Why Is Investing In Payroll Software Necessary?

The demand for payroll software is increasing day by day and because of the same the market place now has more and more payroll players. If you are lucky and have done your research well, you get the best payroll software that takes all your payroll troubles away from you, however, if you end up investing in the wrong or not so good payroll software you add trouble to the process. But, undeniably, using payroll software, taking the road to automation and leaving the manual ways to do redundant tasks behind has become a need of the hour. It multiplies the productivity and the return on investment is also super high.

Infact, according to one of the credible reports released, more than 40 per cent businesses spend more than 80 hours in a year in payroll processing, staying up to date with the regulations and calculating taxes.

Best features of Payroll software you must know

Export financial reports
The time you spend on accounting and checking the data for duplicate data can be reduced significantly. That is because of payroll and HR software as that can be integrated with the accounting software. The data is transported to the software without any manual intervention and the financial reports can also be downloaded easily.

Employee self-service

With this feature, the employees get to enjoy a lot of benefits and your workload also reduces to an extent. The queries that the employees raise reduce drastically as now employees can check the data. Not only that, they can even change, update the information related to them. Besides, they can apply for leaves and attendance corrections and check their remaining balance, download payslip and much more.

Time & attendance

It is very important to track the work hours of employees otherwise any employee can leave anytime and you will never come to know if they are diligent enough or not. Surely flexibility is important in today’s corporate world but maintaining discipline is also very important. However, keeping a track of work hours manually ca be quite erroneous, time-consuming, distracting. But, payroll software either comes with time and attendance module or can be integrated with one. The same eliminates the need for manual data maintenance or keeping an eye on the staff. This lets you focus on more important tasks properly and the employees complete their work hours and work according to the attendance policy because if they do not follow the same, their salary cuts.

Statutory Compliance

Taxes make salary calculation quite complex and that is why it is important to automate the same as different slabs have different rules of reporting and remittance. You need not worry about all of this when you have a great payroll software by your side. Being compliant is not an issue, you can easily cut that out from your worry list.

Add-ons

There are many HR software vendors who let you choose if you want just payroll software or other modules as well. So, if required in future or that point of time, you can add the module in your package easily.