Accent Consulting, a major enterprise in providing business and IT solution embarks you to get payroll software which can be seamlessly integrated with the biometric machine that works wonders for the payroll management of your organization. It will unfold numerous advantages in day-to-day working and in the long term financial/business planning as well. To illustrate some of them:
Advantages of using HR & Payroll Software solution:
Compliance under Statutory laws: In a country where there are well-defined labour and social security laws to protect the rights of both the skilled/unskilled manpower, the onus is on the organization to comply the requirements under each of such regulations. The payroll software has in-built technology which will make necessary deductions, give essential alarms and do calculations as per the statutory requirement. Further, the software can be customized as per the structure, industry and requirement of the given organization.
Compliance under Income Tax Act: There are end numbers of provisions under the Income Tax Act which are to be on tips for ascertaining the amount of deduction of income tax for each employee, various exemptions are to be kept in mind and calculations has to be done for the income tax payable during the year or paid for the month. With the payroll software in place, all these critical issues will be sorted by your fingertips. Once the details and data will be inserted in the system, the software will make necessary deductions from the particular employee’s salary packet until their circumstances change.
Posting the recruitment needs: The payroll software is designed in such a manner that each department / division of the organization can enter their recruitment needs in the system.
Determining / Requesting the Training requirements: Everyone recognizes the importance of undergoing relevant Trainings/workshops for accomplishing targets in any given job profile. In view of the same, the payroll software is designed in such a manner, that across the organization, each and every employee, by using their respective login id’s, can enter the type of training they want to undergo or else the one which they understand is necessary for them to attend in order to enhance their productivity for the organization. Without the software, it will be difficult and a cumbersome job for the HR team to identify the training needs / requests of each employee and then act accordingly to provide the same. With the software, the whole training information can be accessed at a single place viz. the category of training needs of each employee, how many employees are coming under one category of training etc. Hence, all this examination of training needs data by the HR team can be undertaken effortlessly with the help of the given software.
Reporting to Higher Management: The top management always takes their strategic decisions on the basis of available data. Many a times the same data has to be molded in so many forms to arrive at different conclusions. The payroll software will do this job of giving your management the information required even in strict timeliness and in most efficient and accurate manner which will help them to make necessary planning, forecasting and budgeting for the organization.
Payroll processing: Complete monthly payroll processing can be achieved within a short span of time irrespective of the number of employees in the organization.
Leave & Attendance Management: With the increase in number of employees following the growing business needs, ascertaining and calculating the work hours for each employee is a tedious job. Hours are required to be spent inputting data for such work hours. Now if the payroll software is installed by your organization, it will be linked to the time sheet system of the employees and thus it will do both the attendance and leave management as per the Company norms.
Generating Salary Reports: The given software will generate monthly payslips and also year to date salary statements to the employees which will save them from running to the payroll department, each time to determine their payment/benefits status.
Complete database of employees at one place and at one tab: The detailed record of each employee, comprising of personal and professional information and also their appraisal information can be maintained at a single place. On need basis it can be derived on just few clicks of the mouse.
Managing other payments: Apart from managing the regular payments to be made to an employee, the software also manages other payments which arise on case to case basis viz. various Loans & Advances taken, reimbursements claimed, any arrears calculation, payment of different allowances and also full & final Settlements at the time of exit of any employee.
Effective handling of long awaited appraisal of employees: Nobody can deny that the essence of working will be incomplete until and unless the employees get the feedback of their job done, i.e. the appraisal process in any organization. With the payroll software, the time-consuming appraisal process of employees, which if done manually will take so many man hours, can be accomplished in such an effective and accurate manner which is unimaginable. Under the process, a login id will be provided to each employee, through which they can enter their respective job goals in the given format of the software. At the time of assessment, after discussion between the employee and his respective reporting manager, the necessary observation and/or recommendation against the pre-determined goals of the given employee will be entered in the format of the software. Likewise, across the organization, the whole appraisal process can be accomplished for each employee, without the need of the Human Resource (HR) team even going to each and every work station of employees and collecting the appraisal information. Thus, the appraisal process will be completed without spending hours and hours in doing necessary data analysis and will also provide a sense of satisfaction to the employees of the organization.
Cost Saving: In a middle or large sized organization, if the whole payroll function is performed manually, it will involve hiring of number of people for maintaining various records and doing necessary calculations etc. However, with the given software in place all this range of activities can be performed by a very limited payroll staff, resulting in cost saving for the organization.
Different offices/branches, not an issue for payroll software: Gone are the days when business was performed at a single place. The contemporary world demands the business to be diversified and also to be spread across different places, cities and states. With an organization structure like this, the payroll software will keep account of all the employees of each of such different locations at a single place.
Data standardization and accuracy across the enterprise: Needless to mention, with an automated system like this, a standard processing and accuracy will be maintained for all payroll information across the organization.
Security of information: Under the payroll software, the authorization to access the software is given to limited and dedicated staff only, which will result in maintaining the security of the given information.
Happy employees, growing business: Last but not the least, employees are the human capital of an organization, if they are satisfied on part of timely receiving their salaries, benefits, reimbursements, effective appraisals, due completion of trainings etc., they can concentrate more on their assigned responsibilities, which will ultimately and collectively result in the growth and rising of your organization.