The Payroll Management System is critical to a business as it deal with key financial aspects of the company. Payroll system basically deals with the management of employees’ salaries, compensation, deductions, etc. Although payroll is traditionally an accounting job but with the advent of software tools, these tedious manual jobs are made easy and accurate.
Software like eZnetHRMS is a HR payroll software maintains complete employee database and give full and accurate information of any employee instantly. The use of a good payroll software not only saves a lot of time in calculations for payments but also the money spend on that manual labour
Here are some of the uses of payroll software which reduces time and money:
Faster processing of Payrolls: Payroll is a repetitive process in any organization. Hence, it can be automated such that with minimal entries like leaves, deductions at source, etc., the monthly pay-slips are generated.
Error free processing: Manual processing of payrolls would normally take more than a week if done accurately. Since, manual calculations are error prone, taking into effect the errors and labour hours to process the payrolls every month, it is sensible to buy a software to do payroll management than to leave it at the mercy of manual labour.
Reduction in training: Payroll management is a very complex and risky accounting procedure the staff needs to be high-skilled. For this, any company needs to invest heavily to be competent to carry out manual payroll management. Instead, one or few qualified personnel are required to manage whole company’s payroll using the software.
Safety and security of data: The data generated in software will be safe compared to conventional data stored in Microsoft Excel, which are prone to corrupt at any time. The software ensures data security and data theft. Also, periodical backup will be taken and stored properly. This again saves a lot of time and money to regenerate data, if lost.
Analysis of data: The data once entered in the software is stored permanently. All data can be retrieved and analysed at any point of time of any employee. This cannot be achieved during manual processing and storage of payroll system.
In light of the above benefits, it is advised to switch to software payroll management system that not only saves a lot of time and money but is also hassle-free and easily manageable. The company should consider above qualifications before buying any payroll software.