Getting the salary in your account on the last day against all odds always puts a smile on our face. But, if your payroll management system still faces compliance & filing issues, relies on paperwork and manual interventions; your internal process may suffer a big setback. You cannot hope to run an agile business if your payroll is riddled with complexities. It is what keeps track of hours, calculates wages, withholds taxes and deduction.
So, if your payroll technology is holding you back, you’re the one who ends up losing.
The choice of selecting any payroll software should be done by keeping in strategic objectives in mind. The right software can improve HR operations, increase efficiency, boost employee engagement and improve statutory compliance. Choosing HR software for your enterprise can be a painstaking process, but when you invest in the right software, it can automate and streamline all your current processes, cut down on staff hours, eliminate the hours spent in tracking manual attendance and more.
When shortlisting a payroll management software, small to medium size businesses should consider several things. 5 of the most crucial ones are listed below. Take a look:
Statutory Compliance
Any payroll software should be in line with the local and all compliance laws. It helps the organization maintain amicable employee relations and assure error-free statutory calculations. It also allows you to manage your PF and ESI preferences, manage professional tax, select the salary heads applicable to you, manage TDS through investment declarations and automatically calculate salaries after TDS deduction while processing payroll.
Stability Factor
Can you measure the system stability just during a payroll software demo? There is however nothing better to closely examine and validate the system by yourself. You can also read some customer testimonials which will help you establish credibility against that particular software.
Evaluating System Support
One of the most critical aspects to consider here is to ensure if the service provider’s team are available for support during the peak time. So, it’s always advisable to ask customer support from your current vendor before the implementation process.
System Sustainability
An automated payroll processing is not just a critical tool to help increase employee efficiency, but it also an extremely powerful system that involves a good investment. So, any system wherein the investment must be done should be glanced from a sustainability standpoint too.
Self-Service Component
How many times have you observed your excel sheets are not maintained properly, and there are biometric glitches as well? Not having leave and attendance coming correctly might create a nightmare for HR personnel and employees. It is important to have a self-service leave and attendance management system for a seamless and accurate payroll processing.
Keeping the above pointers in mind will definitely ensure that your organization is making the right move in shortlisting and picking the payroll software. Along with this, pay due attention to the system that offers add-on features such as scheduling, help desk, and flexibility of other modules that you can add-on as your business needs evolve.
