Employees are the best assets of any enterprise and need to be managed efficiently in order that they may give their best. Payroll and how it is managed can be a cause of satisfaction or dissatisfaction. It can directly affect employee performance and thereby have an influence on the company’s competitiveness as well.
Many companies choose to have their own HR department that also handles payroll. Staff may leave at any time and maintaining continuity is difficult. IT automation may not be in place and this leads to delay in preparing payroll and disbursing payment of salaries to staff in time. There may be errors in calculation of benefits and perks as well as deductions for tax and other statutory contributions. Employees may have to go through a long process should they wish to get details or get leave sanctioned. Enterprises may find that maintaining a separate HR department to handle payroll can be expensive. These and other roadblocks to performance can be removed by the simple expedient of payroll outsourcing services.
How payroll outsourcing services work
Payroll services handle everything related to payroll. Businesses simply furnish employee records and time attendance details to the payroll outsourcing services. The companies then automate the process based on sophisticated payroll processing software. The payroll companies set up a separate account for the client enter the records and assign an employee to manage the payroll process.
What the process involves
- The process of calculation of each employee’s salary is automatically calculated in the software. This results in precisely accurate calculations and timely preparation of the salary slips.
- Clients may choose to issue checks to employees or let the outsourcing services arrange for automatic check printing or direct transfer to bank accounts. Clients receive a complete report.
- Payroll outsourcing companies take care of regulatory compliances, tax deductions and statutory payments as well as filing of returns and forms.
- Their IT solution permits employees to view their complete records in a secure way, view salary slips and to submit application for leave online.
- Employees must be reimbursed for expenses they incur and this aspect is also managed by the payroll companies.
- The payroll management process also includes complete analysis of staff remuneration and performance.
- The outsourcing companies may assist with other functions such as termination pay calculation and induction of new employees and entering their name in records.
- Automated attendance
How does an enterprise benefit?
- Expertise is the key to efficient payroll processing. Employees may not be up to date with laws and regulations as well as timely compliances. This never happens with payroll management companies. They have legal experts and knowledgeable staff that ensure full compliance.
- Timely preparation of payroll and accuracy results in employee satisfaction as a result of which they feel more loyal and work better.
- Timely resolution of all employee issues and a web based self service portal.
- Continuity is assured. A business need not worry that a key employee has left and the records are in disarray.
- IT automation reduces reliance on human personnel and guarantees accuracy.
- Businesses can save on salaries they pay to employees simply to handle the payroll and associated HR functions. Outsourcing companies charge very reasonable fees.
- Businesses get insightful analytics of employee performance and can take corrective measures to improve productivity.
Choosing the right Payroll Outsourcing Services is important. Look for an established company with a team of qualified personnel and a strong IT infrastructure in place. A view of their client list will also be a pointer about their quality of service.
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Small companies with ten or fewer employees can get by with a manual payroll process. However, if a business employee fifty or more people then payroll preparation takes time and the delay could well lead to dissatisfaction. The solution is to go in for Payroll Software. Today one can get software that automatically calculates payments to employees in addition to a host of other functions. One can opt for basic payroll calculation software too or a sophisticated one with the latter proving to be far better.
Desirable features in Payroll Software
Larger enterprises will find that payroll management software with a host of other features will suit their purpose quite well and also contribute to overall efficiency and cost reductions. This could be termed as HR Software with the following features.
- Basic payroll salary software should naturally have payroll calculation as the main function with direct credit to bank accounts
- Calculation of deduction, reimbursement of expenses, overtime, deductions for leave, statutory deductions
- Time attendance linked to the payroll calculation to automate the feature
- IT declaration
- Form filling and statutory filing of returns with various government departments.
- Human Resources Information System
- Self-service features to let employees view salary slips online and to submit leave applications or to raise issues online through a self-service portal
- Onboarding and onboarding management
- Appointment letters
- Termination processes and payment finalization
- Performance management, memos
- High-security features
- Integration into accounting systems
- E-filing of returns and generation of forms.
Then there are additional features such as:
- Facility to import bulk details of employees
- Statement generation and bank statement exports
- Statutory reports generation, PF challan, statements and IT deduction certificates
- Analysis and reports
In-house or cloud based?
The payroll management software may be offered in various versions. One can install the software in a networked environment and employees as well as HR personnel could be assigned login IDs. The drawback to this type of Payroll Salary Software or HR management software is that it can be used only on the premises. Besides, there is the matter of upgrades and software maintenance that can contribute to the cost of the software.
A better option for HR management software is to opt for the cloud-based software as a service model on a pay as you go basis. There are several benefits to this model. One is that an enterprise does not have to pay a high amount upfront. Fees are paid on a monthly basis. The second advantage is that the software can be accessed from anywhere on any device. The third advantage is that upgrades and maintenance become the responsibility of the vendor. The vendor not only takes care of technology but also IT and related tax matters so that enterprises do not find themselves at fault and end up paying penalties.
Ease of use
Not all employees in HR are IT savvy. Therefore, while choosing the Payroll Software or HR software it is important to observe how easy it is to use even by those who are trying it out for the first time. Typically, the hosted software works in a browser-based environment and presents a login screen followed by a dashboard according to the user type. Administrators have more privileges and can have an overview of everything. Employees accessing self-service section get access only to relevant details. The layout and navigation structure needs to be intuitive and logical.
Not all enterprises work the same way when it comes to HR and payroll. Therefore, choosing a vendor who can customize modules will make the payroll software easier to use and give maximum returns for money.
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