Every Business Enterprise wants to excel and improve their operations and overall productivity. To achieve this objective, many businesses tend to invest a majority of time and money for better solutions. Hence, there is an ever-increasing demand for solutions that use fewer resources, but at the same time increase productivity and Returns On Investment (ROI). This is where a Payroll Software comes handy.
A Payroll Software helps in processing and calculating employee taxes, keeping up with statutory regulations, and much more. If payroll software has to be defined in one single sentence, then it can be rightly defined as a software that is bound to transform your business operations!
Why Payroll Software Is A Productive And Efficient Tool?
An alarming number of small businesses spend almost five-ten hours per month or more than that on payroll. Running a payroll manually eats up most of the time for HR personnel that would otherwise be spend on other productive things. Investing in a Payroll Software can help your business save time. Payroll software offers automated all those complex tax and salary calculations, which not only saves time, but also saves money by reducing basic mathematical errors and admin work.
As a business grows and expands, its payroll costs increase as well. Talking about small businesses, 46 % spend almost 30 grands per month on payroll processing. Nevertheless, payroll software can eliminate the need of an accountant or an in-house employee dedicated to processing payroll. Also, most of the software packages guarantee accuracy and satuatory compliance, so you’re assured of protection from IRS penalties. Additionally, businesses can save a fortune on printing costs, as payroll software makes most of the process paperless.
Reduces Accounting Workload:
Payroll is essential asset in your business records. And, payroll software allows you to export reports at the click of a button considerably reducing the amount of time spent on accounting. Additionally, integrating your accounting software with payroll management helps you have automatic entries during a payroll run. This operation eliminates duplicate data entries thus, error-free and redundant free payroll.
Time and Attendance Maintenance:
Tracking regular employee attendance is a key to running payroll, especially for employees paid on hourly basis. Many payroll software packages offer a time tracking module or feature to keep a check on log in and log out timings of employees. At the end of each month, payroll software uses an integrated time card to calculate employee wages. You don’t need to calculate and enter employee hours manually, which reduces expensive errors, laborious admin work, saves time and subsequently money.
More Control Over Info:
Almost every payroll software today offers employee self service app, which provides employees with the liberty to control and access their information on the go thus, reducing huge amount of work for payroll administrators. Employees have a personal payroll profile, where they can see their wage information, payroll deductions, leave balance, fringe benefits, and many other things. Depnding on the software used, employees are also able to make adjustments to their account, upload or download documents all according to their needs. Talk about empowering your employees!
Assessing payroll taxes certainly is a tricky job. Some taxes need to be deducted from employee wages, while some need to be paid and accounted for. Also, every tax follows a unique set of reporting and remittance rules. One cannot afford to mess up on payroll taxes. Even a minuscule fumble can cause the IRS and other organisations to penalise you. Good news is that several payroll software solutions available today calculate and file taxes with guaranteed accuracy leaving the business administrators stress-free.
Better Human Resource Management:
Most of the payroll solutions offer additional HR modules. These modules can be used to check employment history, census of employees, important documents, and benefits for employees.
Integrated HR software modules can easily streamline a company’s workflow and benefits by keeping all the payroll and HR information organized and centralized (all under a unified hub). Payroll software demands a pretty low investment.
Many software companies offer a free trial, so one can easily test run the software before actually buying it. Having a payroll management software for your company eliminates the labor of repetitive HR management tasks, which lets your staff focus on core competencies for better productivity.
In addition, a perfect payroll system can give you insights into the efficiency of your internal processes such as budget adjustments, employee performance, guides for better decision making etc.
What Are The Advantages Of Implementing A Payroll Software?
Instead of outsourcing the payroll management to a third party payroll handling vendor, you can simply opt to have a cloud based payroll software, which will help you save huge money and time. Most importantly, SaaS based subscriptions make it scalable and pocket-friendly.
Automated reminders can be set to make sure that no important tasks are missed out. These reminders can also be edited along the way. Hence, tax submission or pay slip generation deadlines will never be missed.
Using payroll software at an in-house level largely eliminates the risk that comes with sending personal information about employees to third parties. Most software modules are built with the optimum IT security protocols, hence one can be assured for the safety of data.
Manual payroll management can lead to human errors, which can be very costly down the line. However, with an automated payroll software, you won’t be incurring any such overheads.Payroll management shouldn’t be overlooked when devising a plan to streamline business processes. It is the best way to keep your employees motivated.
If you want your employees to be satisfied, happy and want them to remain loyal, it is essential for them to receive their paychecks on time. You enter into a contract with them the moment you hire them. They agree to perform certain tasks for you, in return of which you agree to pay them. Bid adieu to delayed paychecks with a cloud based payroll software.
In order to develop a growth strategy, an accurate cash flow projection is needed. Payroll systems can predict future payroll expenses including incentives and raises for the future. With the help of this information, you can decide the direction in which you need to expand your business.
It’s impossible to use a cookie-cutter approach to achieve best practices, as it is necessary for a system to address an organisation’s objectives, and a payroll software does it best.
The Bottom Line
Improving productivity is always a worthwhile goal, whether it is in Production, Marketing, Sales, or front office. HR and Payroll team can streamline the daily processes and operations with modern technology, thereby saving time, money, and improving productivity on the whole. The right payroll software can adeptly produce a healthy, strong, and profitable business.
Such a payroll software has all the qualities to become an organization’s best asset and HR’s best friend!! Moreover, always ask for inputs from your employees to improve your payroll processing productivity. Make sure that all the members of your Company fully understand the working of a payroll software after you implement and roll it out. Transparent communication with your people will help resolve confusion and misunderstandings, if any.
This is a guest post by Abhishek Dorik. He is a passionate Digital Marketer at SoftwareSuggest.com, you can always find him mesmerized in grasping whatever he can and from wherever he can for self-development. Working with a creative aura is what makes Abhishek a genius in the world of Digital Marketing.