Government frames laws applicable to employees and workers. Industry must comply with the newly framed laws or else they face stiff penalties. Enterprises that employ 20 or more people find it a chore to manage payrolls and the HR part. Thankfully, they can put in place payroll software or avail of it as a service or even outsource it. The same goes for other aspects of HR that HR software can handle with ease, freeing up employees for more productive tasks.
The payroll software
Manual processes are prone to errors and are time consuming. Payroll software frees employees from tedious calculations that involve:
- Monthly salary
- Days worked
- Tax, PF and other statutory benefits and deductions
Ideally, the payroll software is linked to a time attendance system for automation. Each employee’s particulars are already in the database. The software automatically calculates monthly salary for each along with deductions, calculations of benefits, extra hours worked, bonuses and loans. Pay slips can be printed and the payroll software can also have facility to make direct transfer of salaries to accounts of employees. The statutory parts are taken care of such as generation of Form 16 and TDS certificates. Just one employee can handle everything and generate reports. There is more to a company’s HR side beyond payroll and that is HR management.
Employees are the best resource and management of employees is best handled by automated Best HRMS software. It would take a team of employees in the HR department to carry out all functions whereas the automated best HRMS software does more and does it all accurately without errors. Typical functions cover:
- Attendance and payroll management with reports
- Employee database management
- Recruitment, appointments on-boarding, performance, employee severance and related functions
- Statutory compliances, TDS, form generation, submissions
- Online portal for employee self service
HRMS is ideal for enterprises that employ more people but not every unit needs a sophisticated system. Simplified HR software can usually serve the purpose for small and medium enterprises.
One can go in for HR software with purely HR functions or HR software with payroll included, which is a better option. Just one employee in the HR department can handle virtually all the processes using the HR software:
- Process payrolls, TDS, PF challans, returns
- Generate salary statement and pay slip
- Add or remove employees to the database
- Bank statements and bank advice
- Employee self service to help employees securely view their details, put in leave reports and other activities
Making the choice
Small enterprises with a workforce of just 20 or so will find that just the payroll software or HR software is more than sufficient for their purposes. Larger enterprises must consider various factors:
- Delays because of the number of employees involved.
- Time consuming and error prone calculation of various benefits and deductions
- Statutory compliances, deductions and filing of forms and depositing deductions with various authorities on or before the due date
- Satisfaction of employees that there are no errors in calculation of their salaries, benefits and deductions as well as prompt response to their queries
- Tracking of employee performance, their queries and resolutions
- Employee churn and reasons that may be tied to HR
Choosing the right software is important and this is where Alp Consulting can prove helpful. Their team analyzes a business and recommends software that will perform expected functions within budgets, speedily and without errors. Businesses can also take the option of on-premise software or just select the pay as you go model.
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