NEED OF HRMS & PAYROLL SYSTEM NOW A DAYS
As your organization grows, the demands on your operations ensure you hire human resources and pay them salaries based on their responsibilities and deliverables. Salaries may be fixed or based on performance or a combination of both. Additionally you need to conform to various labour laws that ensure employee benefits.
As the number of variables grows each time you are processing salaries, the chances of errors creeping in increase. You need to keep a track of all your employee details, their attendance, Overtime, performance linked incentives, leaves, expense reimbursements as well as various deductions mandated by labour and income tax laws such as PF, ESI, PT, and Income Tax deductions.
Your salary calculations should be efficient enough to provision for any investments that your employees make and which entitle them to various tax exemptions provided by the Government.
The entire process becomes extremely cumbersome and any errors have serious implications in terms of interest and penalties for delayed statutory compliances as well low employee morale.
Eventually every organization outgrows Excel. In fact, it is never too early to move to an automated payroll system.
Benefits of Payroll Software
- Simplifies data entry, saves time and helps reduce errors.
- Processing payroll becomes fast and easy compared to manual systems; save on time and extra manpower costs
- All payroll information remains in one location, giving you extreme control over your payroll systems
- Auto calculates all deductions related to labour laws and income tax, and ensures you meet all your statutory compliances
- All government reporting becomes easy, such as filing PF, ESI returns accurately and on time