Imagine you’re working for an organisation where every month you are calculating your own pay. Then you’re getting it approved from your superior, who in turn gives it to someone else for approval and then you finally get your pay? Yeah… Who does that, right? I mean, which company would do that? None that I know of! That’s because all good companies have a pretty sorted payroll service system in place.
Payroll Services are considered to be a very important component of a human resource management system. The reason for this is that the payroll department caters to employee’s salaries and ensures the company’s compliance with various tax and legal obligations.
The term “Payroll” generally refers to the process through which companies make payments for their employees on the basis of their work. Payroll management is very crucial for a company from a monetary, accounting, and human resource perspective.
Importance of Payroll Services
One of the key concerns of a business owner is to ensure that the right levels of employee satisfaction prevail in the company. And no matter what we all say, money is a BIG motivator. I mean, that’s the first reason people get out of their homes, take the pain of travelling and brave the rains, winter, and summers and still go to work. Now if there is a payroll issue, salaries are not paid on time, there is some discrepancy in the pay, or any other issue; it is sure to get the employee a bit annoyed and disappointed.
Payroll problems immediately tend to escalate into HR problems which affect the reputation of the company and morale of its employees. This further results in a chunk of the potential productive time being consumed in getting them resolved.
So it is highly recommended for businesses to opt for the right kind of automated payroll software system. A software system, which can assist the HR personnel in managing the payroll operations with utmost ease, so that it no longer remains a nightmare for him or the employer :)One more point to keep in mind while choosing a payroll management software is its simplicity and ease of implementation in your existing scheme of things.
So what should a good Payroll Management software be like?
In our experience at sumHR, having interacted and taken feedback from various businesses; it has been found that the following are the important features that managers desire from a payroll management software:
– Simple and easy to use software that involves lesser maintenance costs.
– Robust software that reduces the associated risks with regards to data management and security.
– A functionality-rich package that caters to payroll-related tasks.
– Cloud-based software that allows anywhere, anytime, any device access.
– Friendly customer service.
– Easy report generation.
Apart from these, customizability and interoperability are also considered to be vital for a good payroll management software.
Conventional payroll processing involves a lot of manual work which is a very time-consuming process for the HR Team & Accounts/Finance Team.
An automated payroll processing software helps these teams by offering payroll services that can efficiently monitor payroll processes and any discrepancies that may arise. The payroll process engine simplifies that task for HR and Accounts personnel by providing a step-by-step guide to the payroll workflow process and also helps them to perform data verification and validation alongside.
A good payroll management software should ideally take care of managing different salary structures based on the employee category, effectively monitoring employee attendance, and maintaining the essential employee data. Thus, bulk data management saves a considerable amount of time for the HR team.
How Payroll services can ease HR processes
A brief look at the payroll execution process will help you understand better how important payroll services are to the company.
A payroll process can be divided into three simple parts…
Step 1: Attendance maintenance
Basically, a human resource management software provides an “Employee Self-Service” module which allows an employee to log in their attendance and leaves using the time-tracker facility. This helps the HR team to easily retrieve employee attendance data.
Step 2: Manage arrears and other adjustments
In this step, the HR team can modify Loss-of-Pay leaves of employees and thereby make adjustments to arrears, or even add bonus payments, incentives, overtime payments, etc.
Step 3: Final check of employee salary details
After successful completion of the above two steps, the last one is to take a quick check at the employee salary structure break-down like allowances, tax, deductions, etc. and confirm the employee’s net salary amount.
After this is done, the payroll process gets completed. The HR team can mail the salary slip or download the bank-sheet.
The above-mentioned steps of an automated payroll process reduce the time required from days to minutes.
sumHR provides users with the best payroll management software that they can think of sumHR Payroll Management software incorporates the prime attributes of good payroll management software in addition to meeting the requirements of the contemporary customer.
Some Awesome and Distinguishing features of sumHR Payroll Management software
1. One-click payroll processing
sumHR provides the best ever payroll processing for an organization. What once seemed to be an ordeal, is now made a pleasant job by doing a few clicks.
2. Simplified payroll data management
sumHR makes payroll data management a lot easier by helping HR personnel with one-shot data upload as well as exporting data in well-organized spreadsheets.
3. Efficient management of full and final settlements
Dealing with full and final settlements is one of the essential steps in payroll processing. This helps in identifying employees (those who had quit the company or those serving the notice period) who need to be removed from the monthly process.
4. Multiple salary structure management
Each grade of an employee has a different salary structure which must be tracked down perfectly. This is necessary for determining employee’s allowance, deduction, tax, etc. sumHR’s built-in features support this requirement of businesses in the most systematic way.
sumHR payroll services come as a relief for your organization because it saves time and effort. By integrating biometric devices to the attendance monitoring system, sumHR makes the task of attendance data collection more simple than ever. Employee self-service feature offered by sumHR helps employees to manage attendance and leave requests correctly and thus makes attendance regularization an easy task.sumHR payroll software comes with automatic ‘fail-safe’ feature for critical payroll data. Only when all the necessary payroll data are available, the system proceeds to the next steps in payroll processing. Thus, sumHR ensures that there is no possibility of an error during payroll execution.
Why don’t you experience what sumHR as a complete HRMS has to offer? It’s free to try and you can get started right away. Simply click here.
On the whole, sumHR payroll management software is ideal for your organization as it enables smooth payroll processing and frees the HR and Accounts/Finance teams from all worries.