Payroll Software Can Help Reduce Time-Consuming And Costly Mistakes
Accurate Processing of the Payroll of a Business:
On one hand, it disturbs the work environment and the relationship between the management and the employees. On the other hand, it affects the compliance record of the business. It irks the government agencies which may ask the company officials for an explanation.
The payroll processing takes time. Though it does not involve complex mathematics, it has too many components to take care of. The manual processing of payroll can lead to a misadventure.
How HR and Payroll Software Works?
Nowadays, most of the business use HR and payroll software to improve the quality of their payroll processing. A tool like cloud-based Payroll System automates attendance recording.
- It uses biometric finger scanner to record the attendance of employees and also to keep their timesheets
- This fool-proof and the automated system prevent proxy or buddy punching and loss of revenue for the company.
- Both the task, though simple, are time-consuming for the management to indulge in.
- The software gives the HR employees ready-made payroll data and reduces their manual work of counting an employee’s days present, and leaves.
- The software then uses other preset factors that are parts of the payroll processing to calculate the accurate salary of the employees.
- While calculating salary, the software considers CPF contribution, different levies, incentive, holidays, insurance, medical benefits, loans, and allowances that apply to an employee’s grade.
Cloud-Based Payroll Software Systems:
The software provides for the progression planning, scheduling and reports and inquiry management. It provides the business owners with the dashboard reports. It is a graphical tool that updates the owner with the real-time data.
Emails and SMS Based Communication
The cloud-based payroll software systems are easy to handle. It allows for trouble-free employee, company, master setup, leaves and claims management. It enables the employees to send and receive Emails and SMSs, which helps them in communicating with the management to solve their difficulties.
Statutory Compliance
The cloud-based payroll software system is designed to take care of statutory compliance mandated by the authorities to the businesses. It takes very small amount of time, compares to manual processing of payroll, to calculate the salary of each employee.
Paychecks
The software calculates and prints the paychecks for the employees. It also deposits the salaries in the employees’ registered bank accounts using online transactions. After each successful transfer, it sends email reminders to the employees to update them.
Get Yourself a Reliable Cloud-Based Payroll System:
The business owners may choose to process their payroll on their own. However, for a large number of owners, it is not a practical option. In fact, for the owners of the start-up and small businesses, it is almost impossible.
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