- Affordable cost
- Easy to use
- Relief from regulatory aspects
- Easy and fast payroll reconciliation
- Generating Accounts JV (Journal Voucher)
- Multiple reports generation
- Inbuilt leave and attendance data as automated inputs
The word payroll software refers to automating the entire gamut of payroll tasks involved in calculating the salary of the employee, calculating the statutory deductions, arriving at the amount of payout to be done and ensuring that the calculated amounts are paid out to employees on time.
Processing payroll in a traditional way is a time-consuming recurring activity every month. Now, with a single click, an online payroll management software calculates the gross salary, deductions, statutory compliance and net salary for each employee and processes it instantly.
Apart from calculating and disbursing salaries, payroll processing also involves calculation of all statutory dues (employee and employer contributions), generating reports in the format mandated by law and filing (submitting) these reports along with the amounts to the relevant government departments.
Additionally, employees need to be informed about the salaries paid to them, tax deducted, reimbursements, etc. This is done via payslips.
A cloud payroll solutions does all of these activities at a fraction of the cost and time required to perform these tasks manually. The online payroll software also ensures accuracy of data. Cloud payroll system best-suited for Indian Businesses.
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Advantages of using an Online Payroll Software
An online HR and Payroll software offers a lot of advantages to the user (HR and/or payroll admin), the employees and the organization. Here are the most evident top benefits you could get when you to switch to an online payroll software for small business:
Affordable cost
Cloud payroll software is SaaS-based, and everyone wants to pay only for what they use. Even if processing payroll is a core function, companies want it to be managed using software that can scale up accordingly. This can be achieved only by implementing online payroll management software. Nobody wants to invest big right at the beginning of their business. Cloud-based payroll software solutions are available at monthly, quarterly, half-yearly and annual subscription plans. It’s charged on a per month, per user basis. It’s affordable and cost-efficient!
Easy to use
Online Payroll software can be easily and quickly configured with multiple features, options, business rules and policies based on your company’s requirements. All mandatory inputs to process payroll such as employee attendance data, expenses & reimbursement, salary structure, etc.are automatically pre-populated as other modules of the software are smoothly integrated with epayroll software. Payroll for all employees can be processed with just a click of a button. Pay-cheques are instantly published and bank transfer statements ready for upload to disburse salaries. All these tasks can be achieved due to a self-explanatory user interface (UI) and a well-designed payroll process.
Relief from regulatory aspects
Every month tax calculations, deductions and filing statutory remittances (PF, ESI, PT, etc.) become monotonous, and are frustrating and time-consuming activities. These repetitive tasks may cause unseen losses to the company. Also, improper filing may attract penalties to the organization. Online payroll software provides you great relief from keeping yourself updated about the amendments, latest laws, changes and tax slabs as the cloud-based software provider will auto-update the payroll software without any downtime.
Read More – Why Many Industries Setting up a Payroll Management Software?
Easy and swift payroll reconciliation
The best payroll software solutions empower you to check accuracy in each payroll by using a variety of payroll reconciliation tools at your disposal. Current and previous month’s payroll can be also compared and, and you can customize salary register and payroll statements as per your needs. This feature of payroll software for small businesses allows you to breathe easy and have complete peace of mind as the payroll reconciliation option makes sure that it is error-free in the payroll process.
Generating Accounts JV (Journal Voucher)
To have a stable link between your payroll teams and finance, payroll software allows you to generate Accounts JV easily via:
- In-built formats for Tally
- Extensive Excel output capabilities
Multiple reports generation
Cloud-based payroll management solution system provides you with multiple reports, such as:
- Reconciliation reports
- Professional tax (PT) reports
- MIS reports
- Ad-hoc and user-defined reports
- Customizable payroll statement/ salary register/ wage register
- Reports under Shops & Establishment Acts of different states
- Reports under CLRA Act of different states
Built-in attendance and leave data as automated inputs
Disparate systems for data such as employee attendance, leave and their information management makes it exhausting to constantly switch between systems for processing payroll and calculating taxes. An ideal cloud payroll software system will act as a single source of authenticity for all dimensions of an employee, which is supported by a strong integration structure. All mandatory inputs for payroll will be auto-updated from attendance, leave and employee database as and when required. Cloud-based payroll software saves you a lot of manual data entry and verification time.
Read More – Payroll Management- Basic Relation between an Employee & Employer
Greater Employee Satisfaction
If your employees are not happy, then you won’t be happy. If you neglect the morale in your office or your factory, you will be able to find your best employees voting with their feet and heading for the door. By using online payroll software will increase the efficiency of all your operations and will also reduce the likelihood of mistakes that might earn you the ire of the front-line staff. That gives you one less thing to worry about and will also help you to keep your best workers right where they are.
Enhanced Precision
A payroll system mistake can lead to a detrimental effect, and introducing an online software significantly minimizes the chances of such expensive mistakes. Committing a mistake that underpays employees not only impacts the morale of the company but also introduces potential legal complications for you and your organization.
On the contrary, an overpayment mistake can degrade your business’s working capital, and the demanding times connected with regaining the excess funds can become a logistical nightmare. Implementing an online payroll software substantially mitigates the risk of human mistakes, assuring that all employees gain their rightful earnings without discrepancies.
Identifying Candidates for Cloud-Based Payroll Software Solutions
Companies displaying the following symptoms found to benefit significantly from transforming to online payroll software:
- Engaging in a demanding manual process for gathering and managing HR and payroll data, involving the utilization of spreadsheets for IT declarations, investment proof collection, reimbursements, etc.
- Involvement in multiple data entry and verification factors.
- Recurring follow-up interactions, such as emails and messages, to employees and managers for several tasks like approvals, leave requests, and investment declarations.
- Deficiency of readily available employee details for reporting managers, involving attendance, leave balance, and status.
- Constant delays in payroll preparation and numerous human mistakes leading to employee dissatisfaction.
- Overworked HR and payroll administrators paying attention solely on transactional tasks, leaving little time for strategic HR activities.
Take immediate action – assess and gain the best online HR and Payroll management software customized according to your organization’s needs, maintaining the pace with technological advancements.
In the face of demanding times connected to the performance stabilization and expense management, companies must prioritize paying attention to vital business functions. Such necessitates the optimization of process efficiency, initiating with the replacement of manual and cumbersome payroll tasks with automation through customized payroll software.
SalesBabu Online Payroll Software for Small Business
We provide the perfect and most trusted online payroll software for small business. The major strength of our cloud based payroll system software is its flexibility, scalability and capability to handle any type of complex salary structure. We guarantee that your requirements will be perfectly addressed and resolved. Not just that, our online payroll software has seamless integration with leave management system and attendance management system that makes the job easier for payroll professionals ensuring 100% accuracy, quality time savings and highly satisfied employees.
Choosing the perfect cloud payroll software can save your time, efforts and increase productivity becoming company’s unique asset and your loyal friend. Get rid of spreadsheets and automate your payroll process now. Request for Free Demo.
