Payroll is often deemed as a daunting and mammoth of a task. Adding to the plight, executing it manually is a nerve-racking task, which entails dealing with tedious spreadsheets whilst skimming through employee attendance records, doing tax computations, tracking leaves, and processing payroll. This indeed is a painstaking process and there is no room for error.
Payroll software can be of great assistance here, as it automates your entire payroll process and makes it simple and swift. It doesn’t stop here, as the core benefit of having a payroll software is it helps save money, which is a boon for startups and SMEs.
- Time-saving and Faster Payroll Processing
Think of a scenario wherein you have both full-time as well as casual employees, which means there are employees in your company who work for overtime and those who take unpaid leaves. This is sure to make payroll a complicated thing. In addition, it is a monotonous process and requires a keen eye for detail. With robust and automated payroll software, you save a great deal of time and money spent in manual payroll calculations and processing. Software curbs the time consumed in this repetitive task.
- Error-free Payroll
Goof-ups in salary calculations are not entertained and leads to unhappy employees accompanied by heaps of redundancies to be suffered by HR professionals. This again results in a waste of time and resources. Payroll software makes the entire salary-processing task flawless. Further, with automatic updates, no need to fret for changing payroll regulations. It saves you time, which otherwise would be spent on incorporating these changes in your payroll processing manually.
- No more Outsourcing Costs
Many businesses prefer outsourcing their payroll to expert payroll processing firms or accountants to escape from the pains of manual and in-house payroll processing. However, for SMEs and startups, outsourcing payroll is certainly not a viable option. A payroll software is the perfect retort to such enterprises in saving a significant amount of money. Choose from a range of budget-friendly payroll software that fits your budget and needs.
- Shun Training Overheads
With an easy-to-use and simple interface, payroll software doesn’t require extensive training. Thus, you save time and money, as your payroll staff doesn’t require undergoing training to use the software. What else! Vendors of payroll software also offer excellent customer support in case of any glitches or help with using the software, so in case of any assistance midway, support is just a call away!
- Save on Statutory Compliance Penalties
It is no less than a nightmare for a company especially SME or startup to bear the brunt of fines slapped because of failing to abide by statutory compliance. It not only tarnishes the company’s repute but also results in a huge loss of money in the form of penalties. Keeping a tab on statutory regulations and abiding by the same is a time-consuming and meticulous process if using a legacy payroll system. Payroll software assists in overcoming statutory compliance issues, because it is in line with all the mandatory payroll regulations, laws and compliances.
- No more Data Loss
Despite the technological advancements and novel tools available, many organizations still rely on spreadsheets and legacy tools for payroll processing. This is not only a cumbersome task but also the data is prone to theft, unauthorized access, corruption, etc. that might cost both money and time. Furthermore, in the event of a natural calamity or server breakdown, you might lose all your data. A cloud-based payroll software is a perfect solution here, as all your data is securely stored on the cloud. So, no more fretting about data loss. In addition, it takes regular backups ensuring full data recovery in times of need. Most importantly, as everything is on cloud, you enjoy unmatched flexibility and mobility to access data from any device, anywhere, and anytime!
To sum up, it is always a wise move to invest in payroll software and safeguard your company from all the aforementioned grudges. It helps save a significant amount of money and time.
If you are considering that big move to cloud-based payroll software, then here is your ticket to the best-in-class payroll solution. Also, write to us at email@example.com