You value your employees. After all, they work hard and you couldn’t run your business successfully without them. Because of this, you know the importance of paying them a competitive wage and ensuring that they receive their paychecks regularly without any hiccups. Employees usually represent the largest expense in companies. Business owners usually spend copious amounts of time hiring, training and maintaining sufficient employment for their business operations. Thus, Payroll is a business-critical operation for every organization. You must pay your staff accurately and on time to avoid low morale, poor performance and possibly even reputational and legal difficulties. Managing payroll manually is a stressful, tough, tedious task. An organization with few individuals can get away with a manual process, however the management will be a time consuming task with a large amount of unstructured data in those excel sheets! Today software and payroll services has made this a much simpler process for businesses.
Many companies are moving to new Payroll Software Solutions to pay their employees. A good computerized payroll system can help you carry out your pay run with greater speed, efficiency and confidence. Payroll systems often involve several moving parts in a company. Business owners must follow federal, state and local laws when hiring employees, offering compensation and withholding payroll taxes, deductions or garnishments. Small business owners can use professional accounting software to help them maintain payroll information. Most accounting software packages offer customizable payroll modules that help business owners keep accurate records regarding employee information. Lotus Analytics offers an intelligent Payroll processing software tool that aims to restructure and automate the process of paying the employees of a company, making the task of payroll processing less time-consuming and standardized.
Payroll Management System, typically, can assist you with:
• Calculating major factors such as the hours spent in the office by an employee
• Calculating the amount of remuneration that each employee receives. This accounts for bonuses, commissions and advance payments
• Accurately calculating monthly salary, EPF, SOCSO, PCB
• Online leave management, tracking
• Statutory Compliance Reports such as PF/ESI/TDS/PT
• MIS Reports and graphical Dashboard
• Expense and Reimbursement Claims
By using Payroll solutions by Lotus Analytics, all above processes can be performed very effectively and easily without facing any hurdle in the system.
Payroll management software may be costlier to smaller organizations but remains to be an important activity which is repeated consistently with regular complexities identified with payments, deductions and statutory regulations. Small organizations may process the payroll of employees manually, but when the company grows, manual payroll processing will get tougher and more time consuming. A practical and effective payroll solution is an absolute necessity for a business to handle payroll processing, which in turn simplifies the tasks and efficiency of the business in the long run.
HR professionals or separate HR departments are very rare in small-scale organizations as they cannot justify the cost of having one. In such cases the payroll processing task can fall on anybody, from an executive to an administrator. While they can manage payroll manually up to some extent, in the long run it will tend to take a toll on their performance levels. Manual Processing of payroll leads to human errors. Calculating salaries for one or two employees may be an easy task but the same task becomes complex as the business grows and more workforce is added. At some stage, organizations may realize that without the right payroll software, expected growth of the business cannot be achieved.
Also, payroll processing systems have the capability to improve the efficiency of small and medium enterprises, improving the general operational effectiveness. Payroll management software helps in computing pay rates including: statutory deductions such as PF and ESI, HRA, tax deductions, reimbursements according to CTC norms, employee documents management, email and document management in an organized way, keeping track of Employee attendance and loans and advances. Lastly, payroll management system makes tax obligations much effortless. Estimation of Income tax is another regular burdensome activity that needs to comply with government regulations and standards. An effective payroll solution can automate this process with much more precision.
Here’s how a payroll solution 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. When employees are provided access to payroll software and they themselves work on the payroll software without seeking help of professionals a lot of time and money is saved in the process. No expertise is needed to use payroll software, making it very user-friendly.
• Reduce Operational Costs: Using a Payroll Software Solution that suits your business purposes can be a huge help, especially for companies needing to reduce their operating expenses. Reducing such operational necessities, could save your company a lot of money. Giving the business more money that could be invested back into the company for growth and expansion.
• Customizable to Your Payroll Needs: Payroll processing software can be customized for any kind of business. As your business grows it grows with you. As your needs change, it changes with you. Payroll Software Solutions that take a “one size fits all” approach are rarely a good investment. Taking into account changing regulations, employment laws, etc. Payrolls are too diverse to fit into one pre-set bundle. It is important to choose a software that is configurable to your unique payroll needs. Whether that’s accommodating different payroll schedules, or supporting particular reporting requirements. A flexible software should also expand with you over time. You can even add the different departments for increasing the software data usage across your enterprise and also be updated on all employees’ information
• 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 finalize 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.
• Safety of Employee Details: Payroll information is sensitive. It needs to be kept safe to protect both your business and your employees from. Using the right Payroll Software Solution provides an extra layer of security. It prevent the exposure of data, as it is stored securely with limited access. A good provider will show the integrity of the security measurements of the software, so be sure to ask.
Improving Employee Productivity
Using a payroll solution, 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.
• Accuracy: 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 centralized 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.
• Payslip Generation: You can easily generate payslips for all employees through the payroll management system. All the necessary calculations like taxes and allowances/benefits are also added onto these slips. The payslips can also be easily printed.
Simplifying HR Procedures
Payroll solution 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.
• Accessibility for All: Payroll and HR tend to work hand-in-hand. More businesses recognize the benefits of managing payroll and other administrative tasks together. Many providers will offer an integration with their matching HR software, or third party systems. Some can even offer an extra module for employee self-service, to make daily administrative tasks easier. These tasks range from payroll inquiries, holiday bookings and more. Providing your staff with this easy access to their own data and documents has many benefits. Employees get instant answers to their queries and it frees the HR and Payroll Department from dealing with these matters.
Managing accounts and maintaining proper records of all employees’ time and attendance to prepare payroll manually is a complex and time consuming process. A payroll system enables you to calculate payroll accurately in compliance with taxing authority. Payroll system developed for small business has made the tasks easier. Now, most of the companies prefer to use payroll software for their small business to calculate employees’ salaries accurately and quickly. Lotus Analytics provides the ideal and versatile technology for payroll management. By automating the number crunching, report generation, and client communication, it enables you to handle more business with less effort, so you can take your business to new levels of proficiency.