Why your Organization needs an HR Software in 2019?
The global trend of migrating to SaaS-based Payroll Software has been gaining momentum and a lot of top Indian corporates have already implemented them. But the benefits availed by using them are equally beneficial to the SME sector in the Indian subcontinent. It won’t be an overstatement if we say that Payroll Software may become a deciding factor for the future progress of the SME businesses. Dive in deeper to understand why Indian SMEs shall migrate to over-the-cloud Payroll Software.
The fundamental basis of an individual to work for an organization is monetary compensation. Thus paying employees timely and accurately is an important parameter to employee satisfaction. But most of the companies still rely on the traditional method of using spreadsheets to store the data and make the calculations. After the whole cumbersome process of verifying data and calculating, disbursing is another hefty task that SMEs struggle with which is followed by reporting and filing compliances, and it is next to a nightmare for any person in the absence of proper resources as in most of the organizations of India, a cross-functional Manager looks after all the HR activities while few hire a single HR executive to look after the chores. In such cases, an HR and Payroll Software provides unprecedented ease of working by streamlining all the HR core functions allowing them to concentrate more on employee development and strategic management. For any organization, it may seem that running a Payroll is a very simple task of releasing salaries at the end of the month but most of them figure out the hidden complexities as the number of employees in the organization grows. If any organization crosses 50 employees, spreadsheet payroll may cause more harm than benefit. Thus standalone/in-premise software gained popularity but cloud-based Payroll Software is the most recent trend which every software vendor has accepted.
The SaaS (Software-as-a-Service) based Payroll Software have the integration capabilities which allow them to be directly linked to the Attendance and Leave Management System, Performance Management System, and Travel and Expense Management System. The data acquired by all these systems are synchronized to a central database in order to be processed conveniently. The accessibility offered is one of the major benefits of over-the-cloud software as they allow multiple users to access the system through multiple locations at any time. This directly transfers to lower cost of gathering payroll inputs which is a major cost that has been widely neglected by the aspiring businesses for decades. While office automation may save money, it also reduces the redundant data feeding to various musters and spreadsheets so that businesses can concentrate more on making money instead of trying to pay money properly. While statutory compliances are to be adhered timely, they have been haunting every organization. The attendance management system is very effective in this matter as they are capable of making error-free calculations and generating proper statutory compliance reports as per the employees’ earnings, liabilities and taxation as applicable to them along with Payroll Taxes meant for the organization. ESS (Employee Self Service) Portal is another blue ribbon feature which has evolved as a game-changer for many. When an organization undergoes phase changes in terms of the number of employees, communicating individually is next to impossible. An ESS Portal provides a medium for communication between employees and employer as the employees can make applications, know their status and get their payslips etc. while employers can send revisions in policies and other official documents with discretion. Self-onboarding which was a fantasy for many has now been materialized as a full-fledged Payroll Software allows HR to provide user credentials to the new joiner and he can view necessary documents, presentations and submit all the required proofs by themselves. The whole employee recruitment process can also be customized as per the requirements. FNF processing another area where it does wonders for HR professionals.
Whether you are an aspiring company or a company ready to be the next big thing in the market, you need a Payroll Software to take better care of your employees’ salaries and statutory compliances while ensuring not to overspend. A SaaS-based software works on the monthly subscription model and thus gives you financial freedom too!
