Significance Of Payroll Management System

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

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