Payroll is one of the vital and strenuous functions of human resource management at all times. It involves complex calculations of salaries and tax, which demands accuracy and efficiency. Streamlining the payroll process with the right Payroll Management Software can boost the company's productivity to unparalleled heights. Businesses can focus on more pressing tasks as the software does all the heavy lifting for them.
There are diverse ways in which companies can benefit from a payroll management solution. To list a few:
- Automates the complete payroll process
- Streamlines and integrates with other essential components.
- Auto-computes wages as per customized schedules (weekly, fortnightly, monthly)
- Consolidates information related to salary calculation like attendance, leave, advance, loan, etc.
- Compute tax- deductions as per statutory compliance.
As automation has taken over the market, businesses are open to embracing new technology to step up to the latest changes and stay ahead of the competition. The process of shortlisting the right payroll solution, however, involves a considerable amount of research on payroll services cost comparison and features. There is no "one shoe fits all" formula as the requirement varies from one business to business depending on the size, industry, etc.
Choosing the right Payroll Software for your business.
There is numerous off-the-shelf payroll packages which has standard features that try to accommodate all types of business, i.e., micro, small or medium enterprise. Though it could be priced low initially, any additional configuration could prove to be costly.
Let us assume that all such software have some common features such as manual upload of salary input data, process gross and net salaries, compute statutory deductions, generate payslips & some standard reports like a bank file, statutory reports and accounting entries. This software can generally be installed in a single system only and operated by only one person. Such software usually does not have the facility to be interlinked with any other systems or software. These types of software can hardly be scalable or configurable. With the above bare minimum features, this could be the cheapest software solution one can buy but with no guarantees on their longevity and performance.
What does a comprehensive Payroll Software offer?
Besides all of the above basic features, there are corporate payroll system that can be integrated with other HR systems to obtain input data automatically without any manual intervention. The system will generate validation reports of inputs to ensure qualitative data is received and submitted in the system. Once the reports are found to be in order, the software will proceed to compute the salaries. There is an option to validate outputs too and obtain approvals within the system with well-defined workflows for a final check before payment is disbursed.
When we say "the pay is disbursed", it can be done electronically via bank file transfer protocol where the software is linked to the bank's software for an automatic transfer of net pay data and onward to employee's bank accounts.
Further the statutory remittances and returns can also be filed electronically within no time and accurately. Finally, the software can be linked to the accounting software to record the payroll costs in the company's books of account.
Payslips can be distributed to employees directly to their email ids safely and securely, including their annual tax forms. Communications will be straightforward with employees when output data is not only available, but source data is also readily available to the HR/Payroll team members. Employee & Manager self-service portals can be activated to access any of their data at any point without having to depend on HR or Payroll. Claims and documents can also be submitted online by employees along with their respective Managers approval to Payroll for further processing.
If one feels that these types of software that offers all of the above features will be highly-priced, let us tell you - it's a myth. Though the price will vary with the kind of inclusions you need that fits your company's requirement, they are reasonably priced under a 'cost-per-payslip' module. The cloud-based payroll software is the most secure, scalable, multi-user, flexible, and carry a monthly/quarterly/half-yearly/annual subscription for the user to choose from.
So, while choosing the right HR and Payroll solution one should consider the cost, time, resources, and effort it would save Vs the price of the software.
For many years, HR & Payroll software like greytHR™ have been in this industry to provide the exact solution you are looking for. greytHR is a comprehensive Payroll and HR Management Software that takes care of all your HR worries as you focus on growing your business. To learn more about the comprehensive Payroll and HR solution that can boost your business productivity to new heights.