Top 8 Benefits of Using Employee Payroll Software
Posted on August 13, 2019
Payroll processing is a time-consuming task that involves a careful calculation of employee payouts. It deals with calculating the standard or statutory deductions before arriving on the final amount to be paid to the employees. Traditionally, payroll processing was done manually on a regular basis. This took more time and was prone to manual and clerical errors. But, with the onset of cloud-based payroll software, things have been simplified.
Now, with a single click you can calculate the deductions, statutory compliance, gross salary, and net salary of each and every employee of the organization. Apart from this, payroll software can also generate payslips in pdf formats and automatically share the same in employees’ mailboxes; generate various statutory reports in preset formats, and import and export files to excel.
8 advantages of payroll software
1. No more manual errors
Excel-based attendance tracking can be quite challenging. It can also lead to misuse of the norms and payment related troubles. These challenges can be met by buying employee payroll software that can completely eliminate manual errors backed with complete automation.
Being based on cloud, it can be used on multiple devices – laptops, personal computers, smartphones, etc. Some software even allows you to invite your managers to access it remotely from any location. It is a good and viable way to stay connected with your team.
3. Anytime anywhere accessibility
Cloud technology facilitates anytime, anywhere accessibility. You can access it from anywhere, provided you have an active internet connection. Payroll solution built on cloud solutions comes with the same features and capabilities.
4. Complete data security
By using strong encryption, the employee-related data on the system is completely insulated against any external threats. It is quite an advantage when compared with the data loss vulnerability associated with traditional payroll management systems.
5. Complete employee management
The payroll systems allow the employees to login to account and access each and every detail related to – leaves, daily attendance, travel, short leaves, gate passes, grievances, etc. It is a complete end-to-end workforce management solution for your business.
Unlike traditional modes of payroll management and generation, the cloud-powered payroll systems are highly scalable. You don’t need to worry about the increasing number of employees, as it scales with your requirement. This makes it a good fit for large-sized organizations too.
7. Multiple reports generation
You can generate multiple reports like – monthly attendance, holidays, total leaves, leaves balance, pending approvals, etc. Reports can also be generated for pension, bank transfer, TDS deduction, cash and cheque transfer, NEFT, etc.
8. Track employee absenteeism
It can also be used to track employee absenteeism. It might include various available leaves like paid, unpaid and sick leaves and uninformed leaves as well. Automated leave management and tracking will eliminate the chances of error in recording exact leaves.
There are a number of payroll software providers in India like Timeslab, who provide an efficient software solution for every organization. There’s no doubt that payroll software is one of the most important HR tools. Having this software will help you manage your team in a better way.