Companies that are into product and software development are strictly concerned about what good they are to prospective customers. But, it’s not actually the company that offers something but the software that does the talking! Similar is the case with payroll software companies. As long as the software provides efficiency to the process and benefits to the business, its value in the HR market is sustained. One pitfall, and there will be someone else ready to grab the “numero uno” position.
“More than 76% of organizations invest in process enhancement products and software to improve the workflow and experience upsurge in business.”
Given the inevitable part that employees play in the functioning of a company, automation of the payroll processing is a must. Therefore, payroll software is one of the most treasured technologies of any corporate establishment. It can do wonders by making the various steps involved in payroll management faster and more systematic.
In this blog, we will throw some light on the offerings of Indian payroll software companies, or rather the payroll software in India:
Structuring The Salary
With the right payroll software India has, it becomes easy to provide a structure to the salary of employees and process the same in a tap. Salary structure for the new joiners can be assigned on the first day to the mapped task owners. Also, CTC can be automatically calculated, and pay groups and pay components can be configured as per the organizational structure.
Giving Salary Verification Options
After formulating the salary structure, the next thing payroll solutions do is verify and process it with 0% error. To avoid delays and you can schedule and activate recurring payroll as per the financial year of the company. For payroll data verification, there is a smart also that compares differences in pay components and highlights the errors in a list. In this way, not even a single extra penny is spent as the accurate salary is calculated before the payout is done.
Resolving Payroll Queries
Using the top-notch payroll software, all employee grievances and queries related to payroll can be instantly addressed. There are in-depth 3-D reports that the software generates which have vertical, horizontal, and drill-down views to elaborate on each component of payroll in detail. In this way, if an employee has any query related to his/her payroll, then he/she can easily access these reports and go through the concerned section.
Maintaining Tax Compliances
An employee’s salary has many components under the tax section that he/she pays. Certain statutory deductions like PF, ESI, Professional Tax, IT, and LWF are auto-deducted using payroll management solutions as per the latest amendments in-laws and tax rules & regulations.
Integrating Systems Seamlessly
Payroll management is interdependent on a number of other HR operations. For instance, time & attendance management, expense & reimbursements, and benefits & compensation administration are all linked to the payroll so that the final payout of the employees turn out to be correct. Now, for this purpose, payroll software India companies make sure that the software has the feature of seamlessly integrating with such systems. This is how the efficiency of processes is improved as there are no discrepancies due to the synchronized functioning.
Offering Employee Self-Service Features
Lastly, ESS is one of the buzz HR software features. It allows employees to take actions and perform each & every task on their own. Talking about payroll software, all the functions from verifying the salary, raising requests, to viewing payroll reports, and downloading payslips/ tax slips can be autonomously done by the employees. On top of that, the users can execute their tasks from anywhere and at any time. This feature has been helping a number of organizations to make their employees feel empowered & engaged and increase satisfaction rates, thereby promoting retention.
The bottom line is that payroll software is a highly robust and efficient tool to ameliorate the business condition. Thus, payroll software companies must ensure that their products have all the necessary features to streamline the payroll process of any and every organization.