Search

Payroll software – How it handles the ‘monies’

17 December 2013 5 MIN READ

Payroll software – How it handles the ‘monies’Every business needs a reliable payroll system. Afterall, if money matters run smoothly, the employees are happy which in turn shows through the productivity of the company. On a serious note, having reliable payroll software has become an integral part of any organization. As a company grows, the accounts department would have to deal with more and more paperwork. One minute mistake and the results can be cumbersome and irksome. Let the payroll software replace the stress that comes with the mounting paperwork and instead enjoy the many advantages of payroll software.

  • Accuracy – Payroll software helps avoid financial errors while computing salaries and wages. The conventional methods of paperwork and human calculations have a wide margin of errors. And committing even one error is too much when it comes to payroll. Not to mention, the time a software takes to compute salaries is a fraction that taken by a human, which in turn saves a lot of precious time.
  • ‘Holistic’ calculations – Payroll software doesn’t just calculate the salaries and wages. It takes into consideration various other factors like holidays, perks, salary hikes, overtime, double-time, commissions, bonuses, retroactive pay, wage deductions, auto payments and reimbursements. All these calculations hardly take any time and is as accurate as it can get.
  • Tax management – Salaries and perks aren’t the only thing that has to be managed by the accounting department. Tax management is equally important and the tax deduction varies with each employee. Managing taxes for a lot of different categories of salaries is nothing short of a tiresome task. An automated payroll system can drastically ease the calculations as all the salary records are stored in the system. As per the data and the changes made to them, the system provides an accurate tax record.
  • Time-keeping – Most of the organizations pay their employees as per the hours they put into work. With a manual payroll system, the clocked hours have to be calculated by hand. An automated system calculates the hours accurately and manages the pay accordingly. Since it reads and calculates the clocked hours correctly, the chances of errors are next to negligible.
  • Backup – Saving records of payrolls in databases is really easy and important. In case of any failure of the system, the necessary backup is present at any time you need. The same cannot be said for the heaps of papers and files. In case they are destroyed, and once all the important data is lost, it can never be recovered. This may spell disastrous for almost every organization.
  • ‘Predicting’ the expansion – Most of the payroll software comes with a feature that monitors all payroll expenses instantly. This graph generates a forecast giving an idea of a business’s performance. This helps to decide if new staff needs to be hired or any changes have to be made to the salary system. This lends a hand to the organization with their expansion plans.

About the author

. Tweets at @

Similar posts

Enterprise Resource Planning (ERP)

Streamline your business processes and improve productivity using our cutting edge ERP solutions & service offerings custom built for small and medium enterprises.

Industry Solutions

  • Industry-specific solutions to help your business run better. From Pharma, F&B to Retail and more, we have a solution that caters to your industry.
  • LEARN MORE

Add-Ons

  • Custom designed and quality certified 12+ Add-Ons for SAP Business One that help you solve unique business challenges with ease
  • LEARN MORE

Web & Mobility (E-Governance Solutions)

Our e-Governance solutions enable the government to reduce operational complexities and help citizens, businesses & government bodies to leverage technology to access public services with ease.

E-Governance Services

Our Portfolio

  • Browse through our portfolio of e-Governance services and move to digitally smart governance with Uneecops.
  • VIEW PORTFOLIO

CTRL-A

  • Educational ERP with enterprise-grade functionality designed specifically for educational institutes, colleges and universities.
  • LEARN MORE

Technology

  • Drive rapid digital transformation across your Government departments and agencies with established and next-gen technologies.
  • LEARN MORE

Our Products

Our products portfolio comprises of business automation software’ that helps you focus on high-value tasks and improves organizational efficiency by automating repetitive human tasks, process workflows, data capture & decision making.

HR-One

  • India's most popular HR automation software for managing the entire employee lifecycle from hire to retire. Trusted by 300+ companies across 18 industry verticals.

CTRL-A

  • A complete end-to-end Campus Management Software which automates various aspects and functions of educational institutes, colleges and universities.

Plus+

  • High-quality SAP certified industry-specific Add-Ons designed to integrate seamlessly with SAP Business One and cater your unique business needs.

Analytics

Get actionable business insights with our cutting edge BI products & consulting services. Make informed decisions and improve business efficiency with real-time analytics.

BI Services

  • End-to-end business intelligence services ranging from BI consulting, Data Visualization to Dashboarding & more that help you make informed business decisions.
  • LEARN MORE

Dashboard Services

Our Work

  • Browse through our portfolio of BI clients and know how we are offering strategic value to them with our assortment of BI services.
  • LEARN MORE