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With over 300 Indian companies using it today, payroll systems have become acutely popular in the business world. Gone are the days when HR managers dealt with challenges while managing and processing employees’ salaries. Payroll management systems are making things easier for businesses out there. Regardless of size and type, every company can implement such software without any second thought.
In this blog, we will talk about some important features and benefits of payroll systems:
Key Features
Here are some exceptional features found in payroll software. Also, if you want to acquire the features discussed below, make sure you invest in one of the top-notch payroll software India has.
Payroll processing
This is one of the useful features of payroll software that helps in processing employee salaries accurately. Unlike traditional tools, HR managers do not have to go through piles of documents and then calculate the salaries of each employee. Payroll software does everything, from deducting employee benefits to adding bonuses, on its own.
Direct Deposit
Checks are just old-school now. We are living in an automation era where everything is fast and easy. In such a time, why waste the time of both HRs and employees by using paper checks. The simple solution to this problem is payroll software. It factors in the direct deposit feature that allows HRs to directly transfer employees’ salaries to their respective accounts. This not just saves time but also prevents any risk of errors or frauds.
Tax Filing
Only the best payroll software in India comes with this feature. As the name suggests, it helps in calculating the taxes and filing the same on time. With zero human interaction, the system does this routine process automatically and ensures that no mistakes are made along the way.
Compliance Tool
The importance of compliance is a well-known fact. Be it small or big, every organization is obliged to comply with the laws and regulations. The best part of automated payroll systems is that it updates the latest amendments into the system and sends alerts to the higher authorities, thereby helping a company to be on the right side of the law.
Employee Self-Service
We all know the amount of time and effort HRs put on human resources operations. Even after spending hours and days on payroll management, employees still come to HRs with several queries on/after the payday. In such situations, HRs won’t have any other option but to sit with those employees and clear their doubts. Payroll software, on the other hand, empowers employees to do some of the HR’s work on their own using employee self-service. ESS typically provides every employee with the autonomy to view data such as attendance, payslips, etc, and also edit their personal information. This eventually saves the HRs a large chunk of time that they can utilize in other revenue-generating or team-building tasks.
Benefits
Now that you know the features of payroll systems, let’s take a look at its evident benefits:
Streamlines Cumbersome Tasks
From storing payroll data to calculating each employee’s salary, the payroll management process involves a host of tedious tasks. Fortunately, payroll software solves this issue. It stores payroll data in one place, calculates salaries in just a few minutes, and transfers the same without any error or delay.
Cuts Down Mistakes
In manual payroll processing, there is always room for mistakes. Then, employees jump to the HRs with questions to know why numbers are changed, why are their salaries deducted, and much more. But, using payroll software, HRs can not just avoid errors but also employees can easily access their salary information.
Increases Compliance
Zero errors and timely salary processing, undoubtedly, help a company to stay away from non-compliance and its consequences in the long run. And, as mentioned before, such systems even track the changing laws and allow businesses to fulfill every legal requirement. So, no employer will have to worry about those hefty fines, penalties, and lawsuits.
That is it! We hope this blog helped to learn more about payroll software. Now that you know the features and benefits offered by such systems, it is time for you to take a step ahead and start your selection process.
Again, if you wish to acquire the aforementioned features and advantages, invest in one of the best payroll software India has.
