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Compliance
Crucial for companies to ensure that they are following local laws
and provide proof of compliance.
Growth
Helps to focus on planning . If problem does arise, the systematic
record-keeping allows it to be resolved quickly without taking
up too many resources.
Morale of Employees
Employees need to feel assured that they are paid on a consistent
and timely basis. Late, and inaccurate payroll might cause
employees to question the financial stability.
Payroll Management Challenges
Accuracy
Generally payroll is a batch process where updates happen on a
weekly or monthly basis. But historical information is also
important. Payroll systems should be able to provide accurate
information about both present and past payroll processes.
Higher Costs
For acquiring a payroll system and implementing it, an
organization has to make a significant investment. The business
has to ensure that maintenance costs remain low and technology
upgradations happen at an optimal fee.
Safety and Security
Breaches in payroll confidentiality can have adverse effects on
business.
Taxation-Related Issues
Tax rules are dynamic and keep changing. Regular updates are
required to ensure that employees’ salaries are taxed correctly.
Payroll Management - Features
• Option to set up any number of pay structures; name it according to
the organization culture. Along with pay structure, leave package
and holiday packages need to set up.
• Tag each employee with leave package and holiday package and it
results in calculating salary accurately and quickly based on real
time data points. The system captures overall attendance and
calculates salary on daily or weekly basis.
• Cloud based application and no need to buy the software but can
subscribe based on number of users/employees. Great saving in
investment.
• Admin can activate the option of Approval for any change in Payroll
to prevent erroneous changes in salary structure
Payroll Management - Benefits