Why do you need a payroll program?
Employers and employees often have conflicting emotions at the month’s end. It’s a happy time for your employees. However, it cannot be easy to process Payroll, especially if you use spreadsheets or manual methods.
Processing payroll manually increases the chance of mistakes, duplication, and repetitive verification for businesses, particularly at the last minute.
These are the issues that payroll software can help you address. It will.
Many businesses don’t know when to use it. Continue reading to find out the best time to use payroll software.
When you hire employees
Payroll software should be used from the moment you hire your first employee. It will help you establish a seamless payroll process right from the start.
Many companies wait until they have more employees before adopting payroll software. For fewer employees, it is easy to process Payroll using a spreadsheet. It becomes more difficult when there are more employees.
An automated solution can avoid data migration right from the beginning.
To eliminate errors made by hand.
A survey found that 37% of payroll errors are due to manual entry. Manual errors can be difficult to avoid when making payroll calculations using spreadsheets.
The software can perform complex calculations and eliminate manual errors every month.
To automate your payroll process.
Every business has time as a key resource. Payroll processing problems are common in small businesses. This is usually due to a lack of experience, manual methods and limited resources. These mistakes can seriously impact your productivity and efficiency, requiring work hours if not rectified promptly.
Automating repetitive tasks can help you concentrate on your business growth. Efficient payroll software can automate these tasks and more.
If you need to execute Payroll efficiently.
If you still rely on physical folders or Google drives, it is time to digitize your methods for collecting tax-saving declarations and reimbursement proofs.
Use a payroll program that offers self-service portals for employees. This software reduces the paperwork required for your business. Your employees can access any payroll-related document whenever they wish.
If you need expert assistance
If you have done everything possible to avoid mistakes in payroll calculations, it is time to seek expert help. Many small businesses employ accountants to handle and process Payroll.
Instead, find payroll software that offers specialized customer support when you need it.
If you need proper records regarding payroll expenses
Traditional methods, such as spreadsheets, do not produce reports or insights when you process Payroll. These reports are necessary for reconciliation at year-end as well as auditing.
Good payroll software doesn’t just automate Payroll. You can also get real-time reports on salary disbursements and compliance payments & files, reimbursements, employee documents, attendance, and other information. You can also access this information anywhere, at any time.
What makes a great payroll software?
You should now know when the right time is to use payroll software. Technology can help you manage the entire payroll process and allow you to focus on business growth. It will also keep your employees motivated to achieve your organizational goals.
Consider these things when looking for the best payroll software for your company.
Automated Payroll – Should process, execute and pay salary payments automatically at the right time
Compliance processing – Should be able to automate compliance payments like TDS, PF and ESI along with periodic return filings.
Time and leave management – Provide real-time attendance tracking, as well as leave management via biometric devices or other APIs
Insights & Reports – Must provide reports including salaries and HR registers, PF/PT/ESI challans, and employee documents.
Employee Insurance – Provide affordable health insurance for employees
Employee self-service – This should allow employees to access their pay slips & Form 16, declare investments, etc.
Get the best payroll software for your business.
Payroll was created to meet the payroll requirements of startup and small businesses.
The software automates all aspects of the payroll process, from onboarding your first employee to filing compliance returns. The software eliminates the possibility of incorrect calculations or missing compliance deadlines. It provides real-time reporting of all disbursements, compliance filings & payments, reimbursements, employee documents, attendance and other information.
Employees also have access to their accounts. From there, they can view/download payslips and apply for leaves.
Payroll offers dedicated customer support without hidden fees.
It also offers comprehensive and customized insurance policies for health at affordable premiums in partnership with Plum & ICICI Lombard for businesses with up to 2.
You have to make a decision. Processing payroll manually increases the chance of mistakes, duplication, and repetitive verification for businesses, particularly at the last minute.
