
Even a slight mistake in any of these calculations leads to erroneous payroll. After so many years of managing the best payroll management manually and meticulously, dedicating ample time and still not getting it all right. A need for a reliant HR and payroll software was felt.
While most of the companies embraced this change, some are yet to adopt it.
This blog is for those of you who have just now invested in an HR software or are still apprehensive of one. Take a look!
- Driving value by cutting operational costs-
By investing a small amount you save a lot. Automation helps a lot. Investing in the right payroll software for your business needs can make your organization save a lot of man-hours. These hours can then be used for doing something more progressive like devising new growth strategies and working on them. Maybe, HRs can then focus more on employee satisfaction and engagement. Saving on operational costs is viable. Moreover, the quality, consistency, administration, and management of payroll also improves phenomenally.
- Driving value by bettering compliance-
There are so many tax policies and employee remuneration related laws that it is hard to comply with all of them every time. They keep on changing. But a software can make it easy for you. For example, the software can automate the Provident Fund calculation for each employee, thereby lessening your work.
- Driving value by eliminating errors-
Automation of any sort reduces errors. When HR functions are automated, many errors are eliminated. The overtime pay, comp. Off, leaves, arrears, and absences are easily calculated and added to the salary amount of the employees.
- Driving value by lessening the payroll processing time-
Time is invaluable, especially for businesses. Researches have it, those who use an HR and payroll software spend on an average 16 minutes per employee in comparison to those without the software who spend an average of 90 minutes per employee while processing the payroll.
- Driving value by reducing the administrative burden-
The employee self-service option also frees you from the administrative burden. The employees can apply for leaves, check their salary, claim expenses, update their personal and bank related information themselves and can also download payslips. All this makes a lot of things accessible to the employees. In turn, this reduces the frequent employee visits and the burden you have.
- Driving value with easy integration-
The integration of the HR and payroll software with other tools like biometric makes payroll processing easier than ever. The data quality and inaccuracy issues are solved that way.
Tell us in the comments some ways in which payroll has made your life easier.
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