Payroll processing is the heart and soul of all HR operations. And manual payroll processes have just become obsolete with payroll software taking their place.
An efficient software can help you save costs, process salaries in a flash, help employees self-print salary slips, churn CTC trends and much, much more!
And with so many payroll software on the market these days, finding the right one is a tough job. Therefore, here are five features of an organisation’s ideal payroll software that make the most impact.
Let’s dive straight in!
The 5 Most Important Features Of An Ideal Payroll Software
#1: Payroll Processing and Management
The first and most basic function of payroll software is the ability to process payroll with 0% error and in the preferred method of payment of the employee.
But the payroll process is much broader than just crediting the salary. It also involves defining pay policies, calculating the CTC for various roles, crediting the salary, taking care of compliances, accounting, and studying reports.
But payroll solutions, much like HROne, help you auto-calculate and do all this in a streamlined manner.
For example, it auto-calculates CTC. You only need to key in the Basic pay or the HRA, which will auto-calculate CTC.
#2: Statutory compliance
Running a business requires compliance with the law on all fronts, and the payroll process is one of those fronts. At the same time, non-compliance can result in legal actions and fines.
Every company must follow statutory compliances like a Provident fund and ESI contribution, taxation guidelines, and other guidelines.
These guidelines keep on changing as your company grows. Thus, arises the need for a suitable payroll system as it automatically takes care of all the mandatory compliances. Also, the software ensures accuracy in its calculations.
#3: Employee Self-Service
A lot of the HR department’s time goes into employee queries.
An employee self-service module helps your employees stay informed on their leave balance, print their pay-slips on their own, access their w-2 forms and more.
This way they do not have to leave their work to head to the HR department for these queries. This saves both the HRs and employees time.
The best payroll management systems include some reporting features.
Reporting equips you to see the trends of all your liabilities like a bonus, gratuity, leave encashment, etc. See how much these liabilities will cost you in the long run and evolve your policies accordingly.
Moreover, it tells you how the average hiring costs are changing over time and many other reports. In short, these reports give you an insight into how best you can optimise the salary you provide your employees.
#5: Integration With Other HCM Suite Modules
Attendance is integral to correct payroll processing. You need correct leaves and attendance data and proper overtime and arrears.
HRIS software like HROne offer you capabilities like above and more like a very flexible system to accommodate your HR policies as your organisation grows. Policies of compensation off and leave encashment can also be integrated with time.
Integration with the accounting module makes it possible to enter the salary transactions automatically in the company’s general ledger. Integrations with Oracle, SAP, Tally etc., can help achieve the target.
Next comes the performance module. You can integrate a bonus with the employee’s salary automatically.
In A Nutshell…
Some other qualities of an ideal software are that it grows with the organisation’s needs and is flexible enough to accommodate the ever-increasing complexities of HR policies.
Moreover, your perfect fit is pocket-friendly, and it is easy to add more employees to it with time. And what’s software that you have to train a hundred times to remember. Thus, an easy UI and user experience are essential.
Finally, a 0% error rate is the last must-have!