When it comes to different departments and important assets of an organization, employees are the first ones to be brought under consideration, as they act as the backbone of any business or organization. It is hence, an imperative duty of the organization to make sure that all the employees are weighted equally, and are remunerated accordingly; ensuring a just compensation in terms of payouts, incentives, work-life balance, and a healthy working environment, not only helps in retaining the client, but also adds to the extra mile an employee is ready to walk for the organization, and contribute toward its growth. Along with the distribution of the right amount of remuneration, it is also important for any firm/organization to timely payout its dues towards the government and state in the form of taxes. The combined process of managing the payroll and other, like taxes and fees is known as payroll compliance management.
With changing environment and trends in human resource solutions, the methods of calculating salaries, taxes, payouts, etc., have changed completely, and are now being facilitated with the help of technology and automation. Organizations have started to incorporate software like Human Resource Management Software (HRMS), or Payroll Compliance Management Software, etc, to cater to these requirements. With advancements in the technological landscape, companies are now opting for bundled solutions, and, i.e. where most of the SaaS providers in this space are focusing upon, providing bundled solutions. The HRMS software like Zimyo is an effective solution to the changing HR needs of the organizations these days and helps them perform various crucial functions, even inclusive of payroll compliance management.
Some of the most prominent areas where the inclusion of the software helps the organizations are:
- Recording employee data
- Regular updates and management
- Real-time sync
- Hassle-free attendance tracking
- Technology supported leave management system
- Salary computation
- Allowance management
- Compliance management (PFs, TDS deductions, taxes, etc.)
- Application tracking system
- Compensatory/overtime leaves
- Monthly or time-bound reports
The bundled software caters to the round the clock need of an organization when it comes to managing human resources. With regular support and updates by the SaaS provider, you don’t need to worry about being left behind, instead you’re always ahead of the competition, and in sync with the requisite timelines and compliances. Not only does the HRMS stay in sync with the recent updates from the government end, and other compliances but it also is integrated with the best practices from across the industry. The SaaS provider’s team is always on their foot to search for the best practices in the industry and get the same incorporated in their systems, to ensure the best services for their clients.
The availability of such software is not just a boon for all organizations, but it also eradicates all the challenges that one would face while carrying out the essential function of payroll compliance management. Apart from saving time, it also saves a human resource that one would require to hire for a smooth flow of HR system, managing the payroll responsibilities, and carrying out calculations that would come along with possibilities of human error. The software itself compensates for its cost, by helping you to reduce the staff required for managing the work, as most of it is now automated, and is calculated in real-time.