The rise of technology at work is not something that has been a sudden phenomenon or a direct result of what we have gone through over the past year. The use of technology in work was once thought of as a good idea; however, it has now become a prominent factor to drive effectiveness as well as efficiency in the workplace.
All that said, we all know that technology and automation are taking over every area of our lives. Even when it comes to human resources management, people are incorporating technologies such as HROne into their routine processes. One such HR operation is payroll processing.
It is no news that managing and transferring the salaries of employees are time-consuming and cumbersome, especially if it is done manually. Fortunately, the online payroll management software has impacted all facets of the payroll management process. Leaving outdated tools behind and embracing payroll automation has, undoubtedly, helped organizations boost their productivity and reap several benefits.
In this blog, we will tell you about payroll management systems, from their benefits to the must-have features you should prioritize while getting one for your company. Let’s dive in.
The advantages of payroll systems are many but here are the top ones you must know:
- Saves Time of HRs
Since payroll systems are full-automated, they require a bare minimum of human supervision. This in turn saves a lot of time for HR professionals. As we mentioned earlier, HR managers usually spent a large chunk of their efforts and time in calculating payrolls, transferring the same, and much more. This not just drained them out but also kept them away from other crucial activities of the business. Payroll solutions, on the other hand, take the payroll burden off their shoulders.
- Eliminates Errors
As long as there is very little human involvement in the payroll process, the number of human errors will automatically cut down. That means such systems ensure 100% accuracy and allow HRs to be tension-free along the way. Also, no mistakes eventually mean that companies can save their money on several fines, penalties, and legal consequences.
- Empowers Employees
HR managers are even expected to help employees and clear their payroll-related doubts every month. Although it is important, it is not as easy as it seems. Amid carrying out a host of operations, it usually becomes difficult for HR professionals to pay equal attention to employees. Fortunately, payroll systems come with an employee self-service feature that is particularly designed to give the autonomy to employees to do several easy tasks. This feature allows them to update their information, download salary slips, etc without having to disturb anyone in the workplace.
- Ensures Compliance
Be it small companies or MNCs, every business is bound to stay compliant with legal requirements. Many a time, HR managers skip important legal updates due to their workload and stress. Now, non-complaince issues can lead to various problems in the long run. An efficient solution to avoid compliance is investing in one of the best payroll software in India. Such systems notify HR executives every time a new law is introduced or amended.
While selecting a payroll solution for your organization, makes sure that it has the following features:
- Smooth Time-Tracking
It is no news that every business in India was forced to work remotely when the pandemic struck. Of late, several leaders and employers are even considering remote working models even when things are getting better. According to several surveys, working from home does not affect the overall productivity of employees in most cases. Allowing employees to work from their homes can also save a lot of money for businesses.
All that said, it is clear that work from home will remain here as it has become the new normal. At the same time, we cannot deny the fact that this transition has affected the way businesses tracked the working hours of their employees. Now, the solution to this problem is relying on a payroll system that comes with convenient and intuitive time-tracking features.
- Correct Reporting
There are several loans that come with some conditions regarding how employers should use the funds. Say, for example, in some cases such as PPP loans, employers can qualify for loan forgiveness by proving they spent the funds as per the limitations placed on them.
Most importantly, employers have to prove that they spend some part of their funds on the payroll. Now, if an employer is ever found eligible for loan forgiveness, he or she will have to make sure that their payroll system provides reports correctly. If employers fail to provide an accurate report, then it will be presumed that he or she has no sufficient proof to justify he/she has used the funds properly.
- Expense Management
Not everyone prioritizes this feature but everyone should start doing it. As the COVID-19 relief bill has recently been released, businesses and employers can now apply for grants that are just like PPP loans. Based on how an organization runs, employers can allow some of their employees to use such funds on their behalf. Not to forget, they should use the funds for the right purpose.
In such a scenario, using a payroll software that boasts extensive as well as correct expense management can reap ample benefits for the entire business. Payroll solutions with expense management feature aid companies to track expenses, streamline reimbursements, pay employees on time and ease the approval process.
So, these are the top benefits of using online payroll management software and must-have features in 2021.
Remember, even when this pandemic has not impacted the business world, everything from tax law changes to business growth impacted payroll processing and management. That being said, it is high time for companies to start reviewing their payroll system every year to determine whether improvements need to be made. Also, if you are still struggling with those outdated payroll systems, take a step ahead and invest in one of the best payroll solutions in India.