Calculating compensatory packages requires the processing of much minute but extremely vital information. If done manually, it is prone to errors, compliance issues as well as time-taking and an extremely onerous task. But the use of the HR software ensures its completion within a fraction of the time that is required, if done manually.
Some of the important benefits generally associated with this software are:
- Compliance improvement: While calculating and disbursing salaries, it is very important to calculate the company tax liabilities, file them within the given deadlines and generally ensure that the company does not incur any penalties or hefty fines. This software, once installed, gets updated regularly and is thus in sync with the tax compliances that are required of the concerned company and keeps acting accordingly thereby saving both money and time.
- Comprehensive process: The Payroll software, once installed, is able to:
- Calculate net income after making the necessary deductions such as retirement savings, insurance, taxes etc.,
- Prepare the required tax forms as needed by the employees for their income tax calculations, contractors and the company itself for filing commercial tax returns etc.,
- Effortless record keeping wherein all records are electronically stored in a cloud based HR software so that they can be accessed, appended and deleted easily thus keeping them eternally organised,
- Flexible enough to be able to cater to the individual needs of the company based on its size, employee strength, business volume etc.,
- Self-servicing thereby giving employees the ability to directly interact with and access their individual personal information like pay history, benefits, hours worked, deductions made etc.,
- Cloud based which makes it easy to access it from any location remote or otherwise.
Another very important aspect of the use of this payroll software is its ability to streamline the crucial process making cross-referencing easier. This leads to better decision making, which in-turn ensures better revenue generation for the company implementing the software.