It’s a well known fact that payroll management is often perceived as a bane to the ever-burdened HR department. The seemingly unending list of hurdles faced by an in-house payroll department eats up valuable time that can be spent on other core HR activities.
List of problems an In-house payroll department would face:
1. Administrative burden
In-house payroll processes are typically manually done. It goes without saying that this is an inefficient method as it’s susceptible to human error. Due to the great deal of paperwork, this imposes a huge (avoidable) burden on your HR staff.
2. Organizational issues
Linked to the administrative burden, there exists the problem of maintaining payroll, employee records and other vital information in an efficient and easy-to-access manner. This is heavily dependent on the usage of paper which in the digital age, is deemed archaic.
3. Incompatible software
Not all payroll software is compatible. For example, one may use multiple softwares to handle different functions (employee profiles, payroll, etc.). These various softwares do not integrate and hence require more man hours.
4. Tracking employee absence
Keeping a constant tab on your employees’ whereabouts is a daunting task, laced with inevitable faults. Paper time cards and even many digital time sheets, are notoriously prone to misuse and unintended error which result in inaccurate payroll.
5. Compliance issues
Indian tax law is one of the most complex in the world. So to understand it completely is often a futile endeavor. The repercussions of missing out can be grave and costly. Accurate and timely practices are the need of the hour for every business.
Payroll software is a boon to a company. This means that the HR department can stay focused on increasing productivity and employee engagement while the software takes care of everything else. It’s quite common for a business owner or manager to view the purchasing of a payroll software as an expense when in fact, it should be seen as an investment. In an age when everything from grocery shopping to buying a car is done online, it seems regressive to stick to archaic methods. More so when there are a host of more efficient and technologically advanced options, available at the click of a button.
Reasons to adopt / switch to a cloud based payroll software
World-over, companies are making the switch to cloud based payroll software for their HR & Payroll needs. There are multiple reasons for this; ranging from cost-effectiveness to reductions in the carbon footprint. Below, I’ve listed of the most prominent reasons that’s sure to make you lend a thought in this direction:
1. Employee management:
Track and manage employee events: on-boarding, benefits, performance reviews, pay rate changes, leave, certifications and more, with one centralized source of data. You can also track company assets assigned to employees, such as electronic equipment, tools and vehicles.
2. Employee self-service:
Empower staff with 24/7 online access to benefits, leave requests, payslips, training enrollment and personal information. This reduces calls and emails to HR staff and research shows that self-service and mobile access, drive employee engagement.
3. Manager self-service:
Cloud technology takes management beyond the office. Using mobile devices, managers can approve requests for time off, review and approve time cards, regularize missed punches, view employee information and events, etc.
4. Core HR reporting:
Makes all the information you need, readily available so you can get a bird’s-eye-view of all that matters. With the possibility of creating multiple reports, you no longer have to sift through mines of data.
5. Statutory compliance:
Be 100% statutory compliant. eTDS, Form 16, etc. are worries of the past. greytHR for example, goes to great lengths to ensure the payroll software adheres to all relevant statutory compliances so you never have to miss out on a thing.
6. Cost effective:
A major advantage of a payroll software is the low investment and high returns it could yield. Since there’s no physical setup and hardware required, you save a lot on both initial and recurring expenses.
7. Carbon footprint:
For the environmentally inclined (as we all should be), the benefits of switching to a cloud based payroll software runs deeper than the aforementioned points. The primary nature of this is that one doesn’t need to maintain a local server. Apart from the cost savings, there are no energy requirements to run. So in the long term, you’ll be saving yourself and the planet for good measure.
There are few HR Management & Payroll Management Software out there that offer an all-encompassing package of user-friendliness and high capabilities. Fewer still, are the ones that have solid experience, spanning two or more decades – greytHR. It instantly eliminates all the bottlenecks typically found in payroll management by automating the process and guaranteeing smoother workflow at a fraction of the time.