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They might be doing the payroll work- if a startup with low headcount manually or an SMB or enterprise that is using an outdated payroll software.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.