A lot of businesses consider streamlining the Payroll Processing but the conventional Spreadsheet tools or legacy software allow very little of that. This is due to the limited integration, repetitive data entry which soaks in most of the time for any HR department. Most of the organizations across India use Spreadsheet tools to process Payroll which is a lame attempt resulting in counter-productive workloads. Let this article help you see through the advantages of using cloud-based Payroll Software.
Automated Payroll Processing:
Any HR will tell you that releasing salaries at the end of the month is not as simple as it may seem. One needs to collect multiple inputs from physical musters, and files which shall be compiled in Spreadsheets. Next, you need to link tons of sheets and verify the data before finalizing disbursement. The Payroll Software can automate all the processes associated with Payroll Processing such as gathering inputs from various modules such as Leave and Attendance Management, Performance Management, Travel and Expense Management and synchronizes them with a centralized database. This eliminates a lot of manual paperwork and calculations and makes the Payroll Process with virtually zero errors. Also, the intuitive UI helps to simplify and streamline all the functions and help to deal with turnover in the HR department itself. The HR may choose to make payments for a particular employee cadre or they may process arrears with ease. This may save a lot of time and effort while improving the quality and ensures timely disbursement- widely sought by the Indian working class.
Timely Statutory Compliance:
As per a past report from Deloitte, India is one of the most complex taxation structures around and dealing with it demands proficiency of seasoned professionals. Often, organizations hire accountants or lawyers to ensure safety in legalities associated with Payroll. The cloud-based Payroll Software automates the filing of statutory compliances such as PF Forms, ESIC Challans, IT Statements, etc which are required on a monthly, quarterly and yearly basis. Timely filing saves from legal notices, prosecution, and penalization, a point of concern for all the partnership and listed firms. The cost of compliance is also controlled better as there is no need to outsource the process or engage the services of consultants while making businesses self-reliant and confident. The fundamentals of Payroll Processing such as pay components and their percentages, tax slabs, loans/investments, and arrears can easily be taken care of by the HR executives and in a smaller time frame.
The over-the-cloud Payroll Software offers unprecedented accessibility which may radically improve the process. For instance, the employees can themselves access the system from ESS Portals to manage their attendance details, apply for leaves, claim reimbursements and view their live status which reduces the administrative workload of HR as those payroll inputs are automatically synchronized with the database. This helps to decimate errors along with curbing admin overheads. The accessibility also enhances the data gathering from multiple locations which is a big challenge for aspiring businesses having expansion on the cards. Also, one can use their hr software from any device which means that there is no need of dedicated infrastructure and the employees can access it from wherever they are as long as they are connected to the internet. All of the companies can actually use this feature of cloud computing to boost productivity, efficiency and enhance the user experience with fewer complications involved. ESS Portals have contributed significantly to both streamlining HR administration and enhance employee engagement without bothering your finance manager.
The fundamentals of business decision making imply the use of facts and figures as a thumb rule and a Payroll Software exactly does it for you. Now, if you try to make reports in Spreadsheet tools, you’ll encounter hefty formulae and pivoting needs and any mistake can ruin the efforts you put in. On the contrary, a software may spill the beans for you within a moment. Be it expense reports or cost allocation line reports, they will surely please you with accurate and comprehensive insights. The data gathered serves many purposes apart from finance such as employee performance reports, new joiner reports, employee utilization reports which may be helpful in strategic management.
So if you are looking to improve the quality of Payroll Processing, reduce time and efforts spent on it from the HR end along with keeping value for money in mind, a cloud-based Payroll Software is the best alternative to the old school Spreadsheets.