From the inception of any business, payroll processing is considered as one of the indispensable elements for its smooth functioning. However, payroll processing comes with varied segments, such as statutory remittances and returns, managing payouts, leave and attendance inputs, etc. Payroll software for small businesses can get the burden off your shoulders by making your payroll system intuitive.
Payroll Software for Small Businesses - The Need
There are two very distinct roles within an HR Department – one a policymaker and another the policy executor. HR policymakers create pay structures, define benefit eligibilities, and outline rules and regulations on business rules and ethics. The executor role is further split into two sub-roles: Record management and Payroll. The record management team manages the soft and hard copies of all employee data and records during their entire life cycle. Payroll manages the disbursement of salaries and processes claims for reimbursements monitors time& leave, benefits & statutory compliances.
How to manage all of these tasks to keep your stakeholders happy?
Whether it is a small, medium or large enterprise, the task of maintaining records and executing processes, payouts manually is not a viable solution as it is most cumbersome, is prone to errors, risk and fraud. It is strongly recommended that a robust, scalable and affordable payslip software is installed to manage all of these critical duties. So, how does this work? To answer that, we need to look at the ask.
Intuitive Workflows with Payroll Software
HR teams need easy to understand and easy to follow systems to ensure they get what they need. Many systems are customisable that cater to each and every need of the process right from onboarding of employees to their day-to-day HR data maintenance. Employees are most happy when they have hassle-free access to HR policies, which are again clear and easy to follow. This could be supported with automated claims and reimbursement portals that help them to submit their documents, track the status and get responses. Leave & Attendance modules need to replace the age-old practice of manual attendance registers. Until recently, both Record Management and Payroll teams used to spend valuable time in collating required information needed for their respective processes.
Integration with Payroll Inputs
Payroll process is based on four primary objectives :
A number of business decisions are based on the payroll data. It largely depends on qualitative and timely data from all of the sources mentioned above. The data flow needs to be automatically integrated into the payroll module for further processing to avoid manual data entry.The statutory remittances and returns need to be managed efficiently to avoid any compliance issues with the government agencies or auditors System should facilitate online payslips, certificates, Annual forms and letters to be issued to employees as and when required. Data should be promptly available for communications or responses to queries.
Finally, accounting of reimbursements and payments made to employees, statutory agencies, benefit providers, etc need to be recorded in the proper books of accounts with ability for timely reconciliations and analysis. Clearly the payroll function is no more just about calculating the net pay and releasing salary checks, but it had evolved to become a comprehensive function.
For beginners it can look little daunting. While payroll is a complex process, with advanced payroll software available in the market you can automate a lot of procedures and ensure accuracy and efficiency.
The Best Payroll System to Level Up Your Game
For many years, HR & Payroll software like GreytHR™ have been in this industry to provide the right solution that you are looking for your small business. It helps you process accurate Payroll every month, but it also comes with in-built statutory compliance, expense management, leave, and attendance management modules.