The world is in the age of information, which means that technological advances will continue to reshape lives. However, these novelties aren’t only going to affect how humans enjoy music, movies, play with each other, and talk to each other, but also will change the business world of today.
Fortunately, there’s a way to benefit from all of these changes. As you probably already know, there are certain types of applications that can improve the way businesses operate. A popular business application nowadays are those that take care of payroll for employees. For business owners, the right payroll tools can spell the difference between a company that wastes a lot of time trying to generate salary for employees accurately but still commits calculation errors and one that’s keeping things clean and instant.
If you’re eager to learn about the benefits of using apps in managing business payroll, keep reading:
Ease Of Use
Based on the requirements of the organization, payroll package solutions can be configured with multiple business policies and rules, as well as options and features. Salary structure, loss of pay information, attendance data, and all other necessary inputs to payroll gets automatically pre-populated as all modules are seamlessly integrated with the app system. That means you can process the payroll of your business or company’s employees with only a click of a button.
Payslips also get instantly published while the system prepares the bank transfer statement. All a business owner has to do is to upload the document for the salaries to be finally disbursed. All of these processes can be achieved even by non-techie individuals due to a self-explanatory user interface and a well-designed payroll process.
With the advent of software as a service distribution model, everyone wants to ensure that they’re only going to pay for what they use. This is evident in online businesses that make use of a platform to exist like ecommerce startups using Shopify to create their own stores. It holds even for the core functions of an organization. Payroll is no exception – companies, especially startups, want to manage it using a software solution that can scale up accordingly.
Of course, no one wants to invest significantly right at the start nowadays. This is where cloud-based payroll apps become very helpful. Most of them are available at annual, half-yearly, quarterly, and monthly plans to make it more convenient for users. Most of the service providers also charge on a “per employee, per month” basis, which is more cost-efficient than other options out there.
Fast And Easy Payroll Reconciliation
Payroll apps enable you or your accounting department to verify accuracy in individual payroll with a variety of tools for payroll reconciliation at your disposal. You’ll have the chance to compare previous and current payroll and customize payroll statements and salary register as per your needs. Such a feature allows you or your accounting team to breathe easy and obtain complete peace of mind knowing that the payroll reconciliation option ensures that no errors exist in the payroll.
Relief From Regulatory Aspects
Deductions, monthly tax calculations, and filing statutory remittances are time-consuming and frustrating tasks. If mishandled, these tasks can also cause hidden losses to your business. Add to it the fines and penalties that your organization has to face for incorrect filing. If you want to be updated about the latest tax slabs, changes, and amendments of laws, get your business a payroll application. That way, it will be the responsibility of the app or software provider to auto-update the system without any downtime.
Multiple Reports Generation
Payroll management apps provide your business with multiple reports. These include user-defined and ad-hoc reports, MIS reports, PT reports, and reconciliation reports. In most apps, reports under CLRA and Shops & Establishment Acts of various states are also included. You can also expect reports on the wage register or salary register.
Smooth Link Between Payroll And Finance Teams
To enable a smooth link between your payroll and finance departments, payroll applications allow you to generate Accounts Journal Voucher quickly via extensive excel output capabilities and in-built formats for tally.
Makes Planning So Much Easier
Some payroll applications also have the “employee calendars” feature. It enables business owners and managers to manage overtime, absences, and sick leaves in a super-easy way. At a glance, you’ll have a clear idea of how long your staff are away for, whether or not they should be reporting at work, what specific type of leave they’re currently on, and how much leave they’re entitled to. It, of course, makes planning within your organization a lot easier.
Quickly Generate Payslips And Save Time in General
As previously mentioned, commercial payroll apps allow business owners to quickly and easily create payslips for all of their employees. And since most payroll management applications have templates that users can use, you can be confident that your generated payslips have the statutory minimum amount of information included.
It obviously will take extra time and resources for a small business to manually manage its own payroll than outsourcing it and using an app or software solution. A payroll app helps to speed up almost every aspect of the payroll process of your organization with a wide range of automated features.
Keep On Top Of Your Company’s Payslips And Tax Submissions
Some payroll apps have programmed different reminders to help users avoid missing on essential tasks and to get business owners up to speed the moment they sign in to the system. This makes it super easy for you to keep on top of your payslips and tax submissions.
Avoid Making Mistakes
It’s easy to make mistakes when managing aspects of your company’s payroll manually, but if you have the right payroll management app in place, things become almost error-free. Comprehensive checks and validation procedures stop business owners from entering any wrong information to the system.
Comprehensive Support Services
Aside from tutorials, reputable payroll app providers also offer comprehensive support services to users as part of the software package. Such an extended service aims at helping business owners deal with any aspect of managing payroll or help them solve any software issues that might arise.
As small businesses grapple with the daunting challenge of balancing performance and costs, the highest priority is placed on the need to focus on the core functions of an organization. Such a scenario requires maximizing process efficiency. The use of payroll apps to manage tedious payroll tasks is a starting step for replacing manuals with automation. The benefits above should be enough to convince every business owner to start adapting to the changes brought by technological advancements.