Best Dynamic Payroll Report Builder Tool
For stable growth, efficient reporting and analytics is necessary to study any organization’s performance. Traditionally this function depended on regular reports from various departments and branches of the organisation to implement regular changes for continuous improvement. However, Hive Payroll's Reporting and Analytics offers a simple yet phenomenal solution to this through its highly customizable “reports”.
Why Hive Payroll's Reporting and Analytics are better than traditional methods:
Reporting and analytics has always been an integral part for the development of any business. Although the Hive Payroll already revolutionizes the payroll function, our developers and experts wanted to offer an all encompassing solution for businesses. Generally, it requires extensive support from all departments for maintaining the documents and reports. The traditional methods for reporting and analytics have depended on physical documents and human evaluations or separate software. However these traditional methods have various redundancies which consume significant resources in the form of time, money and personnel. Hive Payroll’s “reports” solve various such issues through efficient integration with the payroll function which covers majority of financial aspects in any organisation. This allows executives and managers to generate elaborate reports without hassle. Clients will also get the latest technology through new functions and regular upgrades meant to constantly improve the standard of reporting and analytics.
Advantages of Hive Payroll's “Reports” over conventional reports:
Files and documents can often get damaged or misplaced making them an unreliable source for long term management of records. On the other hand, the presence of hackers and other bad elements on internet poses a risk to digital files too. These risks are reduced in the secure Hive Payroll.
Calculations and interpretation is prone to human errors which can lead to catastrophic damages. By using Hive Payroll, executives can create and/or check automated reports at anytime without such fears.
Traditionally executives need to communicate extensively or provide specific instructions to management for customising reports. However, HivePayroll offers immense possibility for customisation through a massive range of regularly updated “filters” and “templates” which can be used to generate elaborate reports.
Ex. Following is the customizable filter for Employee Report. Any time you can change following filters and save. So next time when you run your report you don't need to choose your filters again.
Hive Payroll's immensely customisable reports can help in generating specific reports instantly. This can help in checking various financial parameters of the organisation and help in making an immediate decision in response to sudden market changes or other factors.
Ex. Following how much we have paid to each employee for last quarter. And what amount Organization has to pay to Tax Department on the behalf of employees TDS.
The affordable pricing of Hive Payroll makes it available to small and medium sized enterprises. This also includes startups which cannot spend large resources for reporting and analytics. Saving cost on these functions can prove to be crucial for a business during initial phases. Large businesses can also significantly reduce expenditures for generating reports.
Usual methods for retrieving reports and performing analytics require managers to take request the accounts department and wait for their response. Small businesses and startups may not have a dedicated workforce to prepare reports which can delay the reporting process. However, Hive Payroll can perform this function from anywhere at anytime within minutes.
Ease of usage:
Traditional methods required extensive training and resources to prepare for the generation of correct and useful reports. Through Hive Payroll, preparing reports is a matter of minutes and can be even done by managers who have no experience in the field of reporting and analytics.
How Hive Payroll's Reports help in reporting and analytics:
The reports of Hive Payroll can be flexibly used for generation of a wide variety of reports. The basic Payslip Report allows executives to filter the employee payslips on basis of period, leaves, bonus and other components of the payslip to check expenditures, employee progress etc.
Executives can create any number of reports to suit their requirements. For example, they can create a Statutory Report to help in depositing PF or ESIC amounts to respective departments when they are run.
Specific reports can also be added to suit customer needs. Hive Payroll also adds new report types and improves the previous ones with regular updates. Users can always view the list of currently available “report types” to learn more about various reports and check for updates.
Customers can always contact the customer support at Hive Payroll to clear any queries and learn to use the reports in a better sense. These reports are highly useful for reporting and analytics functions as explained below:
The process of reporting requires organizing the available data into summaries which can provide useful information to monitor the performance of different areas within a business. This can prove to be extremely hectic with physical documents while also posing considerable hassles when the data is stored digitally using methods such pdf files and word documents. With the development of technology, organizations have started using software such as excel sheets for data processing. But they still require trained staff to enter the data and experts to gather and process it. This can increase costs during audits, tax payments etc. Hive Payroll integrates a large amount of information at a single platform which can be used to create flexible reports from anywhere. Managers and executives can create and choose various reports to be directly emailed on regular intervals and also check them anytime from anywhere using an internet device.
Companies need to use the reported data efficiently and explore more data in order to gain meaningful insights and improve the business performance. Analytics traditionally requires a large number of people trying to understand the relation between various factors of the company. While there is no substitute for human brainstorming, Hive Payroll certainly eases the function of analytics by making a large number of customisable reports digitally available in a single place. Numerous filters and templates are available to help with quick assessment which can also be edited to further suit the needs of the company. This can prove to be significantly important for evaluating and enhancing different parameters within the company using much less resources and efforts.