With today’s advancements in HR tech, any business can afford the best possible payroll software. However, finding the reasons to have a payroll software in India is a must for every HR person.
One cause for having such a tool could be to reduce the manual hours. But there are several others to monitor and implement. If you’re one of those HRs confused to make a decision about the payroll software to use, read the blog post ahead.
Hopefully, you will understand the growing importance of payroll features in an advanced tool.
5 Best Reasons To Have A Payroll Software In India
1. Streamline the compliance work:
Every business or company has to look after the compliance work. It is related to the employee data and other company credentials. These completed compliances help a firm file tax reports on time.
However, without a payroll software in India, it’s a difficult task. HRs would have to spend hours to safely keep, audit, monitor, and regularise the compliance from every aspect.
That’s when payroll management tools like uKnowva overcome this hurdle. While using this tool, HRs have the right provision to automate their compliance work.
The tool will integrate itself with the latest rules and regulations prevailing in India and its states. There would not be any need for HRs to learn the tax slabs or calculators. They can easily depend on the payroll system (cloud-based).
Similarly, employees, especially new hires, will be given a list of documents they need to upload on the system. HRs won’t need to strictly follow up with them because of this feature.
The system will keep showing that the employee profile is incomplete if they do not upload all necessary credentials. This saves time from HRs and their team’s end to micromanage their employees for completing their compliance for salary and tax purposes.
And that is why this point is amongst the best reasons to have a payroll software in India
2. Safe continuously invested man-hours:
Payroll teams usually spend hours managing their employees’ data. They continuously have to monitor, measure, audit, and configure the reports as and when tax laws change.
This process ends up creating a lag in salary slip generation. At times, salaries again have to be regularised because of delays from payroll teams. However, they are not completely at fault here. Manual handling of documents and employee data is time-consuming.
That’s why the list of best reasons to have a payroll software in India is incomplete without this point. With a cloud-based payroll software, teams can depend on the functionality of this tool.
They can automate their daily and lengthy work. This way, payroll teams learn to focus on better and more critical tasks at hand. For example, they can easily generate salary slips, insightful reports, and salary deduction calculations in a few seconds. That’s the usability or utility of this tool.
It can easily save hours invested by a single payroll professional every day. And they later add more value to the business after freeing their hours from tedious, mundane tasks.
3. Reduction in human errors:
Payroll teams and professionals are prone to human errors: misclassification, miscalculations, delays in salary slips, negligence, fatigue, etc.
This impacts every employee negatively. They start losing trust in the company and the HR teams. It will lead to internal mismanagement and conflicts. People might want to switch companies in the worst case.
All these side-effects of human errors are prevented with uKnowva payroll software.
In fact, using this tool, tasks for payroll management staff execute on time. In addition, teams can get triggered actions for automating their daily critical, repetitive, and tedious tasks to complete.
The salary slip generation is also automatic, integrating with existing employee data. It automatically conforms to the tax laws prevailing in the employee’s workplace.
So there is no room for any error in handling employee data: their salary slips, salary calculations, or tax deductions.
When employees get paid an accurate salary and generate the right salary slip, they are happy. They connected to their job role and the company better with this experience. Eventually, they stay longer at times because of the automatic generation of their salary slips and salaries on time
4. Boost for HRs to add more employees:
The list of the best reasons to have a payroll software in India is even more important because of this point. A company needs to grow upward and onward. It has to work with a couple of employees leading different departments and projects.
However, working with bulk employees is challenging if the payroll management isn’t automated or streamlined. This would lead to mismanagement and chaos internally. No employee wants to work in a firm where salary generation is not on time.
But with a trustable, on-cloud, AI-backed payroll software, HRs and their teams are at ease. They can help the company grow by looking forward to onboarding more employees. It would not burden them at all.
Every salary calculation, tax reduction, taxation filing concerns, and compliance work is taken care of by the system. All such work is transparent on the tool. Employees can check their compliance, leaves, and salary slips for any given month whenever they like.
They can also directly connect to the payroll team through the payroll instance on uKnowva. This would save time for employees to resolve their urgent queries without delays.
As a result, HR teams can hire and manage multiple employees. There is no chance of chaos or mismanagement when this system is actively used.
5. Reduce fraud or manipulation:
Everything stored in the system is transparent and easily accessible to the admin. There is no opportunity for fraud when companies use a payroll management system.
That is because such software also works on assigning different roles and permissions. An employee usually does not have permission to edit the salary data. They can simply check their salary slips and other compliance work.
HR and their teams can closely monitor the updates on the salary slips, tax laws, and compliance database. Whereas, admins of the payroll system can approve or reject the changes requested from any end.
Conclusively, this point is among the most effective reasons to have a payroll software in India. It prohibits employees from editing or removing any payroll data by intention or negligence.
Reasons to have a payroll software in India are many. But the five amongst the ever-growing list are curated and explained above.
From these points, you at least understand how this HR tech is helping HRs and payroll teams daily share their responsibilities.
Even employee management and company growth have ample growth potential using this software.