Adapting payroll software for any organization is a challenging job. With the present technologically advanced generation there are several vendors for such cloud-based software who offer multiple features. It becomes essential for the buyers to pay attention to the requirements of the organization and the compatibility of the application with existing software.
A minute complication in the integration of such software can crest unannounced crises in the organization. Having said that, let’s discuss the benefits and the key features of payroll management software:
Benefits of using the best payroll software
Higher retention rates
Employees invest nine to ten hours of their everyday life for the organization. A minute error causing a delay in paychecks is discouraging for the employee. It is imperative for the organization to make sure the employees receive their paychecks on paydays. In fact, a study has shown that “ almost a quarter number of employees consider switching companies due to minor delay in the paychecks”.
Payroll software enhances the efficiency of the payroll team. It automates the processing of data decreasing the risk of error. An automated payroll service assures the employees of receiving the paychecks on time.
Boost productivity
Payroll processing is a time-consuming task as it consists of sensitive data determining the amount credited in the employee’s account at the end of each month. Thankfully with the introduction of payroll software the calculation of working hours, overtime days, and paid-offs has been automated.
Hasslefree taxes
Tax includes various legal documentation that can easily perplex the employee. A minute error or delay in filing taxes results in hefty penalties. The web-based application is designed in a manner prioritizing the taxes. It notifies the employee and the payroll team of the upcoming deadlines. It automates the changes in accordance with the amendments made by the state and the federal government regarding tax laws. This feature protects the organization from hefty penalties and hampered reputation.
These were a few of the benefits of using the best payroll software. Let’s delve a little deeper and discuss the key features of the payroll management software:
Some of the key features of payroll software
Automated tasks
Payroll software is incredibly capable of calculating wages, taxes, overtime pays, etc with the assistance of ingrained data. It enhances the efficiency of the payroll team by minimizing errors and decreasing the workload. Some of the automated payroll management tasks include auto-generation of tax forms, financial management, and general forms.
Self-service portals for the employee
The employees can easily access the payroll software using the credentials generated by the IT team. They can log in and download tax forms, raise concerns regarding the salary amount, acknowledge the understanding of the variable amount credited in his/her account.
The self-service portal provides enormous resources related to tax policies, provident fund, gratuity, ESIC contributions, and allowances for the employees and the payroll team to acknowledge the understanding of the policies. It empowers the employee to claim these allowances and benefits provided by the organization.
Workforce management
The web-based application manages employees’ records in one centralized platform. It assists the manager to view employee information and track performance and working hours within just a few clicks. The automated calculation of overtime pay, financial compliance alerts, paid time-offs has increased the efficiency of the payroll team and built a transparent bridge between the employee and the employer. The centralized platform to store and view data paints a clear picture of the amount received by the employee decreasing room for chaos.
Compliance management
To maintain a standard in efficiency it is essential for the payroll team to stay updated with the legal status and financial transactions and contracts. The aim of compliance management is to monitor the legal parameters and protect the organization from lawsuits and hefty penalties.
Technological advancements ensure that compliance management is ingrained in a way that it is easily accessible to anyone with valid credentials. Few such advancements provide an upper hand to the admin team by allowing them to restrict access of any employee at any point in time.
These features might be discussed on a usual note but plays a vital role for any organization. Therefore it is essential that the employer considering opting for payroll software should have adequate knowledge about the functionalities of the application. A well-equipped software with the features highlighted in the requirement list will increase the efficiency of the organization providing better results in the future. The employer should have a requirement checklist to meet the requirements of his/her organization. With the assistance of the requirement checklist, the employer can opt for the best payroll software and utilize the application to its fullest.