The core role of payroll software is to automate and simplify the process of paying salaries to company employees. Key functions of payroll are producing payslips, computing the benefits of the employees, and deductions. Calculating and filing returns, wiring payments of salaries to employees bank.
Payroll software comes in 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 good payroll software that any business can get value for their money by investing in it. By using payroll software, you can easily track your employees’ income and expenses on a day-to-day basis. In addition to these benefits, there are some other important features that should be taken into consideration if you’re looking to select an application that will work well for your company.
1. Employee Self-service (ESS)
This is a very essential feature any business should not do without since it enables employees to log into the system and access their pay slips without any intervention from HR. This in turn greatly reduces the time HR departments spends answering employee question in regard to their pay slips.
2. Payroll Tax Calculations and Filing
Taxes computations are the 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 embracing a payroll that gets rid of this burden and workload is a worthy venture.
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3. 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 in those small businesses can become a nightmare on time spent reconciling the leave days of each employee.
Businesses need to have leave management systems that help them manage the leave days of their employees. The system saves 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.
4. Human Resource Management
This being key management of human capital function in the business it can be quite laborious, time-consuming, and tiresome activity of managing performance appraisals and training manually on sheets of paper.
The business should therefore automate its performance appraisals and learning tools so as to increase the productivity of the business by decreasing the 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 a competitive edge over other same systems in the market.
5. Reporting and Analytic
Reporting and analytics have always been an integral part of the growth and development of any business. In light of this, we are going to review how Hive Payroll`s reporting and analytics are better than the conventional methods.
Security of data is essential for any business. Documents and files can easily get damaged or end up in the wrong hands but with Hive payroll, these risks are greatly reduced.
Digital automation is important since human is prone to errors when it comes to calculations and interpretation hence by using Hive payroll tools management can always rely on the reports without any fear.
Customization and ease of use make Hive Payroll user-friendly in pulling out reports in a matter of a few minutes at a click of a button.
Hive Payroll reports as well help a great deal in reporting and analytics. This has been made possible by Hive reports integrating a large amount of information on a single platform. This aids in making quick decisions because the reports are accurate and very reliable.
There are more useful features
6. Mobile Payroll Runs
This has become the epic of running 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 the HivePayroll system since from our review it has all the features of an essential and above-board system that really takes very well care of all HR organizational needs.