The term payroll implies to the compensation provided to the employees by the organization against the services provided by them. Majorly, this terminology is used in reference to the money paid to the employees. Though in the contemporary times this term entails a lot more than just processing the payroll, it also involves the tax calculations, the provident fund deductions, the paystub generation, and keeping track of the employee investments.
Processing payroll accurately is a very important function, as an erroneous payment can lead to employee dissatisfaction which can immensely harm the processing of an organization as a whole. It involves a thorough knowledge of the current payroll legislations, detailed tax understanding to ensure accuracy in withholding and filing, and a highly organized process that ensures timely payments with utmost precision. In order to reduce the risk of errors and to mitigate stress, many organization opt for technological support of a payroll management solution also popularly known as payroll software.
Payroll software is the next generation method of automating the entire process with means of a highly sophisticated solution that helps you enhance your payroll activity and ease the entire process, by simplifying the complex tasks and making sure that all of your statutory compliances are abided by at all times. It is highly efficient as compared to spreadsheets and paper based systems, payroll software’s significantly speeds the payroll process while considerably increasing the rate of precision, whilst always acting in accordance with the company and the government policies.
Today, the world is moving at a superfast pace. Hence, the organizations are adopting every known technology available in their arsenal to improve the overall performance. A proper analysis of the market, cutting edge techniques and the proper management of resources; Organizations need to stay up-to-date with the different trends in the market. A Payroll Software can be used to give valuable inputs about growth and success of an organization.
Payroll software features:
Payroll is one of the core functions of any organization. The payroll processing involves not just compensation for employee’s work but also there are various compliance’s to be followed, they need to be maintained as well. Many organizations treat payroll as the other operational functions ignoring the mammoth effect it has on the employees who are the central pillar of any organization. Payroll affects every aspect of the organization, from the reputation of the company right down to the spirits of its employees. A good online payroll software can help you carry out your pay run with greater speed, efficiency and confidence.
It is high time organizations should choose an online payroll software over manual processing of their payroll activities:
- Accuracy in payroll processing
- Automated generation of pay slips
- Flexi basket functionality
- Feature to defining diverse salary structures, based on company policies.
- Up-to-date with statutory compliances with automated updates.
- Accuracy in calculations, reducing errors.
- Automated additions of bonuses, reimbursements, holiday pay, etc. with minimum effort
- Easily accessible annual reports in secure formats.
With all the paperwork and excel calculations that comes synonymously with payroll calculations, it can be an extremely time-consuming and manual job. Also since this is a monthly activity and needs to be performed regularly, online payroll software helps ensure the accuracy and precision of payroll calculations. It is also convenient to work along with an online payroll software as it helps the organization to maintain compliance, as the legislative changes are updated into the system automatically, helping the organization always maintain compliance. Furthermore, it frees up valuable resources for the organization to focus on other business areas.
The payroll department is the organization’s most important departments. The reports and analytics can help the management gain a bird’s eye view of the expenses and return on investment by comparing the two reports. This allows in-depth analysis of staff costs for the business as a whole, across departments and even individual jobs and contracts. An efficient online payroll software is important to ensure the accuracy and precision and to streamline the workflow in the organization.
Working of a Payroll Software:
The most standardized functionality of any payroll software is automatically processing payroll for any organization within clicks without having to input data manually. It also involves the processing of as taxes, insurance and retirement contributions. Generation of pay slips, allotment of tax forms, provision for employee tax declarations etc. can be all processed by the system with absolute ease.
Payroll software leads to your organization’s process automation, data unification, creation of ready to use templates, scope for integration with other solutions and customization for your organizational policies that, together, deliver the following major benefits. It helps you save the time and resources that can be rather use in planning for business development. The entire payroll process when done manually is highly time consuming and error prone. Even a single error can cause dramatic losses to the organization. . Switching to an automated system can assist in avoiding inaccurate financial statements and penalties. It syncs and consolidates employee data and regulatory rules leaving no room for oversight.
Payroll software’s most categorical feature is it updates itself to deal with all the statutory compliances. Payment of timely taxes is vital for organization of any niche, as any delay in the payment can lead to a bad reputation for the organization and penalties. Most payroll solutions have built-in location-based tax calculations and report templates and room for customization to design policies as per the organization’s norms. A solution in place helps you accurately have a record of the taxes owed and paid by your employees, whilst the ready to use templates helps in speedy processing of the same.
Numerous reports are easily available for the managements use to carefully analyze the payments, benefits, expenses, historical patterns of payments or also for change in processes. These reports are customizable with scope to add rows, columns, and other guidelines. Generating recurring reports is easily standardized and scheduled with smart alerts.
Benefits of a Payroll Software:
Most organizations opt for outsourcing their payroll which is super expensive as compared to choosing a cloud-based payroll solution. SaaS based subscription models are highly scalable making it the best pick for SMEs and is highly profitable on the lines of cost. Your employee’s attendance data is directly synced with the processing of payroll making the whole process seamless and error-free. Automation helps simplify the whole process of payroll management and also eliminates the chances of double entries and calculation errors.
A payroll solution in-house shall eliminate the need for sharing crucial information outside the organization. Payroll is considered as highly sensitive information. The data is highly secure as most IT solutions have to follow a certain set of security protocols. Manual payroll processing is highly susceptible to errors, which can cost the organization. Payroll being one of the most important parts of HR’s activities, incorrect payroll can also lead to unhappy employees which can be a major setback for any booming organization. However, precision is achievable with payroll software; you can dodge such overheads caused by human negligence or error. In order to maintain employee loyalty, it is vital that the employee gets their paychecks on time and free of errors. Bid adieu to delayed paychecks, errors, and negligence in maintaining compliance all with absolute precision with payroll software.
With payroll software, the concerned person can get a clear projection of the organization’s cash flow, which can assist in improved decision making such as appraisal plans, bonus, and incentives etc. With MIS analytics and report builders in payroll solutions, the management can plan the direction in which the organization is to be expanded. In order to grow an organization cannot use a cookie- cutting approach and an automated solution is a necessity to have a clear indication of the working of the organization in order to address its goals.
Enhancing productivity is the way towards achieving the organization’s ultimate goal. The finance department can improvise daily operations and streamline processes with the help of a payroll software thereby saving time, money and make the entire process more organized. Cloud based payroll software solutions also provide automatic updates when tax and compliance laws change. This can save time on both research and technical updates, while continuously ensuring that managers and employers have access to needed information.
Beehive’s payroll solution application has been designed to suite any organization or industry. Our system provides you with the luxury to configure the entire salary structure as per your company policies, keeping in mind the statutory compliances. Once the logic has been entered into the system, all of the processes shall be automated.
Beehive has a separate payroll dashboard for ease in working. The finance department needs to create different heads and provide us with the logic for each head and the structure to be added. All of this shall be taken care of at our end. All you have to do is add the CTC amount and the salary shall be calculated with a single click. In order to calculate the payroll accurately the data is pulled from the leave and attendance application.
Beehive’ Payroll is integrated with Leave, Attendance, reimbursement, loans & advances so no more repetitive processing of data helping avoid manual errors. Multiple salary heads are already generated and stored in the system for your assistance, you can change the heads or add new ones as per your requirements. The parameters related to each salary head can also be separately configured as per the requirement of your organization.
Beehive’s payroll management application shall continuously and automatically calculate the pro-rated component for an employee’s CTC as per the rules configured within the system, whether it is allowance or deduction. Our systems shall be implemented into your organization in such a way that you will not have to break a sweat while calculating payroll as the components of the salary structure are pre-set into the system with the calculated fields and the logic for overtime in the CTC itself.