Payroll might sound like a simple word but for the HR or Accounts department and employees of the organization, it is of great significance. To employees, it marks a stroke of good luck claiming their paycheck to be on their way. But for the HR department and Accounts personnel, it marks nothing but headaches, series of curses, hunched shoulders out of stress, and clumsy working surroundings which shows that the Payroll Management System is much beyond just cutting a few checks. So to ease all the complications of handling Payroll management manually, there exists Payroll Management Software. It comprises of numerous functions enabling you to properly pay your employees while abiding by all of the statutory compliances.
What is Payroll Management Software?
Payroll Management Software is an automated solution for calculation and processing of employee payment, generating tax forms, and facilitating administration. Being software it reduces the chances of mistakes caused by human error and can also be rolled into comparatively large HRMS, EPR, or any accounting software. HRMS payroll is designed to manage and streamline the process of paying employees by making payroll much easier and time-efficient. The functions of payroll management software are discussed below:
Functions of Payroll Management Software
HR Payroll software streamlines the salary structure of employees and manages their salary directly by automating the tasks. It’s obvious that employees don’t appreciate paycheck errors or delayed salary processing hence HRMS payroll verifies several details like salary and hourly rates, their regular and overtime hours, bonuses, and other information that goes into employee’s compensation.
Compliances and Taxes
Payroll Software allows you to manage the tax and legislative compliances according to the new changes and updates that are given by the government as failing to pay payroll taxes is usually a costly mistake. Hence Payroll Processing Software along with cloud Payroll completes various forms while documenting payroll taxes and keeps all factors in the account for determining tax deductions and satisfying different tax rates of different regions.
In every organization, giving loans to trusted employees if required is a common practice. But sometimes in big companies, it gets difficult to maintain multiple records and update them simultaneously. Automated Payroll facilitates to configure and authorize employee loans as per dynamic workflow. It also incorporates loans on EMI basis.
Expense management is a very crucial task in an organization. It’s the function on which the balance of the organization depends. Online Payroll software tracks and manages the real-time checks on expense claims filed by the employees and keeps a check on unwanted expenditure. Employees can file claims according to their convenience and gives them excess to the softcopy of receipts, thereby enhancing transparency in the organization.
As employees are the assets of the organization, so their satisfaction is also of utmost importance. Many organizations provide Flexi benefits to their employees as a part of compensation. Payroll Processing system software has a Flexi-Pay feature that keeps track of the expenses along with the benefits that are given to the employees. It also manages the reimbursements for distribution without any kind of dependence on maintaining spreadsheets.
The integration feature of the Payroll Management System saves a lot of time and provides the utmost security by preventing any sort of data-stealing without any need for manual data entry. It decreases the risk of errors to a great extent. It syncs the data which is shared between HRMS and payroll with one another automatically. HRMS Payroll is the best solution for all your payroll and accounting needs.
Payslips and Reports
Automated Payroll software is capable of generating reports like leave summaries, salary statements, and salary benefits. It has a tailor-made approach that manages and customizes reports with the company’s payslip templates. Online payroll software is capable of printing payslips and downloading regulatory payroll forms.