With HivePayroll, you can track your payroll data for various departments or business units in one consistent and consolidated reporting model. You can analyze and benchmark your data to understand your payroll cost elements, workforce cost and time management. To go I further details, you can drill down the reports to identify patterns, performances and outliers efficiently
Why HivePayroll’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 HivePayroll 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. HivePayroll’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.
How HivePayroll overcomes the limitations of traditional methods
Traditionally, organisations used to complete the payroll function through the accounts department or outsource it to another organisation. But these methods depended on humans and had numerous faults. To overcome various issues faced by traditional payroll function methods, our developers and experts came up with HivePayroll to offer a secure and automated solution at affordable costs.
HivePayroll is flexible in use for generation of a wide variety of reports. The basic Payslip Report allows payroll manager to filter the employee payslips based on period, leaves, bonuses and other components of the payslip and to highlight individual or group of employees’ outliers. The payroll managers can generate any number of reports to meet their requirements. Custom reports can be added to suit customer needs. HivePayroll team works on improvement in existing reports and introducing new reports on regular basis. Users can always view the list of currently available “report types” by logging in their system anytime.”
Payroll reporting provides list of documents which can help your management in HR decision making, controlling labour costs & overheads, and deciding profit margins. A payroll report normally includes specific financial and tax information, including salary rates, hours worked, state and federal income tax rate and slabs, TDS, employee leaves, holidays, and overtime etc. HivePayroll’s reporting helps you in optimizing organization’s labour costs, worker’s shift management, taxes, employee benefits, stay on budget and manage your business efficiently. HivePayroll integrates a large amount of information at a single platform, which can be used to create flexible reports from anywhere anytime. Managers and executives can create and choose various reports to be directly emailed to them on regular intervals and check them anytime from anywhere using an internet device.
Businesses need to use the reported data efficiently and explore more data to gain meaningful insights and improve the business performance. Running analytics can be expensive exercise for small and medium sized businesses, as this requires hiring of a large number of people at expensive salary. While there is no substitute for human brainstorming, HivePayroll 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.