Your Complete Guide To Payroll Management Software | HROne

Online payroll software

Digital transformation has been a game-changer in the past year. After the outbreak of the COVID-19 pandemic, a good number of companies across India relied on technology to future-proof their businesses. Using the right technology, businesses were able to handle the problems of an overnight shift to the Work from Home model. We all know that HR is the heart of every organization; however, even it has evolved lately. HR is no longer a department that helps employees and companies to work better. It is now involved in almost every aspect of organizational activities. Not to forget, technology has given them the superpower to manage processes more efficiently. Gone are the days when they have to run here and there and juggle with papers to carry out important tasks. 

Payroll is one of the major human resources areas that have been simplified by technology lately. It is no news that payroll management and processing has always been a tedious and long process, even in an office setup. Things got tougher when the WFH happened. The only thing that kept businesses sane during this difficult phase was payroll management software. People have realized the benefits of incorporating such systems into their payroll processes. As a result, the demand and supply of such systems skyrocketed. Even during the COVID-19 concerns, companies took a step ahead and embraced payroll automation like never before. 

In this blog, we bring to you complete information about payroll management systems. 

Meaning 

Payroll management software is an automated software tool that manages, maintains, and streamlines the payrolls of employees. Top-notch payroll solutions like HROne are fast, integrated and correctly configured that helps companies of every size and type to process payroll with zero mistakes and compliance issues. Such systems are particularly built to take the payroll burden off HR managers’ shoulders. 

How Does it Work? 

Payroll management systems are integrated with other vital systems in the company to make sure that the payroll is managed, processed and initiated correctly. Everyone in the organization can use the software and acquire payroll-related information in real-time. 

To make the most of a payroll system, companies must ensure that it is reliable, scalable, and easily accessible to all employees, especially HRs and finance teams. 

Benefits 

Today, almost every other company in India is using HR and payroll management software. Here are the top reasons: 

Improves The Process 

We all know that outdated and manual tools make payroll management difficult. HR managers spend a lot of time and energy on paperwork or scrolling through excel spreadsheets. However, payroll solutions have revolutionized the whole process for companies. Such systems have, undoubtedly, made the whole process easy and efficient. Using the right software, companies can be sure that their employees are paid the right amount and on time, every month. This will not just build employee trust but also confidence among employees.

Boosts HR’s Productivity 

As mentioned in the previous point, an automated payroll system takes care of the whole process on its own. That means HR managers do not have to worry about the calculation, transferring payroll, etc. They just have to give the necessary input, the software will take care of the rest. This way, HR professionals can save a large chunk of time that can be invested in several other productive and revenue-generating activities/projects. 

Empowers Employees 

Most often, employees have payroll-related queries and doubts. If these concerns are not addressed on time, it can impact their engagement and morale. But, HR managers usually find it difficult to solve every employee’s issues. This is when payroll management solutions come in handy. Such systems provide an employee self-service feature. This feature empowers employees and gives them the autonomy to carry out several easy tasks without having to disturb anyone. Be it updating information or downloading salary slips. This can ultimately save time and energy for both employees as well as HR managers. 

Eliminates Errors 

Mistakes are common when working manually. But, these mistakes often lead to hefty fines, penalties and other legal consequences. At the same time, compliance issues also put a business in trouble. Since traditional tools do not ensure 100% accuracy, the only solution left for companies is to rely on payroll automation. Unlike other tools, payroll systems eliminate every risk of human errors and compliance mistakes. The fact that such systems are fully automated and work with a bare minimum of human intervention automatically cuts down human errors. Additionally, they send automated alerts to HR professionals every time a law is introduced or amended. This way, a company can easily stay compliant with every legal requirement along the way. 

Increases Security 

Ensuring security is acutely crucial when it comes to payroll management. Fortunately, payroll systems are the safest storehouses to manage and store payroll-related data. Such systems aid companies to make sure that the right people have access to the right information according to their position. Need to mention, we are in a time where freelancers and remote workers are increasing. In such a scenario, payroll systems can help them in many ways. Using the right software, companies will not find it difficult to avoid double payments and ensure timeliness. 

There are more but we have only discussed the top five advantages of using payroll software. 

Must-Have Features 

To acquire the aforementioned benefits and more, a company should invest in a solution that offers the following features: 

  • Integrated accounting 
  • Auto-generating Payslips 
  • Customization at its best
  • Direct deposit 
  • Cloud-based interface 

Tips 

In addition to evaluating the product, companies should also assess the vendor. Here are some points companies should consider while selecting a system: 

  • Does the vendor have a customer of your type (same industry, size, and geography)?
  • Does the vendor have references? If yes, know their experience with the software, company, and support. 
  • Does the software meet your company’s needs?
  • Does it scale up?

So, that’s everything you should know about payroll management software. 

We hope this blog helped you to get a clear understanding of such systems and convinced you to get one for your company.