What is Payroll Software? Things to know before your choose a Payroll Software for your Organization?
What is Payroll Software? Payroll Software is a solution that automates and manages monetary payments to employees. Payroll Software can help organizations maintain good compliance and statutory regulations. Payroll Software not only automates the payroll process but also saves precious time for the Human Capital of the organization. Saving time over a period of time leads to saving valuable capital and making the organization more competitive and streamlined.
What is Payroll Software & How does Payroll Software work?
Payroll Software ensures the timely and accurate payment of compensation to the employees in the stipulated time. Payroll Software may also be a part of an integrated solution consisting of Attendance and Leave Modules as well. An Integrated Payroll Solution helps not only to automate the payroll process but also attendance and leave policies which saves time many-fold.
Why do Organizations need Payroll Automation?
Payroll helps you to make flexible CTC Structures without any dependency on other hierarchies. Organizations can have flexible CTC structures according to the requirements. Organizations can also opt for Flexible Benefits Plans to save more taxes for their employees.
Since all the attendance and leave data flows into the payroll software automatically without manual intervention, there are fewer chances of mistakes. Fewer mistakes translate into higher productivity & less wastage of resources.
Payroll Software gives access to real-time charts and detailed reports. It gives access to Payslips and Form 16 to Employees hence maintaining transparency and convenience.
What does Payroll Software improve an Organization?
By ensuring timely and accurate payment of compensation it keeps employees highly motivated towards working in an organization. Employees do not like when their work is not appreciated, worse being paid the wrong amount every time for their hard work.
Payroll Software makes sure all the organizational policies are adhered to without the chance of data manipulation. Payroll Software keeps a check on Payments and keeps a track record of already made payments to avoid occurrences like double payments or Loss of Pay.
What are the benefits of using a SAAS-based Payroll Software?
SaaS products usually are cheaper and are on a subscription basis. There is less capital requirement and payments can be made monthly after the subscription is active.
Since it is hosted on Cloud servers, the organizations do not have to worry about the maintenance of the software.
Employees can access user data from anywhere around the world without hiccups.
The organizations do not need to hire a whole IT team to manage and maintain the servers on Premise.
Cloud Services like IBM used by EmployeeVibes make automatic backup of data on their backup servers.
In case of Natural disasters there are also DR servers that back up the data so that data is safe.
SaaS is good for SMEs and Small businesses who do not either have space or capital to build their own infrastructure.
What is Payroll Software & What are the factors to look at before getting one?
Remember the software will cater to an ever-changing domain of the organization, hence it needs to be flexible and responsive.
The software should be able to offer the capability to service the client as per their own requirements.
The Software should adhere to a high standard of security. VAPT tests should be conducted at regular intervals to stem out any vulnerability.
Software should be agile and mobile to offer the employees the ability to stay connected when they are on the move.
The most important point is the Service level. The software should offer the highest standard of customer service because HR is one of the most sensitive parts of an organization.