HCM

Signs That Mean You Need To Switch To A Better Payroll Software


13 Aug 2021
Nandinee Biswas
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Businesses today employ a diverse range of people to fulfil their staffing needs. The wages, salaries or commissions that are to be paid to them require extensive and complex calculations. When you choose to manage these complex payroll data manually or by using some generic tools, it becomes time-consuming and prone to errors. So, the best solution any business can have is to use payroll software and automate payroll processing.

Not too long ago, payroll management solutions were affordable only for enterprises and multinational companies. However, as advanced technology set foot in the payroll landscape, a wide range of different pricing options were made available including pay-by-the-month. It shows how the payroll system has transformed when you could see that despite minimal pricing, you could avail next-gen payroll technologies for your business.

The best payroll software is a cloud-based solution that would have the capability of combating financial management challenges arising from fragmented systems and inaccurate records. It needs to be fully integrated with other modules so that it could centralize data. This would reduce complexities of information sharing from disparate systems and facilitate smooth payroll processing.

Payroll Software and What are Its Business Needs?

Payroll is an intricate system. Even a minimal miscalculation could significantly impact the accuracy of computations, leading to salary disbursement errors, incorrect taxes and employee dissatisfaction.

As an employer, tracking your employees’ work hours and paying them appropriately is an overwhelming responsibility and that's where payroll software comes into play. The software solution automates your entire payroll process so that you don't have to worry about manually completing every step and resulting errors.

The advanced payroll software is even streamlined with an online employee self-service portal which allows your employees to access their payment information including salary breakdowns, withdrawals, tax deductions, and so on.

Right payroll system relieves you from spending time on monotonous administrative tasks and focus on activities that are more important for running the company, making it a top priority for growing businesses to invest in automated payroll software.

Know When You Need Better Payroll Software

All this while, we’ve been discussing how critical is the payroll function and why it is indispensable for effective human resource management. The right system would help you save time, retain your best employees and keep your business machine humming.

If your payroll processing is becoming unwieldy and burdening your operations, it’s time you need to upgrade your software. We have identified the significant signs that are likely to indicate that your payroll processing method has become outdated and you need to consider replacing it with an advanced solution.

1. Does Your Software Make You Feel You Are Still Processing Payroll Manually?

Is your staff investing an excessive amount of time every pay-period to perform elaborate payroll calculations or make modifications?

This can happen when your payroll system doesn’t integrate well with your attendance software, as a result of which looking for payee information becomes a difficult task. Furthermore, managing payroll without proper software would waste your time that could have been spent executing strategic initiatives.

2. Are You Still Making Payroll Mistakes?

Whether big or small, payroll errors require rework and reinvestment of resources. In addition to the costs, you may have the risk of creating discontent among employees. This is less likely to happen when you use automated payroll software.

However, if you are experiencing payroll complexities despite deploying an automated solution, you would have to rethink your priorities and choose software that suits your requirements and fulfils your objectives.

payroll software

3. Are You Spending Too Much Time and Experiencing Rising Staff Costs?

When you deploy the best payroll software in India, processing complex payroll becomes easier. The system would help you accomplish error-free results much more quickly and efficiently than your staff can do manually or by using some conventional software.

Also, inefficient payroll software burdens your staff with reworks, making them more susceptible to further errors, mismanagement and decreased productivity. The increase in processing costs would affect the business outcome and severely reduce ROI.

4. Do Your Employees Have No Access to Self-Service Portal?

One convenient solution that modern HR and payroll software offers is the employee self-service portal. It is beneficial to both employees and employers and saves a huge amount of productive time for the HR team. The tool allows employees to go online to access and take control over their time tracking, attendance, leave, payroll, performance management, and other information rather than turning to the HR department.

If your payroll system does not have this facility, you need to think about changing it for improving the information transparency and communication with your employees.

5. Do You Have Separate Systems for Payroll and HR Needs?

Payroll and human resource management are interdependent processes. Both are essential part of running a successful business. Collating data from these two desperate systems, without integrated software is a daunting, time- consuming task.

Your payroll software for small businesses and enterprises should not only be equipped with a unified database, but should also be integrated so that payroll automation could be achieved.

6. Is Managing Tax Calculations and Statutory Compliance is a Nightmare?

Incorrect tax calculations, filing past deadlines, and exposure to penalties are a matter of concern for every business. Oftentimes inept payroll calculation methods and the absence of advanced tools are responsible for these penalties.

Companies that use automated payroll software are able to pass these issues. These systems simplify the complications of tax calculations and avoid incurring additional penalties or fees due to mistakes or delays.

Making Payroll Processing Effortless

Take some time to review your payroll management system. If any of these signs prevail, treat them as the final call for switching to better payroll software. Ignoring these can damage the overall productivity of your business. You might even find that your payroll solution continues to drain your time and resources which could have been otherwise utilized for growth.

If you are looking for a modern payroll system, we can make this job of yours easier. Focus Softnet is a renowned business solution provider. We design the best HR payroll software that can be customized to meet your business demands. For software-related queries, fill in the form and talk to our product experts.

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