Employees are the lifeblood of any company and they must be paid on time. However, manually processing payroll can be costly and time-consuming. Payroll software comes in handy in this situation. This guide will take you through the various types of payroll solutions, features, advantages, and we’ll also share suggestions on what organizations must think for when choosing to buy Payroll Management Software in India.
Payroll activities are still shrouded in mystery. Is payroll management software handled by HR? One of the primary reasons for making an investment in payroll software is to better coordinate business operations between HR and payroll. Numerous businesses have a separate payroll management department. However, due to task overlap, HR has a strong relationship with these teams. Therefore, how does HR payroll management software in India assist in employee management and resource allocation?
Features of Payroll Management Software
The following are some of the most common features of payroll management software in India:
- Processing of Salaries
This feature computes the employee’s gross earnings based on hours worked, as well as any deductions for taxes, insurance, retirement investments, and so on. It also considers bonus payments and extra compensation.
- Handling of Time and Attendance
This feature tracks the amount of time employee’s work. Salaried employees have the option of using an electronic or manual time sheet. This feature also records vacation and sick time. Some payroll management software includes a time and attendance feature, whereas others might necessitate integration with an attendance module.
- The Ability to Print Cheques or Pay Slips
Direct deposit is a regular feature of payroll, and so many employers use it. Payroll management software, on the other hand, can print or electronically send pay slips. Employers may decide to provide employee pay in the form of a pay card in some cases (similar to a debit or credit card).
- Reporting
Some payroll management software in India include reporting features like gross-to-net payment details, compensation overview, tax reports, deduction analysis, and much more. Usually, reporting templates are provided; moreover, it allows users to create customized reports.
Benefits of Using Payroll Management Software
Payroll management software in India provides several advantages, including:
- It Saves More Time Than Manual Payroll.
If a manager has other responsibilities, he or she will not have much time to deal with payroll. Manually analyzing taxes and other deductions can also be time-consuming. In payroll management software, the user only has to enter the number of hours worked by the employee and the software does all the rest work.
- Saves More Money
Payroll outsourcing can be costly depending on the payroll provider. Having a dedicated in-house payroll management software saves businesses money. Furthermore, more cloud-based solutions are available on a subscription basis, requiring businesses to pay only a monthly or yearly subscription fee.
- Enhance Data Security
Improving data security is one of the most compelling reasons to invest in payroll management software in India. To maintain security, most systems have several security measures in place. User authentication, firewalls, and encryption are a few examples. As a result, you don’t have to worry about printed payroll documents or direct deposit bank information falling into the wrong hands.
- Make Hiring Process More Simple
Because it automates many of the basic chores, the right HR payroll management software can simplify hiring process. Before clocking in, the new employee can enter their own information. They can also update banking information, request documents, and search the system archive for them. They can, for example, quickly download and fill out the necessary tax or benefit forms.
What Should You Look for When Acquiring a Payroll Solution?
It is critical to determine what functionalities you will require before owning payroll management software. You’ll also want to determine whether a dedicated payroll solution or an HRMS is a better fit for you. Before you begin to look at vendors, make a checklist of your requirements.
- Scalability
Do you intend to hire more staff for your company? Or are you a large corporation with employees spread across multiple locations? Will there be more than one person handling payroll? If this is the case, you’ll need a solution that can be scaled up or down.
- Cost
Payroll management software in India is available at a variety of price points. When comparing price from different vendors, make sure to consider the desired features as well as the various deployment methods. Web-based solutions are frequently less expensive than on-premise software. It’s also critical to understand what’s included in the solution’s base price. Certain features may be charged extra by some vendors. Others charge a fee for implementation, support, and training. Keep this in mind when requesting a price quote.
- capability to Work with Current Systems
It is critical to determine whether the software can integrate with existing systems, particularly if it is an on-premise solution. You should also ensure that data from any existing system (such as employee wages and salaries) can be transferred automatically to the new solution.
- Ask for a Demo
Asking for a demonstration of payroll management software can help you understand how it works and how it will fit into the operational processes of your company. Some vendors provide a trial version before buying as another way to test the software (typically for 30 days).
Conclusion
In the organizational processes, the goal of your company and the goal of the employee should be in alignment. The market has been flooded with new technology Payroll Management Software designed to fix goals and maximize both wheels productivity. Systems like payroll management and Asset Management Software is an excellent investment for companies looking to simplify procedures and make the most of their workday. Moreover, all of the advantages are dependent on locating the best tool for the job. Specifically, one that is appropriate for their IT expertise, skills, and personal preferences.
