It’s a fact that the intricate process that payroll management is, it cannot be done without the intervention of technology. That is why businesses all over the world invest in purchasing top-notch automated payroll solutions which can resolve all the relevant issues. But, it took a lot of time and evolution for the payroll systems to be as efficient as they are now. The payroll software that you see and use today, wasn’t exactly the same a few years ago. It mostly revolved around traditional functions and practices.
Let us first see how the payroll software looked like back in the day!
- Just a way to track incoming and outgoing payments
- Only encompassed loans and employee payouts
- Required manual timesheet submission to gather data
- Involved spreadsheets and on-paper records
- Non-integrated HR systems and so on
If you look at the HR technology now, it has improved by leaps and bounds over the years. Now, since we have a little idea of how cumbersome the payroll process used to be earlier, let’s walk through the advanced features of payroll software now!
First thing that got affected positively with the payroll evolution was ‘employees going paperless". The multifarious options on google docs and sheets, and the facility of cloud storage has reduced the paperwork for payroll admins. Moreover, the payroll management software India has, generates reports that are extremely insightful. 3D reports can be prepared that give the users valuable information about the payroll. The employees can easily check and ask for the resolution of any discrepancies in the same.
100% Statutory Compliance
Earlier, there was no talk about maintaining the statutory compliance when it came to payroll management. Everything was manually documented and hence, was erroneous. Now that organizations have payroll software, the systems can automatically update as per the latest tax laws, thereby ensuring 100% tax compliance. Moreover, challans can be auto-generated for all applicable taxes like EPF, ESI, LWF, IT, Professional Taxes among others without fiddling through different forms.
When one step of payroll processing is completed, the next one is automatically lined up! For instance, the time and attendance management software is integrated with the payroll software. So, as soon as the data for the total number of monthly paid days is fed into the system, it starts calculating the salary of the employee accordingly. Hence, payroll processing becomes entirely automated.
The payroll management software India has, now comes with the advancement of ESS. It enables the users to perform most of the payroll functions on their own without having to depend upon HR professionals or payroll admins. So, this has made the lives of the HRs as well as other employees easier as they don’t have to run to the HR office for every trivial matter and the specialists also get time to focus on other important things.
Pay Groups And Components
This is in regards to the salary structure and verification part of payroll processing which used to be all over the place once. Now, the system creates a diversified salary structure of the employees by defining multiple pay components and pay groups which can be mapped department wise or at OU levels spending upon the requirement of the organization.