Since a lot depends on the smooth processing of payroll operations…
Whether you run a start-up or a medium-sized business, payroll is one of the first processes to be streamlined. It is an indispensable part of any organization that employs a 2-digit employee base. Payroll is considered as one of the most important as well as intricate HR management procedures. Factors involving time, attendance and leave, statutory remittances and returns, monthly payouts among others are all part of payroll processing.
Did You Know?
“Over the five years to 2019, the HR & payroll software industry has experienced robust growth, with revenue rising at an annualized rate of 9.9% to $9.9 billion.”
The industry is further expected to benefit largely from the positive economic conditions such as enhanced corporate profit, which in turn will encourage investment in automation, information technology, and software.
Let us throw some light on the various aspects related to payroll automation and why every SME should go for it:
The need of payroll software for small & medium enterprises
For firms that are small and in their growing phases, automated or online payroll software can do wonders! Not only does it take the burden off the shoulders of HR personnel, but it also increases the efficiency of the whole process, thereby avoiding complications and leaving the workforce satisfied. Start-ups and SMEs invest in this solution to streamline administration, organize labor costs, minimize risks, and manage personnel. The direct disbursement of salaries, process claims for reimbursements, monitoring accuracy of payout calculation as per time, leave, deductions, benefits & compensation, and statutory compliances become a cakewalk with the help of an automated payroll system.
How does automated payroll keep the stakeholders in good books?
Managing records and maintaining the authenticity of receipts and other documents is an integral part of any organization, be it small, medium, or large. Now, using the automated mode of payroll can easily help to achieve this. When a cumbersome process of payroll management involving risk and fraud is handled efficiently, the stakeholders will naturally become happy.
Payroll Automation: Making the workflow intuitive
Starting with the recruitment and onboarding, right through workforce management until the exit, HR professionals require a robust and user-friendly system. For salary and tax management, they look for a solution that can flawlessly understand the business needs and perform functions the way they want.
This is where payroll software comes into play. The easy and self-implementation of functions makes the employees happy about the online payroll systems. All the features are designed based on the user choices and company requirements, thereby making the entire workflow intuitive.
Payroll features of a top-notch HCM suite
When you go for a purchase, what do you look for in a payroll system?
There are 5 basic features or primary objectives of any payroll solution:
- Accuracy and precision
- Time-saving
- Scalability
- Consistency
- Transparency
Like we said, “a lot depends on the smooth processing of payroll operations”, numerous important business decisions are made as per the payroll data. Certainly, it needs to have all the aforementioned features. Moreover, a payroll solution automatically integrates the information into the required module and avoids manual data entry.
Why is HROne the best choice for SMEs?
While it sometimes looks a bit daunting for the newbies, payroll can be a piece of the pie using the suitable online payroll software. For many years, solutions like HROne have been offering payroll services to aid SME businesses. It provides salary structure and verification options, instant payroll query resolution, insightful payroll reports, on-time and auto-processed salary deposit, 100% error-free and compliant services, and whatnot!
So, the bottom line is that, if you are an SME or want your company to grow at a faster pace, every time is the right time to switch to the automated payroll method.