Why You Invest in Payroll Software?

Why You Invest in Payroll Software?

The new year has given us an opportunity to deal with tasks like payroll management smartly, effectively and efficiently. 

The pandemic has taught companies the importance of being resilient and adaptive to change, simply because it is the need of the hour. To stand in the present competitive world you need to be more efficient and productive. It leaves us with a question. Will everything remain the same, or is there a solution to this issue?

For the companies who have not invested in Payroll so far, this is finally the year!!  Think of the strong and determined strides you can take supported by a strong, upgraded HR technology like InSyPay.

1. Payroll is important for the organization

Payroll is a crucial part of the businesses day to day working. The organization will always have to pay its employees. This is the reason why it is a necessity for the business and not a want. It is something you surely cannot rip off or get rid of. But there is something you can do, upgrade it, make it more efficient. Though it does not directly boost the sales, it is certainly a crucial function which needs constant time and attention. Payroll is an outlay in your company and employees, which surely is profitable. It assures you completion of desired work at the right time- both of which are very important. 

2. Payroll is both task and time efficient

What Payroll does is a just a part of what is required to be done. The senior management and officials have to carry out numerous tasks which demand a good amount of time and energy.

HR Professionals are usually overburdened with organizing and handling employee data inclusive of gross and net pay, garnishments and deductions. 

Since these jobs are done manually they are very tedious and call for a good amount of time, the reason for increased frequency of errors. Mechanization, Payroll software together with HR technologies will help in wiping out excess and unnecessary information.

With Payroll software as a tool, the senior leaders can focus on core and critical areas which require their assistance and surveillance such as company’s environment, overall performance and employee satisfaction.

3. Minimizes overall cost and time    

Manually recording employees’ attendance affects the organization’s income. Reports show that roughly, about 40% of the organizations commit a nice number of errors only because of manual processes. These errors result in huge number of losses and infinite hours are squandered in rectifying the mistakes.

4. Tax proficiency and submission 

In order to eliminate the errors taxes ought to be precise and on time. Collaboration with a trustworthy and reliable Payroll software organization helps in being compliant with the present rules and regulations. 

Having Tax Compliance professionals on board to assure obedience, InSyPay gives mechanization to keep your organization stress and hassle-free in terms of payroll.

5. Thorough, in-depth data and recording 

Data is critical for each organization. It is necessary for every division or department but most importantly for the HR department. Interpreting and reviewing the data assembled helps enhance your organizations’ overall performance.

What else can be better than achieving hassle free and quick way-in to speedy reporting, that are constantly called for such as payroll records, remuneration errors, amended attendance and the current compliance laws!! 

6. Equip your employees with Payroll software

The HR department mainly deals with people. But with the absence of HR technology employees get annoyed and feel ignored. Through mechanization employees help themselves by having access to their everyday needs and have a better work experience. Employee empowerment is not only good for the employees but also for the organization itself. 

It allows employees to update their own records without reaching out to the HR Manager. On the top of everything, in this digital era when everyone has a smartphone and there is a robust and continuous digitalization, the need for Payroll software and HR technology becomes even more important.   

7. Doorway to HR technology

Payroll is a creative solution to consolidated HR technology structure and framework. A lot of integral time and money is spent on Payroll software can help you manage everything from hiring to daily attendance to basic pay and a lot more. Computerization and mechanization using Payroll software allows you to unburden yourself. Letting the HR department focus on the most critical areas helps your organization achieve great heights.     

Our Recent Blogs

Reasons How a Good Payroll Software Can Benefit Your Business in The Long Run

Read More

5 Effective Measures to Solve Payroll Problems and Reduce Errors

Read More

Reasons How a Good Payroll Software Can Benefit Your Business in The Long Run

Reasons How a Good Payroll Software Can Benefit Your Business in The Long Run

Hiring the right team is a key pillar for your business and so is having a good payroll software. Your organization whether large or small requires you to handle its administrative and HR tasks in an appropriate manner. This is where a good payroll management software comes into picture. It is a vital element to the way you conduct your business’ administrative tasks. Let us understand what payroll software is.

What is a payroll management system?

A payroll system is a tool - predominantly a software program which enables your business to handle all your employee’s financial records in a hassle-free, automated fashion. This includes employee’s salaries, bonuses, deductions, net pay, and generation of pay-slips for the monthly period.

By having a payroll process in place, you are essentially automating a couple of these micro administrative tasks in order to get the mental bandwidth to concentrate on the macro. The best part is you will not have to worry about handling things like calculating tax deductions, generating pay-slips and so on manually. All of this will be automated by the use of payroll management system.

As you have already realised, your business activities are primarily divided into two broad categories: the macro and micro. The macro here refers to the broader or bigger picture stuff. If you are looking for aiding your long-term vision for the organization these activities can prove beneficial. Your business development strategy, sales, revenue, cash flow, etc., represent this category. The micro category is your everyday administrative chores that fuel the day-to-day operations of your business. Although these tasks seem mundane and repetitive, they're just as important to keep your business running like a well-oiled machine.

Key benefits of a payroll management system

There are several benefits of implementing a payroll management system service like this for your business or organization. Some key benefits are briefly highlighted for you below:

  • Employee morale

- By making sure your employees are paid in a systematic and timely manner, in this way you are reinforcing their faith in your business’ financial integrity. This will also result in a boost of employee morale and motivate your employees to perform better.

  • Statutory compliance

There is a legal framework which every business has to adhere too. As an employer, you are required to take care of various payroll and payment records of your employees. Every organization that hires employees and pays salaries must abide with the labor laws. By having a payroll software in place, you are automatically complying with the regulations and labour laws followed by the government of India.

  • Manage the information of your employees efficiently

You can accurately store and manage all the information regarding your employees in one place. There will no requirement of any additional tools to maintain this data.

  • E payroll

Generate reports related to employee attendance, salary structure, etc. - the best payroll management software will facilitate this process seamlessly. This has proved to be valuable when you have to retrieve information for any queries associated with any employee related matters.

  • Start-up friendly

The benefit of a payroll management system is that even if you do not have enough budget to allocate to every aspect of your business. Most of the payroll management software are inexpensive as compared to the manpower you will have to use to do the same amount of work, making it affordable.

  • Time-saving

Since everything in a payroll management software is automated, you will be saving a lot of time. You don’t have to be compelled to manually enter the data for every cycle. You just have to set it up once, and the software handles the rest. The only thing you will probably do is new employee registration for each new hire, which again can be easily managed.

  • Plan for the future

Most of the payroll management software’s provide a forecast feature. You can use this to plan the cost of staff to your organization and other such relevant expenses. This will help you get an honest picture of how much your business should be making so as to accommodate all the expenses and still operate profitably.

Key features for choosing a Payroll Management Service

There are a selected few features that are an absolute must; regardless of the size of your organization. When you are deciding between multiple payroll products, please make sure that all (or most) of the features mentioned below are included.

  • Easy setup and on-boarding

The payroll software you choose should be easy to work with and something that can be set up without a lot of technical difficulties. Employee on-boarding should be smooth and seamless. If you are new at this, it will not be difficult for you as you will be able to figure most things out intuitively or with the help of a comprehensive checklist. Most of these payroll management software’s provide one-click solutions.

  • Automatic payslips or payrolls

The software should be able to automatically process and compute payrolls accurately for each period of payment. The payroll software is even more helpful when it can generate customised payslips and enable direct deposits into your employee’s bank accounts.

  • Run on the cloud

The service should be ready to run on the cloud and provides you the flexibility to access it from anywhere and from your shortlisted devices. This way, you will still be able to administer timely pay-outs even if you are busy with other obligations.

  • Personalised structure and salary components

You should make sure that you are able to input different salary components such as earnings, allowances, deductions, and reimbursements for multiple employees with varying pay grades. You should be capable of clearly establish your company’s salary structure.

  • Inbuilt compliance

It should enable auto calculations of deductions like Provident Fund, Professional Tax, ESI, tax on income, etc. Many of the tax laws are dynamic and may change from time to time. The service you decide on should adapt accordingly and make precise calculations.

  • Tax filing

Both your business and your employees should be can effortlessly file for tax declarations directly from your payroll portal.

  • Reporting tools

It should assist you in generating generate multiple reports supported on your requirements. An example would be a reconciliation report or a summary of professional tax report and other such likes.

  • Employee self-service portal

The perfect product should have an employee self-service portal which can be accessed by your employees. This is important because it will allow them to keep track of their salary payments, tax deductions, and other important information in one place. This will also help them update their address and get in touch with information if any changes occur.

  • Biometric attendance

This feature available in some attendance management software apps help with attendance of employees, making it an easy process where everything is recorded at one place.

Our Recent Blogs

Why You Invest in Payroll Software?

Read More

5 Effective Measures to Solve Payroll Problems and Reduce Errors

Read More

5 Effective Measures to Solve Payroll Problems and Reduce Errors

5 Effective Measures to Solve Payroll Problems and Reduce Errors

Payroll errors are difficult to rectify and they cost a lot to the organization- both implicit and explicit. Managing and dealing with the Payroll laws should thus be done carefully. In today’s time the HR department not only manages the assessment of employees, but also varied tasks that with ongoing time have become a part of their daily work which the HR department has to handle and cope with.

HR is all about the employees and relationships with people. HR has to maintain cordial relations with the team. It also includes having good relations with juniors and seniors alike. Apart from evaluating employee performance and deciding on the remunerations and incentives, there is a lot more that HR has to supervise and administer, such as satisfaction level among the employees, their wholesome development and career growth. 

One of the most crucial areas that HR has to deal with is evaluating and according Payrolls. Each employee has various roles to perform and works for a particular period of time. On the face, it may appear to be simple and effortless, but it is not the case. The task demands vigilant and attentive review of the employee leaves, paid leave is a part of it. All additions or deductions must also be considered along with taking into account any expenses for which employees need to be paid for. 

The organization has to pay a lot, even for a single minor error in any of the crucial areas of payroll. The solution is to spot the complex and complicated areas that are susceptible to errors and do all the necessary efforts to minimize them. Apart from this, the best option is to use a Payroll software which along with simplifying the process also reduces the errors by large amounts because of automation. The payroll software uses appropriate algorithms to rectify such problems.

Find out various Payroll problems and issues that the organizations face along with the ways to solve them. 

1. Employee Classification and Categorization

Various types of people work in an organization. Thus their classification and categorization ought to be crystal clear because their remuneration and pay will be decided on that basis.  For instance, permanent employees of the company are required to be paid regularly including paid leaves, whereas informal or temporary employees such as sweepers and guards need not be paid for the time they have not worked. 

Apart from this an organization also takes work from contractual and part-time employees who are paid for the time they work and are associated with the organization.  Managing such mixed and varied payroll increases the frequency of errors.

In order to avoid committing the errors, employee remuneration policy should be taken into consideration before the onset of the payment procedure and payroll software should be used to minimize these errors. InSyPay is a great software that you can try.

2. Track of employee attendance

Organizations with strict rules and regulations on employee attendance have remuneration system on that ground. Errors in tracking employee attendance which basically consists of hours worked will lead to blunders in the Payroll process. 

The solution is to keep a regular and constant track of employee attendance including maintaining their log-in and log-out time for simplifying their pay calculation. This software is provided by Innova systems.

3. Employee Absenteeism

Based on the classification or categorization of employees, distinct leave policies are followed there in different organizations. Permanent employees are allowed more paid leaves than temporary or contractual employees. Different policies exist with regard to maternity and paternity leaves, medical leaves in different organizations. This increases the possibility of committing errors even more. 

In order to reduce errors in this area, proper and valid documentation of employee leaves is must, inclusive of actual paid and unpaid leaves. The best way to solve this problem is with the attendance software provided by Innova systems.

4. Calculation of over time or other kinds of pay

Overtime by employees is common in organizations now. Various policies exist with regard to overtime remuneration of employees. These policies along with the overtime pay rate also differ from organization to organization. The most common method is to calculate the number of hours that have been worked extra by the employees either on a daily, weekly or monthly basis. 

Methods of dealing with these payments are also different. Some of them are additional payments in the form of bonus or increasing the paid leaves.

To manage the overtime payments, the employer should have a crystal clear understanding of the organization’s policies and these should be taken into account before the calculation of employee salaries. Payroll software provided by Innova can take this burden off your shoulders.

5. Automation errors

Small organizations deal with the Payroll processes manually, on the other hand large organizations usually do it mechanically using computer software.  Automation, of course, makes the process easier and simpler. But being entirely dependent on Payroll software and loading it with the data of thousands and lakhs of employees may result in software crashing down. It is thus advisable to keep the calculations done before hand to avoid such a situation. It decreases the load on the software and allows it to work smoothly, thus reducing the possibility of crashing down.  

Our Recent Blogs

Why You Invest in Payroll Software?

Read More

Reasons How a Good Payroll Software Can Benefit Your Business in The Long Run

Read More