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Payroll management is complex, time-consuming and requires full business confidentiality.
Managing employee data, answering queries, preparing reports and processing payroll, all at the same time, becomes overwhelming and stressful for the HR department.
What are some common issues in payroll processing?
Calculating taxes, Provident Fund (PF) and ESI deductions, travel/ medical/ education allowances and taking right decisions related to investment declarations and employee benefits is a time-consuming task. Missing deadlines to file important reports is another nightmare that may result in hefty penalties.
According to a report by SCORE, 40% of small business owners accept that taxes and bookkeeping are the most challenging areas they spend their time on.
13 percent business owners dislike complexities involved in statutory compliances, 8% dislike inequity of the tax codes and paperwork. Majority of companies want to avoid heavy costs of administering taxes, legal fees, internal costs and more.
Companies handling in-house payroll management may come across the following challenges:
- » Data entry errors and misapplication of rules result in incorrect payments. Incorrect payroll calculations lead to additional work, inconvenience, and penalties.
- » Unable to manage payroll records effectively and not being able to access them quickly when required. This may delay employee salaries, tax payments, business reporting and more.
- » Inefficiency of existing payroll processing software
- › Doesn’t map to your company needs.
- › Doesn’t integrate with other HR tools, consequently increasing the time in processing attendance and unpaid absence, leave, travel expenses, employee information.
- › Isn’t secure.
- › Doesn’t automatically update as per statutory changes.
- » Untimely filing of tax forms and important payroll reports
- » Unable to comply with a country’s tax rules.
How can an organization seamlessly integrate all aspects of payroll processing?
Payroll automation is the solution you might be looking for.
A web-based payroll software is designed to meet the growing payroll needs of a business. It supports accurate payroll calculations, disbursal, payslip generation, and managing payroll taxes and record keeping compliance.
Payroll software assists organizations to provide information and reminders about compliance needs. The software is regularly updated so that the companies have the latest information about changes in tax laws and regulations. It automatically calculates taxes accurately and keeps an employer free from all the legal and regulatory responsibilities.
Prefer a cloud based payroll software over outsourcing payroll services as it offers following benefits:
- » Disburse employee salaries on time
- » Create and distribute employee salary slips in just few clicks
- » Calculate leave, attendance, LWPs, travel expense reimbursements accurately
- » Deposit withheld taxes in timely manner to reduce compliance risks
- » Provide automatic payroll updates
- » Always comply and follow latest government rules for payroll calculations
- » Manage payroll history reports for long time periods
- » Automatic reminders to file/ deposit taxes
- » Save time, money and efforts
- » Make accurate PF/ ESI deductions
- » Highly secured, configurable and scalable
- » Quick access to payroll reports and dashboards
- » Avoid data entry errors
The Takeaway:
- » Are you dissatisfied with your current payroll management software?
- » Don’t want to spend long hours in payroll computation?
Try out the Free Payroll and HR software offering from Empxtrack. The software is “free forever” for upto first 25 employees in your organization, without any constraints on usage and access.
Empxtrack has streamlined payroll processing for many organizations in India and the Middle East (Dubai, Saudi Arabia, Oman and UAE).
We have a team of highly experienced professionals who can assist you to shift to a completely automated payroll management from a manual process or from an existing less-competent payroll system. While ensuring statutory compliance, Emxptrack also offers multiple cost accounting reports, wage reports and dashboards to simplify your payroll management. Ensure you make the best of technology to keep payroll challenges at bay!
From automating payroll calculations to ensuring timely salary disbursements – these challenges still remain a major concern for many HR professionals. This blog effectively explains the benefits of using an online payroll management software to revolutionize payroll processes.