The individual in charge of the payroll processing needs to be careful about the inclusion of the various payroll components to arrive at the accurate salaries of the employees of the business. The task is not mathematically complicated it is rather, tim e payroll system -consuming and repetitive. That is why manual processing of payroll may introduce inaccuracies in it. Such an incidence has the potential of affecting the relationship between the employees and the management of the business. A business is better off if it implements HR and Payroll software to handle each hectic payday.
The payroll software considers components like attendance, leaves, hourly rates, wages, grades, statutory contributions, levies, etc., that are part of the salary sheet while calculating the salaries of the employees. The tools also allow the user to input data related to employees’ overtime, bonus, benefits and allowances, perks, and performance incentive for the inclusion in the salary calculation.
The software manufacturers update these tools whenever the government changes the rules and the regulations pertaining to the payroll. They carefully incorporate the changes in the payroll software and make it available to their clients. It helps the businesses in the statutory compliance.
The Payroll System developed by the SBS Consulting is a complete solution to a businesses’ payroll processing. It uses biometric finger scanners to record and maintain the attendance and the timesheet of the employees of the business. The recorded attendance data is used in the payroll processing. The system is tamper-free and needs no supervision to prevent frauds and buddy punching. The automation of this vital task saves time for the HR staff.
The Payroll System is a web-based software tool accessible from anywhere and at any time. It greatly improves Employee Management, Company Management, Payroll Management, Leave Management, etc., for the businesses. The software remains accessible at all
The employees of the business also benefit from the implementation of the Payroll System. It allows them to access their information stored in the database. It is also useful in Claims Management and the Reports and Enquiry Management. It also provides employees with the means of communicating their difficulties or the queries to the management using Emails and SMSs. The responsibility of the inaccurate payroll lies with the management of the business, which is answerable to the governing authorities. These entities call the defaulters and ask for explanations.
The HR and Payroll software by SBSConsulting is one of the best available and widely used payroll systems in the industry. The software if completely comprehensive, fully integrated and elegantly designed for all industrial segments from services to manufacturing and from shipping to F&B industries. Small, Medium and Large enterprises facilitating HR, Payroll and accounts department for effectively carrying out their duties in a timely, professional and accurate manner, should try this payroll software at least once.
The modern businesses need highly developed and integrated HR and Payroll software systems as they tend to hire employees from different jurisdictions. Nowadays, hiring employees from the global talent pool and letting them work-from-home or from the remote locations is a cost-effective practice for the businesses. However, it adds to the complexity of their payroll processing. It demands a clear-cut understanding of the task from its HR and Finance staff.
Implementing a global payroll software, like Payroll System by SBS Consulting, is a great challenge for the companies, whether they are trying to add more teeth to its existing payroll software or building a new payroll management system from the scratch. There are too many variables to accommodate like pay type, pay cycle, pay frequency, type of employees, payroll policies, compensation type, etc., to consider and care for.
It is important to take a review of the existing payroll software and processing steps involved to assess the improvements needed to attain the future payroll goals of the business. It assists the businesses in minimizing the statutory compliance related risks.
Different countries have different rules and regulations regarding tax policies which creates difficulties while calculating the remuneration of the remotely located employees of the company. Using a payroll software that do not have the required functionality can lead to an unintentional breach of the law. It can attract penalties and fines and affect the market image and the brand name of the business.