A long time ago, when all the organizational procedures used to be manual, there was no detailed talk about the different processes in particular. But with the advent of technology and the growing market competition, professionals started questioning the inefficiencies in company workflow and shared the need to transform the traditional methodologies. Later came the multiple tools and software into existence that gave birth to the age of automation. Now, more than 90% of the industries are reaping the fruits mechanization. One such area is the Human Resources Department. And the most intricate of processes, i.e., payroll management is also walking abreast of the latest developments. As the current times call for upgraded technology and updated users, there are doubts, misunderstandings, and myths about the payroll system everywhere,
In this blog, we will talk about the 5 most common FAQs about payroll software that working professionals generally come across. Continue reading to know the answers…
1. Does payroll software only manage payouts?
Many people believe that ise online payroll software only meant for carrying out salary-related tasks. This is a very common myth because payroll systems are way more than that. The general features of a top-notch payroll management solution include integrated accounting, salary calculations & verifications, direct salary deposit, expense management, tax-related formalities, payroll data security, generating payslips, tax slips, and receipts among others
2. What are the benefits of online payroll software?
Incorporating software in any company saves big for the business. For instance, the fact that it facilitates automated calculations, reduced documentation & data management and minimizes mistakes saves a great deal of time. Also, the less involvement of employees, the controlled finances, and the eliminated payroll outsourcing partners helps to save a lot of costs previously incurred. Lastly, the saved energy of human resource professionals can be used to perform other important tasks and make better decisions.
3. What is the difference between HRMS and payroll software?
Human Resource Management System is an automated solution to mechanize the HR processes by amalgamating information technology with the system. It involves all-inclusive human resource processes such as hiring & recruitment, time & attendance management, performance assessment, benefits & compensation administration, employee engagement, and workforce planning among others.
Payroll processing is also an integral part of the HRMS software.
On the other hand, payroll software strictly manages functions that concern the calculation of payout and other related factors. (As mentioned in point 1)
4. How does the online payroll software function?
The employee data and company information are stored in the database of the payroll system. Now, all the relevant factors such as time & attendance, expenses, tax compliances, all the earnings & deductions are considered. Then, the final payout is calculated and released.
5. What makes online payroll software so user-friendly?
The employee self-service feature of the online Payroll Software or mobile app is what makes the system user-friendly. Using this function, the users can perform HR tasks on their own anywhere at any time ‘on-the-go’. Thus, the employees don’t have to run to the human resource or admin departments for minute queries and inconveniences.
If you are willing to get in-depth information about the functions of payroll software, go to HROne. It is one of the leading HCM suites in the country that not only streamlines the payroll processes but also makes the entire HR experience efficient like never before.