The Human Resource (HR) Management department of an organization is responsible for a wide range of activities that include onboarding new hires, providing relevant training, processing employee payments, and benefits, as well as performance evaluation. Out of all these core functions, the payroll process which generates paychecks for employee payments is the most complex.
With the advancement in technology, HR professionals now have access to paycheck software that automates the management, organization, and generation of employee payment. It also keeps a record of all payments so it becomes easy to track all the paychecks an employee has received.
Let’s look at how payroll software simplifies the HR processes. You can visit the website to find more about payroll software.
Makes salary calculations accurate:
A single error in calculations or deductions while generating payroll can cause huge losses for an organization. It can be a nightmare for HR professionals to sit for hours processing time and attendance records to generate paychecks for each employee. With the help of paycheck software, HRs need to just input details into the system once and it calculates salaries accurately without fail.
Another big issue HRs face is not being able to generate payroll and provide paychecks to employees on time. Apart from removing the chances of miscalculations, payroll software also ensures timely payroll generation by providing HRs a reminder. The process becomes even more convenient as everything is automated and employees receive direct deposits.
The biggest benefit of using payroll software is that it brings efficiency to HR processes. Since payroll software comes with a user-friendly interface and has all the information needed for executing the processes, it saves HRs a lot of effort and resources. It eliminates the need for manually calculating paychecks, automates the process, and generates paychecks without any delay.
Payroll software allows HRs to maintain records of employee data which can be easily updated and accessed whenever needed. Since everything is at a centralized location, there is full transparency between the HR department and employees which ensures there are no conflicts regarding discrepancies in payments.
Provides self-service options:
Handling payroll for a huge organization is a challenging task as HRs also need to be available for answering any queries that employees may have regarding their paychecks. To be able to answer so many queries is an impossible feat. A self-service portal of payroll software eases this task by allowing employees to access their current compensation details along with deductions, payment history, working hours, and other benefits.
The Employee Self-Service portal efficiently manages records of employee attendance as employees can directly log in their attendance and apply for leaves. This makes it very easy to store and retrieve employee data. With payroll software, data management becomes a cakewalk as it allows HRs to upload data on the Cloud with just a click of a button and export it in well-organized spreadsheets whenever they need to be accessed.
Tax law compliance:
For compliance with tax laws, HRs must go through a lot of documents and read current information regarding changes in tax laws to ensure there are no errors when calculating company taxes. Filing incorrect company and payroll taxes lead to heavy penalties. Payroll software has automatic compliance with tax laws which makes it easy and efficient to file it electronically. Also, the software gets updated automatically so the calculations are always as per current laws.
Easy bonuses and reimbursements
No one likes missing out on their bonuses and reimbursements, especially if the same was promised by the organization on joining. Calculating how much bonus each employee will receive on the basis of their performance can often be a time consuming and overwhelming task. With payroll software, this becomes a lot easier for HRs. Moreover, organizations often end up promising reimbursements to employees for their transport, meetings over lunches, and more. If your employee simply uploads the bills on the software, HRs won’t have to go through each and every slip individually and can easily pay off the reimbursements of employees.
Accurate track of attendance
When we talk about attendance, we talk about a lot more than just the number of days employees log in. With attendance, we mean the number of leaves that employees have taken, the leaves that are still available, the types of leaves that they can take, their office hours, and a lot more. When you integrate the payroll software with your attendance track record, you will find that it is a lot easier for you to calculate how long the employees were out of their cabins, leaves, and a lot more. This helps you make sure that the salaries that are given to employees are what they actually deserve.
Easy to store and access important employee information
Employee information that is available with the HRs in the office is always confidential. There are often plenty of documents that employees are needed to fill at the time of joining. These include address proofs, identity proofs, their work history, and more. These documents are extremely easy to lose. And thus, very easy to misuse. Instead, thanks to technological advancement, you can now easily get the documents filled online and stored on the cloud in the payroll software. This makes things truly convenient for everyone involved.
No more email approvals
Quite often, when employees require leaves, they are supposed to send a mail asking for the same. This fills the HR inbox with such emails. Replying to each one of such mails can often be a time-consuming task. Why not automate the process, simply? With the payroll software, employees can simply put in a request for leaves, and their managers can approve or disapprove the same. This not only removes the additional middleman from between but also gives HRs a chance to spend the saved time on things that actually matter. It is also a great feature for employees as they don’t have to wait for long and send hundred-thousand emails before the same gets approved.
A payroll software saves an organization valuable time, resources as well as costs by digitizing the calculations. It frees up time for the HR to do more productive tasks that require their involvement, as compared to the payroll process that generates accurate results without any involvement.