What is the secret recipe behind successful business processes? It is giving your 100% in everything you do!
What does HR do in excelling resource management of businesses? The answer is - everything!
As exciting as it sounds, an HR manager's job is exhausting, especially if they are still following traditional work and manual payroll systems with piled-up papers and spreadsheets.
Thanks to technological advancements, you can use cloud-based HR software to ease business operations and boost investment return.
What good does it do to an HR? The answer to this question is straightforward. There are plenty of HR software solutions available. Businesses only need to determine what they need.
Let's break it down further.
Are you investing a lot of time and effort in manual processing of payroll for employees?
It is not humanly impossible to keep track of all payments and tax updates regularly. It is all the more challenging to keep yourself updated with the salary structure, tax filing, employee records, attendance data, wages, and bank accounts of different employees.
What if told you that software can help you with these complex and extremely time-consuming tasks?
Modern-day payroll softwares like sumHR are capable of assisting you throughout complicated payroll tasks. Before plunging into the benefits of using payroll software, let us look into the working of online payroll software.
What is payroll software?
Payroll software is an application used to manage, maintain, and automate employees' payments in an organization. An Automated Payroll uses programmed functions that compile and calculate an employee's payroll online on a secured platform.
Here is detailed blog on A Complete Guide to Payroll.
Cloud-based payroll software can store all employees data safe on a secured server or cloud system that can be accessed whenever required via a browser on a laptop or mobile applications on an Android Smartphone or iPhone.
Moreover, the software's user-friendly nature allows the Human Resource manager to perform direct deposits and generate payroll reports. Payroll solutions also have employee self-service portals which contain all their payroll details.
Installing an ideal payroll software can reduce the manual effort needed from HRs. All you need to do is upload all the necessary information of your employees' payment details, packages and documents, and the software will start processing payroll right away.
It will arrange the whole data set into columns and structures that calculate the payment due for each employee, including the payroll tax.
The entire process makes it easy for HR to provide monthly payroll reconciliation, thus increasing employee satisfaction and motivation.
Now, let us dig deeper into the key benefits of online payroll solutions for your business.
What are the Benefits of Payroll Software?
1. Error-free calculations
"To err is human."
As the idiom mentioned above tells us, human errors are natural. One of the main drawbacks of the traditional paper-based payroll processing system is its vulnerability to costly errors.
HRs find it challenging to manage a huge workload and run a detailed analysis of many employees. So, cloud-based payroll software can handle payroll processes much better than humans can.
2. Save time
Time is of great value to businesses. With payroll software solutions, you don't have to worry about manually entering long pay stubs and payroll calculations.
Initially, you will have to enter the employee details and the payment structure followed by your company. The software will take care of further steps and even update itself.
While the payroll management platform handles all the time-consuming processes, your company can focus on achieving important business goals.
If you're struggling with managing business goals, you can consider implementing OKRs in your organization along with the payroll software. This is usually offered by HRMS or HR Software's like sumHR where you can choose the services you want. Example: If you require attendance tracking & Payroll you can pay for only these two services and add on additional services as and when you require. Read More about it Here
3. Data security
The advent of technology has increased security standards for software. Reliable HR / Payroll providers like sumHR always ensure that all data shared is encrypted and saved securely on its servers.
Running an SME (Small & Medium Scale Business) is a complex job as it involves juggling multiple tasks within a limited budget.
Payroll platforms can help you save large amounts of money spent on manual payroll processing. Your business can cut costs with professional services that can help you control payroll and increase your returns.
Premium cloud based payroll software offered by companies such as sumHR takes care of the accounting processes and can be integrated with employee attendance software and HRMS software at economical cost.
So here's your chance to Save up money, and invest in other areas of your business as well.
5. Customer support system
What if you face any issues while dealing with the software and don't know how to proceed?
You can reach out to the excellent customer service team that can take care of your concerns and queries.
In case of any complexities or interruptions in work, feel free to contact them at your convenience. You'll receive a prompt response and an expert suggestion on how to proceed further.
Seek help when you need it!
6. Timely reminders
Are you worried about getting caught up in a busy day at work and failing to perform a payroll check?
Using payroll software can come in handy during extremely hectic working hours. You can set custom reminders on the software that will help you meet the deadlines without fail.
Smart software like sumHR can help maintain payroll files and manage schedules for salary payments. This time tracking feature keeps you up to date and efficient.
Get ready to respond to the next reminder!
7. Payslip generation
Generating payslips and paper checks for all employees is a daunting task that can take up a significant part of your working time.
Fortunately, the payroll management software is equipped with a payslip generator software that can make the task easy for you. You can proceed with the monthly payment routine in a hassle-free manner without the fear of messing everything up.
It is more beneficial for companies whose employees are increasing. You can choose a suitable template and fill in the requirements to create a customised payslip and print them in bulk.
Print payslips at a faster rate!
8. Following up to date taxes
Do you find it hard to keep up with the frequently changing payroll tax rules? Well, you don't have to anymore.
The payroll software gives instant updates on all new tax laws and tax forms and their impact on the final paycheck.
While arranging the work payment column, the software will direct the system to deduct the tax amount before making the final payment. It will help you to calculate the right amount of pay and distribute it to employees.
9. Links to multiple companies
If you are an SME owner dealing with multiple things to juggle with, this is an exciting feature for you.
You can create a single account on the payroll software and use it to control the employment details of more than one business venture.
While most of the payment management software sticks to the control of a single company, sumHR payroll software stands out due to its unique attribute which enables users to link their accounts to multiple companies.
Trust the software and take off excess workload from your shoulders!
10. Advanced calculations
How good are you with numbers? Well, it is not a necessary criterion anymore.
Traditional methods of adding up numbers on your fingers or using an outdated calculator are no longer relevant.
You can rely on the payroll software's advanced calculation settings to support large figures and difficult numbers.
There is a list of various payroll calculation methods you can choose from. You can use the automated TDS (Tax Deducted at Source) calculations to get an advanced and integrated result.
Speed up your number game from now on!
11. Customisable design
You can truly own the software platform and personalize applications to suit your business needs.
You can customize the configurations according to the number of employees, the payment structure, tax deductions, date of monthly due, and so on.
You can design a unique salary structure that adheres to your company's guidelines and policies and deliver the best service to the employees.
Customize the platform and own your work!
12. Reliable source
You can absolutely rely on the smooth and efficient working of sumHR payroll software and be assured of its reliable results.
Payroll management software uses the best techniques in the market, and ardently follows the business industry's pulse.
Not only can you save time on processing, but the likelihood of errors is also reduced to zero. The tools integrated into this software can help you control all aspects of payroll while automating the payment process.
Treat yourselves to reliable and dynamic results of the software!
13. Boost employee productivity
A company's heart and soul are its workers toiling hard and contributing their unique part to overall growth and production.
A traditional payroll management system could delay the payment. But you can count on the payroll software to satisfy the employee expectation at the right time.
When the payment is made systematically, it heightens their trust in the company. This will boost their morale and inspire them to bring out their best work.
14. Quick results
Thanks to the software's fast-paced working, you don't need to wait for long hours at your work desk for adding up large sums.
Using payroll software doubles the operating speed and gives you access to instant results. You can quickly draft employee reports and statements without the worry of getting caught in an infinite loop of time.
No matter how complicated the calculations and tax deductions are, the software works its way through all hurdles and produces results within the given time frame.
Get ready for some quick action!
15. Accuracy and precision
Are computers more intelligent and accurate than human minds?
You will know once you start using payroll software in your system. The accuracy and precision of results are unmatchable.
It's not an easy task to calculate salaried components. With the use of payroll for SME, you can add up multiple accounts and complex tax calculations without compromising the accuracy and precision of results.
16. Track employee actions
A bonus of the payroll software is its ability to track employee actions like attendance, time shifts, and work leaves.
It allows HR to observe and record each employee's working pattern keenly. The software has specialized columns to enter the details of workers and their total working hours.
Without using this specialized software, it is practically impossible to keep track of every worker and their unique work schedule.
Access the software at any time and cast a watchful eye on employees!
Payroll software for the win
Choosing the right workforce is a significant milestone for your business, but your efforts can go in vain if you don't invest in efficient payroll software.
While many SMEs engage in payroll outsourcing, it is advisable to keep this essential process within your own business. Although you might be able to save money through a third-party processor, you will lose control of payroll operations.
By purchasing payroll software, you can be in control of several decisions. Be it report generation, changing salary structures or adding and editing information; operations can stay within your business. All you need to do is train your payroll staff to operate the software.
Another perk of switching to payroll software is the reduction in the usage of paper. Through switching to digital modes of operation, you can reduce the carbon footprint of your company.
Frequently Asked Questions (F.A.Q.)
1. Why do employers use software for payroll?
Payroll software automates the entire payroll process in an organisation. Employers use software for payroll to remove any errors during payroll calculation. As the payroll systems calculate all statutory deductions and compliances, there is no room for error.
In addition to this, employers use payroll to reduce the employee hours spent on manually calculating payroll additions and deductions. Employers who run small businesses can cut costs with affordable payroll software while reallocating funds into improving their business.
2. What are the advantages of a manual payroll system?
Although most businesses are equipping themselves with technology, making an informed decision while choosing payroll software is always better. Some organisations might stick to a manual payroll system. Here are its advantages.
A manual payroll system can be cheaper if your organisation decides to use excel for calculating salaries. Small businesses may resort to traditional payroll processing to cut costs.
Manual payroll can be customised easily. The scope is high as a manual system can be tailored to employees and the organization's needs.
As a manual payroll system needs a low initial investment, it can be replaced easily. The payroll team can apply different strategies without spending too much money.
While a manual payroll system can work for a small business, the disadvantages clearly outweigh the advantages. Specialised payroll software has overall benefits for everyone in an organisation.
3. How does effective Payroll Management affect your workforce?
Effective payroll management can be a gamechanger for your workforce. Here are the benefits of swift and efficient payroll processes on your employees.
Payroll done well can improve employee engagement. It is vital to pay workers on time for their hard work and service. In addition to this, employees will understand that they are valued when they are paid on time. This will also keep them loyal to the organisation.
Your organisation can avoid paying fines on overlooked government payments. The software can keep track of all legal liabilities and add them to the net salary.
4. What to Look For in an Automated Payroll System?
Certain payroll software features must be considered while looking for the perfect system for your business. Here is what you need to look for in an automated payroll system.
The system must be able to generate payroll slips automatically.
The payroll software must be able to file tax forms.
It should directly deposit the amount into employee accounts. This ensures that there is no wastage of paper and no wastage of time.
The software must easily integrate with in-house systems.
Payroll software must contain an employee self-service portal that gives them access to their data, payroll slips, tax forms and more.
The software must-have mobile access for convenience.
Security is the most important aspect of any software system, especially payroll. The payroll process contains sensitive data that is at risk of being compromised. So, always prioritise security and data encryption while looking for payroll software.
So what is the next crucial step?
Choose the best online payroll software that can ease your workload and provide creative solutions to all your problems.
You can count on sumHR payroll software to produce regular payslips, notify tax updates, and regulate employee performance, all through a customizable and cost-effective online payroll software.
Go ahead and get your hands on sumHR payroll software and watch your business prosper!