As we all are stuck in lockdown due to COVID-19 and WFH is our new normal, people are inclining towards technological advancements like never before. Out of many transitions, the biggest one is the shifting of businesses to payroll systems. More than 300 Indian companies are using such software at present. At the same time, some people are yet to make use of online payroll software in India to conquer the WFH challenges. If you are one of them, you must know that you are missing something that can yield ample benefits to your business, even during this crisis.
In this blog, we will talk about the evident benefits and features of payroll systems every company must know about:
Benefits
- Saves Time
Once a company has the best software in place, HR managers will have to put minimal effort into payroll processing. HRs no longer will have to spend hours or days preparing checks for each employee. The software will automate every task on its own and complete the whole process within minutes, thereby allowing HRs to concentrate on other productive functions.
- Sends Notifications
Unlike traditional tools, payroll systems remind HRs about the crucial notifications such as tax payments, salary dues, and more. Besides, HR managers can even set reminders about different operations that have to be completed urgently.
- Generates Payslips
Every salaried employee requires his/her payslip. But providing salary slips using a manual system is time-consuming. At the same time, a company cannot say no to this routine process because it is important for both employees and business as payslip is one of the vital payment records. The only solution to this challenge is implementing the best online payroll software India has. It helps HRs to effortlessly generate payslips to every employee right after the payday.
- Reduces Errors
Be it small or large, errors can lead to some serious consequences for any business. However, let’s face it, humans are prone to making mistakes. Similarly, traditional tools are also the biggest contributors to errors. Fortunately, payroll software allows companies to ensure zero payroll errors along the way. It’s automation and computing benefits minimize the risk of mistakes, thus helping businesses to stay away from fines and legal lawsuits.
- Manages Attendance
Traditional tools do not allow HRs to manage payroll and attendance together. Rather, they have to jump from one spreadsheet to another while calculating employee salaries. This is when payroll software comes into play! Such software can be easily integrated to other systems like the attendance management software. This way, payroll management, and processing become hassle-free and faster.
- Provides 100% Security
Data related to the payroll is one of the most sensitive information for any company. Managing them is yet another complex but important duty of HRs. Manual methods of data management often lead to loss of vital information and fraud. Payroll software, on the other hand, provides businesses with high-level data security. This even helps them to stay compliant with security laws and regulations.
Features
Here are some awesome features of payroll systems:
- Customization
No matter the size and type, payroll software can be efficiently customized to any company. HROne is one of the top-notch online payroll software India has. It allows businesses to select modules according to their requirements. So, one may only have to pay for things they need the most.
- Direct Deposit
Preparing checks for every employee is not less than any nightmare. Luckily, payroll software takes over this operation and makes things super easy for HRs. The direct deposit feature allows companies to directly transfer money from their bank account to their employees’ accounts. This feature significantly reduces several common worries such as losing a check, check-tampering, and more.
- Employee Self-Service (ESS)
The Employee Self-Service (ESS) feature offers employees a significant level of autonomy where they can log in to the software and get detailed information about their payroll, deductions, among others. This not just empowers employees but also saves a large chunk of time for HRs.
We hope this blog helped to know more about payroll systems. So, it is time for you to take a step ahead and implement one for your workforce. Also, do not choose any software available in the market. Make sure you end up with the best online payroll software India has at present.