The core role of a payroll software is to automate and simplify the process of paying salaries to company employees. Key among functions of a payroll is producing payslips, computing benefits of the employees and deductions. Calculating and filing returns, wiring payments of salaries to employees bank.
Payroll software comes handy in automating the process of paying salaries so as to ensure it is done right to avoid penalties imposed by the government due to non-compliance. It is important to note in the fiscal year 2016/2017 the federal government of India fined small businesses to a tune of $ 3.67 billion due to mistakes made by their non- compliant taxes.
This makes it very necessary for any small business to onboard payroll software in their business. In regard to the same we are going to look at the salient features of a good payroll software that any business can get value for their money in investing on it.
Employee self service (ESS)
This is a very essential feature any business should not do without since it enables employees to log into system and access their pay slips without any intervention of HR. This in turn greatly reduces the time HR departments spends answering employee question in regard to their pay slips.
Payroll Tax Calculations and Filing
Taxes computations are a most dreaded task of small businesses because it requires a lot of time to crunch the figures manually for each employee.In the process of undertaking this process manually costly mistakes might end up occurring leading to paying penalties to the government due to non-compliance.
In order to remedy this payroll software should encompass this functionality of automating tax calculation and filing returns. In return of embracing a payroll that gets rid of this burden and workload is a worthy venture.
Time and Attendance Tracking
Businesses may rely on their very honest employees to accurately report hours worked by the employees of the organization but better still even honest employees do make errors, which might be very costly to the organization.
In order for a business to unravel this puzzle a time attendance system becomes part of the integral functioning and operation of the business. It then too becomes a mandatory add on feature of a payroll system. To increase productivity your business needs a cloud-based time tracking and attendance system . By using such software you can also simplify your work.
Managing manual leave schedules even of those small businesses can become a nightmare on time spent reconciling leave days of each employee.
Businesses needs then to have a leave a management systems that helps it manage leave days of their employees. The system saves on time at a click of a button in comparison to doing manual computations every time a report is required either quarterly or semi annually on how far the employees have utilized their leave days.
Human Resource Management
This being a key management of human capital function in the business it can be quite laborious, time consuming and tiresome activity of managing performance appraisals and trainings manually on sheets of paper.
The business should therefore automate their performance appraisals and learning tools so as to increase the productivity of the business by decreasing time spent on doing manual appraisals. The manual appraisals are subject to being misplaced and manipulated which is not possible with an automated process.
In light of this need from the business community therefore it becomes eminent that a good payroll software should have add ons of e learning portals and automated performance appraisals feature for it to have competitive edge over what other same systems in the market.
Reporting and Analytic
Reporting and analytic has always been an integral part of growth and development of any business. In light of this we are going to review how Hive Payroll`s reporting and analytics is better than the conventional methods.
Mobile Payroll Runs
This has become the epic of running a payroll in cases where the payroll manager forgot to do it from the office or is away on leave by a click of a button from his/her phone the employees are able of smiling all the way to the bank without worries of their payroll manager's absence.
In summary not to say the least we highly recommend Hive Payroll System since from our review it has all the features of an essential and above board system that really takes a very well care of all HR organizational needs.