Payroll management is the most cumbersome but essential part of every business. Considering the same fact, more organizations are shifting to technological solutions lately. One such solution is payroll software. Truth be told, payroll solutions are taking over the business world today.
But, with hundreds of vendors, it gets a little challenging often to end up with the right software. Hence, in this blog, we will talk about the top 4 must-have features that make any software “the best”:
Sitting with payroll data and processing employees’ salaries manually is not less than any nightmare. That’s why traditional payroll processing is now considered an old school thing. It does not offer any notable benefit to a business. Payroll software, on the other hand, makes payroll processing way more convenient and efficient.
It allows HRs to process salary in a few clicks using the direct deposit feature. Using this feature, one can directly send money from a firm’s bank account to its employees’ accounts within minutes.
This feature eventually reduces the risk of losing a check or any check-tampering fraud that normally pushes businesses into a huge loss.
It’s no news that traditional tools are tiresome and time-consuming. Not to mention, it doesn’t even support or cut down the workload of HR managers. From analyzing leaves to calculating remittances, HRs carry out every small process on their own.
This is when payroll software comes into play! It significantly saves a large chunk of time for HR professionals by automating each and every payroll task. In essence, such software takes a huge burden off the HR manager’s shoulders.
Employee Self-Service (ESS)
Every time employees have a payroll-related query or doubt, the first person they approach is, of course, HR managers. And they indeed spend their valuable time explaining and guiding employees rightly.
Fortunately, the right payroll software in India solves this issue as well. Its feature called Employee Self-Service (ESS) offers employees a significant level of autonomy. This typically allows every employee to log in to the software and get detailed information about their payroll, deductions, etc.
This is one of the vital features every payroll software must have. The tax filing feature helps HRs to calculate the taxes (local, state, and federal) their business owes but also file the return. It takes a fraction of the time to complete this process. Now, when the same thing is done using traditional tools, it normally takes hours, even days. Also, manual processing is a big contributor to errors that further leads to hefty fines/penalties and even legal actions.
If you make up your mind to purchase one of the best payroll software in India with the aforementioned features, then here are 3 benefits you acquire along the way:
- Saves Money & Time
While outdated tools are awfully time-consuming, payroll software saves a lot of time, thus helping HRs to concentrate more on other productive works.
Apart from saving time, such software is cost-effective as well. As it gradually reduces payroll processing costs and increases the overall profit of a company.
- Reduces Accounting Burden
The right software with the right features significantly helps a company to handle and track salary accounts seamlessly.
From extracting reports in just one click to quickly integrating other business applications and systems, it carries out every tedious task within a blink of an eye.
- Decreases Payroll Mistakes
A payroll error can cost a huge amount of money for any business. In manual payroll calculation, such errors are probably inevitable. But the software with all the above features crucially slices down the possibilities of computing errors.
Regardless of the size of your business or what your payroll needs are, it’s likely that the aforesaid four features will surely help. All you need to do is – google search payroll software India, replace those manual tools with the right software, and maximize your HR team’s productivity.