It's a well-known fact that payroll management is often perceived as a bane to the ever-burdened HR department. The seemingly unending list of hurdles faced by an in-house payroll department eats valuable time that can be spent on other core HR activities.
Five problems without payroll management software:
- Administrative burden
In-house payroll processes are typically manually done. It's an inefficient method as it's susceptible to human error. Due to a great deal of paperwork, this imposes a vast (avoidable) burden on your HR staff.
- Organizational issues
Linked to the administrative burden, maintaining payroll, employee records, and other vital information in an efficient and easy-to-access manner exists. This is heavily dependent on the usage of paper, which is deemed archaic in the digital age.
- Incompatible software
Not all payroll management software is compatible. For example, one may use multiple software to handle different functions (employee profiles, payroll, etc.). These various software do not integrate and hence require more working hours.
- Tracking employee absence
Keeping a constant tab on your employees' whereabouts is a daunting task, laced with inevitable faults. Paper time cards and even many digital timesheets are notoriously prone to misuse and unintended error, which results in inaccurate payroll.
- Compliance issues
Indian tax law is one of the most complexes in the world. So to understand it entirely is often a futile endeavor. The repercussions of missing out can be grave and costly. Accurate and timely statutory practices are the need of the hour for every business.
Apart from the above challenges there are a few more of the major challenges of manual payroll processing are:
- Employee Productivity
- Human Error
- Data management Issue
- Distribution System
A payroll management system is a boon to a company. It means that the HR department can stay focused on increasing productivity and employee engagement while the payroll software takes care of everything else. It's quite common for a business owner or manager to view the purchasing of payroll software as an expense when, in fact, it should be seen as an investment.
So is there such a software that can cater to all your HR and payroll needs and still be affordable enough not even to notice? Luckily for you, there is.