Gone are the days of manual payroll processing. The spreadsheet/ desktop era has run its course and is now redundant. What's needed is a robust platform that can cater to every need in HR & Payroll processing—something that's user-friendly and 100% accurate.
Technology today has come a long way, and it's evident in the way we do business. Competition is stiff and hence the need to optimize your time and resources.
Traits of a good payroll software
A payroll software worth its salt is purpose-built for one reason - efficiency. Automating tiresome manual processes has far-reaching effects that can be felt in every stratum. Imagine generating the payroll for an entire company with just the click of a button, in under a minute.
- Leave
- Attendance
- LOP
- IT and PF
Cloud-based payroll software is all-encompassing as it includes nearly everything required to manage a company and its employees. An excellent way to understand the benefits is to think of what a personal computer did to the typewriter. It rendered it obsolete.
Similarly, an HR & Payroll software rids you of the need to maintain heaps of manual records and multiple Excel files. All your data will be encrypted and stored on the cloud, so access is anytime and anywhere. Let us be clear, though; it doesn't mean to put the HR or finance departments out of work. Instead, it means to serve as an invaluable tool to make their jobs easier, so they have the time and availability to focus on their core tasks.
Automation: The payroll panacea
Automation is taking the payroll world by storm, and for a good reason. An area where cumbersome paperwork and complex spreadsheets once ruled the roost, payroll processing is now being handled unprecedentedly by automated, computerized systems.
Helps you avoid risk:
Compliance - one word that conjures up all kinds of nightmarish scenarios for payroll executives everywhere. To ensure that you're compliant with the laws present in your state and country, software sureness is just what you need.
Saves you time and effort:
Here's what automation was built for - a higher efficiency level. It helps to sharply reduce the time and effort spent on payroll tasks such as populating the correct employee list, ensuring the payroll inputs are in order, and more. Gathering inputs to generating payslips can be automated month after month to free up your time for more business-critical tasks.
Provides data security and safety:
Payroll data is among the most critical and sensitive in any organization. Now, with automated payroll systems, backups are automatically created and maintained on the back end, freeing up your time and reducing the effort and constant worry associated with maintaining regular backups. Modern cloud payroll systems ensure that your data is backed up regularly and saved on highly secure cloud data centers such as Amazon's AWS. Secure storage also keeps this critical data away from the prying eyes of competition.
Helps you eliminate dependencies on individuals:
With modern cloud HR and payroll systems, one can do away with the dependencies on individuals that tools such as spreadsheets come with. Current approaches that offer multiple logins/admins no longer worry about critical employees leaving the organization leaving behind a locked payroll spreadsheet.
Allows you to enjoy a simple user interface:
With automated payroll software in place, you no longer have to worry about spreadsheet upon spreadsheet that leaves your head swimming. Modern automated payroll systems come with a clean design and UI that allow you to quickly and efficiently navigate the procedure. Moreover, all information is stored in a central location, allowing you to store and access all payroll-related information in a single online place.
Gives rise to synergies:
One of the perhaps unexpected benefits of automation is the synergies that arise when HR processes such as leave and attendance management are sync to the payroll process. It is possible using HR and payroll software. Such syncing allows the seamless flow of critical payroll inputs from the HR department into payroll. It eliminates work duplication, reduces chances of error, and streamlines the payroll process end to end.
The fastest way to grow your business
It's easy to overlook payroll processing as a high priority task, but it's the simplest way to boost your business productivity. When payroll is processed accurately, and on time, your employees are at peace and don't spend time in insecure contemplation. It, in turn, ensures the job is done, free from distractions. Another point worth noting is that payroll software like greytHR, for example, is 100% statutory compliant. It means the organization can rest assured of never defaulting, which again saves you a lot in potential fines or worse. So go ahead, optimize your payroll.
