Benefits of Payroll Software
For every organization, employees are considered as its main resources. In an organization if the employees are happy, then there are better chances of those organizations to prosper. For the employees to be happy, their management should be done appropriately which can be done through a payroll processing software.
The following points will give a fair idea about the benefits of payroll software in detail:
1. Better Record Keeping
All the employee related data is at a centralized location and the same can be accessed at any time. There is no need for the HR or the Finance department to look for the data at various locations.
2. Maintenance of Digital Records
With the use of payroll software, the organization will be able to maintain digital records rather than the need to maintain physical records. Maintaining physical records makes it difficult for the organization to retrieve.
3. Easy Approvals:
Since the entire payroll is being maintained at a centralized location with the access to various levels of management, it is makes it easier for the employees to take the approvals easily and on a timely basis.
4. Maintenance of Leave Records:
Since the leave records are being maintained at a centralized location, both the employee as well as the employer can get to know the exact leaves which have been taken by the employee. Accordingly the applications and approval could be done swiftly and on a timely basis.
5. Time & Attendance Management System:
The basic requirement for the purpose of the salary processing is attendance records of the employee. Accordingly, the same can be maintained in the system through direct integration of the biometric device with the payroll software.
6. Employee awareness:
Since all the records are being maintained digitally, the employee can retrieve all the records whenever needed rather than going to the HR for each and every thing.
7. Timely Salary Processing:
With all the data readily available and all the calculations being done in the system itself, the salary can be processed on a timely basis and therefore reducing the lead time for the purpose of salary calculation and processing the same.
8. Statutory Compliances:
With the use of payroll software, all the statutory compliances can be managed easily wherein the system can calculate the same easily on monthly basis. As per the statutory requirements, the amount to be deposited to the government treasury can be determined and the system would generate the file for the purpose of return filing. Thus, the entire compliances process is streamlined.
9. Claims Management
With the use of payroll software, the employees can claim their expense claims easily without maintaining a lot of paper work. The employee can apply for claims using the tool without having to maintain the physical documents. Documents can be uploaded on to the portal and the same can be approved on the portal itself.
10. Complexity made easy
Many complex tasks pertaining to the payroll processing and record maintenance get reduced letting the organizations focus on their core business activities.
11. Fraud Reduction
With the use of software for the purpose of entire salary processing and maintenance of the entire records, there is a reduced risk of fraud to the organization.
BizHRS payroll processing tool will help you streamline the entire payroll management process thus increasing the efficiency and reducing the glitches at the time of payroll processing. Check details about HR and Payroll software in India.