Do I Need An Advance Payroll Software?

This is a question that companies of all sizes often ask. They might be doing the payroll work- if a startup with low headcount manually or an SMB or enterprise that is using an outdated payroll software. To help you answer your question if you really need an advanced payroll software, we would like you to answer a few questions.

1. Are you able to process the payroll timely?
2. Is your payroll processing error some?
3. Does your vendor update the system as per changes released by government
4. Does your payroll software run a 3-dimensional check to spot errors if any?
5. Do you feel your system is not fully automated?

If most of the questions were a no, then you must switch to an advanced payroll software. There are a host of benefits that you will get. Using them, you will be able to save a lot of time and money as well. Besides, you would also be able to see the insights and work on improving your attrition rate, and other hiccups.

Here are some of the benefits that an advanced payroll software would be able to deliver once you get it implemented-

• Do investment declarations
• Simplify loan approval and EMIs
• Know the CTC trend, liability, and effective costs and more!

We would also like to share the true meaning of payroll with you so that when you begin your search, you know exactly what purpose should the payroll software be able to solve. Let’s begin!

Payroll can be understood in 4 pointers easily-

1. It includes a group of people showing their earnings.
2. The amount of money paid to the employee working
3. Total number of employees working
4. Series of tasks done to manage the money paid to the employees

Also Read: Top payroll trends in 2021

In a few lines, we can say that payroll is an operation or a cluster of tasks beginning from the time employee is onboarded to establishing the policies, defining pay components, gathering input calculating and verifying the same. Once the salary is processed, distribution of payslip, tax filing, and accounting & reporting is also done.

3+1 Benefits of Performance Management Software We Bet You Don’t Know

Performance management is one of the most important human resources operations. If done traditionally, this process can not just be time-consuming but also labor-intensive and complicated. Fortunately, things are changing lately. With automation taking over the business world, performance management can also be streamlined and optimized in just a few clicks now. Today, businesses have the option to rely on performance management software to simplify the whole process. 

As a result, the majority of companies in India have already implemented such systems, thereby enabling their HR department to carry out this routine process even while working from home.

Here are some advantages of switching to performance management software:

Simplifies Goal Setting

Setting meaningful and productive goals for every employee is normally a tedious task, especially while working remotely. However, using performance management systems, managers can not just set goals but also give employees the flexibility to outline their own goals.

Tracks Progress Easily

Such systems allow managers to track the progress of each employee in just a matter of minutes. The right software aids employees to acquire a good grip of their work direction by aligning their weekly deliverables with goals. Besides, managers will not have to wait for year end to discuss anything or give feedback. Using performance management systems, they can raise a request and schedule meetings with employees anytime.

Allows Feedback Customization

performance management software allows managers to customize their feedback questionnaire, change it as per the nature of work involved and for different nominees.

Automates Review

Right after the review policy is laid out, the tasks are auto triggered in the inbox. Performance management systems also evaluate the rewards, badges, accolades acquired by employees over the year for an unbiased as well as all rounded assessment.

There is more to it but we have included only the top benefits here. We hope now you know why performance management software is necessary for every business.

Also Read: Let’s Develop Employees Instead of Measuring Their Performance