Using generic tools such as Excel for payroll processing starts to hurt your organization quickly, especially as your organization grows. With an increase in employee count, the time and effort required to process payroll increase rapidly. If your organization has a country-wide spread, the differences in statutory compliance laws between states come into play, complicating matters further.
What’s more, the legal landscape in most parts of the world is constantly evolving and new regulations have to be kept up with as well. This is not to mention the complex calculations that income and other tax laws call for. These calculations make way for rampant human error that calls for multiple rounds of payroll processing before an accurate payroll can be rolled out; or, worse, inaccurate salaries may be doled out, leading to severe loss of organizational credibility and disgruntled employees. All this renders Excel and similar generic tools insufficient to deal with payroll processing efficiently. Now, let’s consider payroll software:
All this renders Excel and similar generic tools insufficient to deal with payroll processing efficiently. Now, let’s consider payroll software:
Cloud software rings in a new era for payroll
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Payroll software has revolutionized the way payroll processing is handled in organizations across the board. Automated and often also integrated with other systems, cloud payroll software offers utilities far beyond what Excel is capable of and handles the task as efficiently as possible.
First things first, automation of the payroll process ensures that chances of human error are minimized. Even employee detail capturing fields are powerful enough to recognize and flag incorrect PAN numbers or employee ID entries, for example. Calculations and regulatory variables are coded into the back end and updated regularly and automatically at no extra cost, ensuring you’re always compliant without the need to keep up with regulatory changes.
Cloud payroll software provides complete coverage of all aspects of payroll, right from populating payroll inputs to all statutory deductions such as provident fund (PF), employee state insurance (ESI), professional tax (PT), income tax (TDS) and more. These are managed in an automated manner, such that manual effort is reduced to the bare minimum. For instance, every month, leave and attendance data is pulled in from various different modules such as the leave management system within the same software, and the payroll executive only needs to key in changes to salaries and new employee details.
One-click payroll processing and easy payslip generation, as well as distribution, are made possible by cloud payroll software. What’s more, you even get to choose the format in which you want to roll out your payslips and have it delivered securely to your employees’ self-service portals without compromising on confidentiality or ease of use. Employees can then view or download and print the payslips as per their needs.
Payroll personnel can also use payroll software to generate all the required reports, such as PF ECR file, ESI Returns, PT reports of all states and TDS returns without having to do any additional work.
What’s more, all this comes at an extremely affordable HR software price (Click here). We could sing the praises of employee payroll software (Click here to know more) all day long but to understand the utility of cloud payroll, one needs to experience it for oneself. May we suggest you try one out, absolutely free of cost, today?