Payroll processing is one of the challenging tasks for an organization as it includes several tedious processes and heavy calculations. However, HR technology can redefine the processes associated with payroll processing and make your organization more efficient.
Payroll processing can be done in a few easy steps with HRMS software:
- Let employees enter their data into their profile section and attendance system in order to process the payroll. This includes the name of the employee, their unique ID, bank account details along with other personal information, punch in and punch out timings of working days of employees, the number of leaves taken, and any extra hours of working.
- Predefine pay rates and deductions of employees at the time of joining as per their department and offered a position in the offer letter. Also define other fields for statutory tax compliances like central and state taxes, medical insurance, PPF deductions, etc.
- Automatically process paycheck in a few clicks with HRMS software once all of the employee data is entered and the pay rates and deductions are set up. You can assure that compensatory deductions, extra working hours pay, and other deductions are sorted.
- Credit salaries and generate payslips right in the banking accounts and inbox of your employees respectively on time without worrying about the miscalculations, thus saving your time and resources post payroll processing.
With HRMS software equipped with a payroll processing module, you can make the work-life of your accounts, finance, HR, and other related departments much smoother and easier. Along with reducing their workload, you can ensure the employee-centric experience and retain them for long. Additionally, you can maintain the metrics and dashboards to view the data related to payroll processing.
Start thinking of deploying an intelligent HRMS software for your system and making your workplace and work culture happier.
