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Alen Parker
by on March 24, 2020
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One of the best things happened in the past few years has been transitioning from manual payroll processing to payroll management software. Also, it has always been a topic of debate- Manual or software? So, whether you have already decided one or still searching for good software, let me tell you- the end result will be worth it. Undeniably, managing and processing payroll is one of the most meticulous tasks because even a small mistake can be expensive for a company. That being said, admit it- payroll management is not a normal back-office task!! A company comes across numerous payroll challenges, but there are some major issues that are common for everyone. Also, both manual and outsourcing payroll are outdated now as today we need standardized and centralized payroll processing. This is where a Payroll Management Software comes in. Such software enables HR managers to handle payroll tasks effectively, cuts down all the possibility of errors and…. No, I won’t be a spoiler! You are supposed to read the complete blog to know more!! First Challenge: Administrative Problems Many companies today; especially the smaller ones are still using that paper-based payroll processing. A manager needs to do a lot of interventions while managing payroll manually that result in an administrative burden that further lead to the following- Administrative Burden → Data Entry Mistakes → Costly Payroll Errors To solve this challenge, a company can switch to a payroll management software that is not only cost-effective but also manages the whole process with no error. Second Challenge: Organizational Problems Maintaining payroll and employee data is one of the greatest challenges of any company. It is high time to say goodbye to those piles of papers, files, folders and start working smartly! There is nothing better than switching to a payroll management software. Plus, go for a software that factors in all the HR and payroll functions such as HROne. Third Challenge: Time Consuming Manual payroll processing consumes a lot of time that can be easily cut down using an HR and payroll management software. From checking the accuracy of attendance data to calculating payroll and deductions, a manager spends a big chunk of time. Most importantly, one has to also ensure compliance with government laws. Sounds so much, right? Payroll software is an excellent solution to save time that can be actually used on various other profitable and productive tasks. Now, that sounds good!! Fourth Challenge: Tracking Absence Tracking employees’ paid holidays, sick days, half days can turn a bit of a cumbersome task if done manually. In addition to this, there are high chances of mistakes also, which may affect the overall payroll calculation. Solution? You know it already! Just purchase an efficient software with real-time tracking. Problem solved!! Fourth Challenge: Compliance Risks No matter small or big, a payroll error can cost a lot to an organization. In order to prevent compliance risks and challenges, every organization should stay compliant with all those federal as well as state labor laws. A smart company will always be well-versed with the laws and regulations and if any company overlooks this, then it may result in various legal risks. And a great solution for this is to just invest in HRMS software. Bottom Line! So, no extra expenditure on recruiting employees to handle payroll. From building reports to accessing numerous reports including bank reports, deductions, payslips, pay-outs, etc- a Payroll Management Software does it all in no time. Also, make sure you take a free demo before purchasing any software. In my opinion, one should go for HROne software that is an intelligent enterprise-ready HCM tool and one of the leading payroll software. HROne is also known for empowering HR managers to acquire 10x greater results. Lastly, you will be more efficient, less exhausted and also acquire a great peace of mind after switching to a payroll management software. Make your decision wisely!!!
Posted in: business, software
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