Benefits of Implementing Payroll Software in an Organization
Payroll software has taken the burden off HR's shoulders and made payroll a very easy task, an "anybody can do" task. Payroll software, often referred to as a salary calculator, not only helps with payroll-related tasks but also assists the finance department of the organization with various reports. These reports help in determining the payroll outgo department-wise, branch-wise, employee type-wise, etc.
By saving time, HR is now more dedicated to other core areas of HR like recruitment, appraisal, employee motivation programs, and other productive activities. With the advent of SAAS-based software, online payroll software has made the job of HR very simple. Employees now don’t have to necessarily depend on HR for salary slips, Form 16, leave balances, and other reports. Employees themselves can log in to the ESS (Employee Self Service) portal and download all the related documents. Moreover, employees can apply for leave from the ESS itself. This has made organizations agile and productive and decreased the friction between HR and employees.
With complex payroll software, one can also generate provisioning reports on various factors like gratuity provisioning, leave encashment, salary increments, etc. Leave records are mandatory to be kept as per government regulations, and for this, employers need to maintain leave records for each employee on an annual basis and for each employee in the organization on a monthly basis. On top of this, leave encashment is to be done on the payable days monthly or annually. These activities drain HR's energy, and HR takes a lot of time to do these non-intelligent and non-productive tasks manually. Good payroll software helps with all this; it will automatically record each employee's leave and generate monthly leave reports as per rules, thus saving HR's time.
Human resources are important to any organization, and keeping them happy and upbeat is the job of the HRD. If the HR department is busy calculating payroll and salary-related work, it takes a hit on the overall health of the organization. One can also implement complex formulas in the payroll software, including conditional formulas. For example, if an organization wants to give an attendance bonus to employees with no leave and a lesser bonus for, say, one leave, it can be implemented as a conditional formula in the payroll software. Similarly, if late-coming charges are to be deducted from the employee's salary, it can be done simply by providing late mark data from attendance and implementing a conditional formula.
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