If you’re an HR reading this article, I’m sure that the word “payroll management” might be a bit scary for you! However, if you’re already using reliable payroll management software, I am sure you’re grateful for your business’s decision to use it!
Payroll management has proven to be a complex problem to solve since the beginning of payroll processing using registers. However, the world has changed, and today’s cloud-based payroll management system exceeds register-based systems’ capabilities and ease of use.
The latest payroll management software uses cutting-edge technologies like machine learning and artificial intelligence to manage employee payroll and improve the effectiveness and efficiency of HR departments. HR department.
If you’re searching for payroll management software, look at this article to learn what you need to know about choosing the appropriate one for your company.
What Is Payroll Management?
In simple words, payroll management is managing and processing employees’ salaries and keeping track of their data. But, as things like this are concerned, it’s not as simple as it seems.
Calculating salary is a tad difficult job with all the input parameters needed like time and leave information, statutory deductions, and other benefits like HRA education cess, and so on.
When you add in the additional processes required to make money for employees, it is evident that the process is a bit complicated.
But, the problems with the payroll of HR are not over when it comes to the distribution of salaries. HR must design the salary slip with the exact figures and then share it with employees.
They should also keep the records of all this data in a proper format. Furthermore, each of these tasks can be put off because they relate to employee wages.
A recent Clutch survey revealed the following shocking facts:
This is where good software for managing payroll comes into the picture. It can automate all the above tasks, effectively streamlining the entire process of managing payroll to make it more efficient and more straightforward.
Features of Good Payroll Software
Here are a few of the essential features that should be included in a good software for managing payroll:
- Automated payroll processing and disbursal
- Auto-updated compliance with statutory requirements
- Modifiable components of salary
- Integration of attendance and leaves
- Data integrity and security
- Portal for self-service of employees
- Interactive reporting
Choosing the Right Payroll Management Software
The perfect payroll management software selection could seem like a daunting job considering the numerous choices available on the market. However, I’m here to give you some suggestions to make it easier.
Let’s look at some factors you should be watching out for to choose the ideal solution for your business.
The future of the HR software industry is “online since the majority of payroll management software is cloud-based, and there’s an apparent reason that it doesn’t require any maintenance from the user.
However, it is easily up-to-date with the most recent legal and regulatory updates whenever necessary.
The cloud-based payroll management software guarantees that your information is protected regardless of any problems in your workplace. Furthermore, it can be easily accessed from anywhere with smartphones, which significantly increases the accessibility via remote access of the application.
The payroll management application you choose must integrate with other popular software that you use in your workplace.
As an example, you may have different software providers for attendance and payroll management, and they both have to be able to collaborate to process the payroll of employees.
Suppose the payroll software is compatible with the appropriate collection of APIs. In that case, it assists in avoiding the need for multiple import and export tasks that will consume a significant portion of the HR department and account department’s time.
It is possible to automatize the entire salary disbursal process if the payroll software you use allows simple integration with other programs employed by your company.
Scalability & Customizability
Scalability is a different aspect that payroll software should be considered when implementing in your organization. Because it is expected to be an integral component of your company for an extended period, it must be able to grow according to the increasing requirements of your growing business.
It’s simply not practical to overlook the possibility of an ever-growing company and continue to update the software each year.
It is also necessary to be thorough in your research of the customization options before deciding on an option for payroll management. When you install the program, you must be able to modify it to meet your business guidelines.
It shouldn’t be reversed. For instance, the capability to modify the cycle of salary or even design the payslip according to your needs will help align the entire payroll process to the company’s policies.
As previously mentioned, the payroll software must be customized so that it conforms to your company’s policies. It must also meet each payroll-related requirement set by your organization’s policies.
For instance, if you are in the hospitality and customer service industry, you must include ‘tips’ as a component of your overall compensation structure. The software should allow for this.
However, if you need an individual salary cycle for an individual department distinct from other employees, your software will include a feature for this.
Care & Support
Before you finalize the payroll software, always verify the software’s support for after-sales and customer service.
Although most companies offer many ways to reach them, some limit it only to chat or email. However, some businesses may provide an in-house customer relations manager to assist you.
It is essential to select the best system based on the frequency you will require help.
However, you should be aware of how they deliver their education as part of the deployment process to ensure that your employees do not be in contact with them at all.
Payroll is always taken care of promptly, thanks to cross-trained payroll managers and HR managers who understand payroll. Challenges, on the other hand, are unforeseeable. Check out our Payroll Management System Services at UBS HRMS for more information on payroll-related questions. We might have the payroll solution and services you and your company have been looking for!