Of all business departments, Human Resource is the one and only domain that connects everyone in an organization. So, while you’re baffled about ways to enhance your organizational productivity, consider choosing an HR software. Among all HR apps and systems, using a Payroll Software will specifically deliver your expectations and level up your company’s productivity to an unprecedented height.
There are 3 ways by which a payroll software contributes to your firm’s productivity. In the first place, it influences growth and development in your entire organization, thus increasing productivity. Secondly, it increases productivity of your employees which further improves the productivity of your company. And finally, it of course simplifies HR procedures, which automatically streamlines work processes of other departments; thereby adding to your overall productivity.
Increasing Growth and Development
Here’s how a payroll software can foster growth and development in your firm:
- Saves Time & Money
Manual payroll calculations often involve complex calculations of salaries and taxes, which can take away at least 10 hours every month. With a payroll software, your HR personnel can smartly save this time and make efficient use of this 10 hours in other work domains instead. Besides saving time, it is also cost-efficient. Where presently you spend about 30-35k on payroll processes which also includes your employee wages, installing payroll software will enable you to cut down on such costs and increase your company’s profit.
- Reduce Accounting Workload
When it comes to maintaining and tracking your business records, payroll software is your ultimate business asset. It enables you to extract reports in just one click. The software also quickly integrates with other business systems and applications and provides automatic entries during your audits. In this way, you can prevent manual accounting errors and also eliminate double entries in your accounting systems.
- More Control on Organizational Data
Payroll software provides real-time access to your company’s database. From wages-related information to leave accounts; you and your employees can generate the required data using your personal devices and fetch information on the go. At the same time, you can define individual accessibility towards official credentials and personal data of employees. With this, you can keep all information in a single platform, exert control on accessibility and maintain privacy and secrecy of all organizational information.
- Automatic Reminders
From sales to marketing to customer service to IT; automatic reminders of this software keeps you on track and ensures that you don’t miss anything. Whether it’s employee payments or project deadlines or submitting corporate taxes, you can finish all your tasks, without facing the last-minute hassles.
- Strategic Planning
The most significant of all, payroll software aids in the strategic planning and decision-making process of your organization. It provides vital information that helps your management to take a call on important issues and finalise decisions. The software also predicts future payroll expenses and helps the board to determine future goals and objectives and direct the organization in the right path.
Improving Employee Productivity
Using a payroll software, you can improve individual employee productivity in the following ways:
- Time & Attendance
Payroll software keeps real-time record of entry and exit time, number of leaves taken during a month and the number of leaves available for the entire year. Various payroll systems also allow you to monitor login and logout time of your employees. Thus, you can determine the average working hours spent by your employees and measure their productivity according to their work. A slight reduction in these metrics will automatically point you towards those who need to push up their performance levels and meet your productivity targets.
With the help of an automated payroll system, your employees can reduce human errors and submit flawless work. Such systems also help you to maintain impartiality and transparency across all departments. Simultaneously, you can omit mistakes in data entry and processing. Thus, in any given task, your employees can’t help but be more proficient, accurate and flawless.
- Additional Security
Most payroll software has standard security provisions. These are government-certified software which throws light on its legal identity, credibility and genuineness. The time-tracking feature of advanced payroll software provides additional security to your employees. So, each of your staff knows that their personal data is well-secured in a centralised location and that they have individual access to each data.
- Automated Systems
Payroll software upgrades the overall work processes and systems of your company. You enjoy real-time tracking of all activities, maintain live employee data, monitor and control flow of information and ensure tight security. All these factors significantly improve your company’s productivity and provide better results.
Simplifying HR Procedures
Payroll software also simplifies HR tasks and procedures by:
- Eliminating Payroll Errors
Whether you’re a small business or a large MNC, payroll errors can cost you high. Manual payroll computation includes complex calculations comprising deduction of taxes and adding incentives, bonuses, etc. And with concurrent additions and subtractions, human made errors are more prone to take place.
A payroll software effectively eliminates the chances of computing mistakes and produces error-free data and reports. Advanced payroll software automatically fetches information from other systems and calculates the net payroll figure, all within a blink of an eye. It not only speeds up calculations but prevents any chances of payroll mistakes.
- Managing Overtime
If working extra hours in your organization means extra benefit for your employees, you need to manage employee overtime. And what’s better than a payroll software? Use it to track your employee hours and once your work hour is over, the extra time worked by your employees get added to their overtime account. With this, you can efficiently manage regular work hours along with overtime and auto-fetch both the information for calculating staff payrolls.
- Dealing with Rate Changes
Unpredictable changes in costs and rates are a big challenge to calculate accurate payrolls. A payroll software eases this hardship by offering mid-period rate changes and doing the calculations on your behalf. Once done through the calculations, you can get it verified from your employees and carry it forward for future transactions.
To make it short, a Payroll Management Software serves multiple benefits to your organization. On a day-to-day basis, it consistently contributes to various procedures and workflow within your company and boosts productivity at a larger scale. Above all, it’s simple, flexible and offers customised solutions for your business requirements.