Choosing The Best Payroll Software for Increasing Your Company’s Productivity
In today’s fast-paced world, there is an ever-increasing demand for software solutions which uses fewer resources and assures an increase in productivity and return on investment. There are various Payroll software programs, specifically designed to manage any organisation’s payroll and tax filing activities.
Looking at the vivid need of various organisations, payroll software programs are designed on an hourly, daily or monthly basis which can manage all types of payroll related needs of businesses. Companies opting for payroll software programs want to make their payroll reporting and tax filing easier. All of these companies want a cost-effective way for accurate processing of salaries, bonuses, and tax deductions from their payroll software.
Many companies want to keep a track record of employee leaves, late arrivals, early leaves and even deductions from salaries. This helps in keeping a track of pay-cheques and taxes that are included in the calculation of pays.
A good payroll software must be effective to manage all these calculations and generate pay slip for each employee. Not only that, but it should also manage reports like monthly salary report, taxation report, monthly and yearly summary report. The option of ‘trying before buying’ or what is called as a free demonstration of these products must be available for the best customer judgement.
Here are five ways through which, a good payroll software can improve your overall productivity:
Automation and reduced time consumption
Calculating payroll manually can be an extremely long and exhausting procedure. Handling every aspect of payment which ultimately goes into precise payments with every single detail can cost you extra resources and would be time-consuming as well. With help of payroll software, you can now replace the insignificant, time-consuming steps in the process, saving you countless hours of extra efforts. The tedious parts of managing payroll, like applying taxes withheld and organising employee timesheets, are done for you, leaving your hands free to focus on what matters most.
The concept of employee self-service in payroll software ensures employees to have control over their payroll information and reduces work for payroll administrators.The software allows each employee to access personal payroll profile where they can see information about their wages, deductions, fringe benefits, and more. The software permits employees to make adjustments to their account, upload or download.
Tracking when employees are at work is key to running payroll, especially hourly employees. A payroll software packages should include a timekeeping feature that employees use to clock in and out. At the end of each pay period, the software should be able to integrate time card to calculate employee wages. You should not need to calculate and enter employee hours manually, it reduces expensive errors and saves time.
Easy payroll compliance
Payroll compliance should cover hiring and firing, salary, leave dates, benefits, bonuses and other topics and should be directly linked to taxes and tax accounting. The payroll software compliance feature should be able to help you to adhere to the rules and regulations related to PF, PT, ESI, TDS and other business laws. It should be able to take care of your deductions, withholding and contributions under laws that are applicable to your organisation.
A payroll software should have capabilities of alerts which is simple, flexible, and convenient for both employees and employers. Almost everyone has a mobile nowadays and the payroll software should allow everyone to have access to their attendance report through the SMS feature. They should get intimations regarding salary credited, taxes etc..
From bringing efficiency to performance & decision-making capabilities to increase the productivity of an organisation a payroll software brings a lot of benefits to you. The best part with Marg ERP is that all this happens through a very user-friendly interface & you never need to create a robust infrastructure or implement a hi-fi technology to work with it. We have simplified the way your payroll should work.