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The Benefits Of Using A Payroll Management Software Over Spreadsheets or Excel Payroll systems

By October 14, 2021 No Comments

Today’s modern businesses and organizations need to invest in robust payroll systems that automate their payroll processes.

Although spreadsheets have been an essential tool for handling complex business tasks and calculations, they are not well equipped to handle payroll processing and management.

Why’s that?

Let’s look at the drawbacks of using spreadsheets for managing payroll systems:

a.Human Errors

When using spreadsheets, HR personnel have no audit trails on the formula edit and perform automated calculations, leaving room for multiple errors.

Repetitive and Tedious Tasks

Various sheets are linked to each other to draft payslip and monthly salary statement. Every month this repetitive tedious task should be done to begin and end payroll process Unavailability of primary payroll document features like payslips, benefit details, etc

It lacks in building transparency on the calculation as payslips generated on excel need to be manually converted to pdf before sending it to the employees`. While running payroll using excel, you deprive your employees of enjoying the benefits of an intelligent HR Payroll system that automatically generates payslips and other important documents.

Wasting Productive Time In Formulas

HR teams that work with excel payroll systems invest significant time in adding rows, formulas, and rules. A single misspelled click can result in miscalculations that ultimately lead to repeating the entire process!

Multiple version of Excel files

It is observed that Spreadsheet based systems have multiple working files than actual consumed files. This builds confusion during reconciliation as most of the HR personnel get confused to open the right file during decision making calls.

 

Payroll management and processing go beyond complex calculations. It includes essential elements such as adhering to statutory compliances regulated by government bodies, including employee allowances, benefits, etc., according to job designations and organizational hierarchy, producing salary slips and more.

 

Automated payroll systems offer a centralized database that consists of critical employee information, simplifies payroll processing, and helps the HR team to focus on other priority tasks. 

 

Let’s take a quick look at the benefits of using payroll management software

  1. Every organization’s payroll information is sensitive. Automated payroll software offers organisations added security and protects sensitive payroll data by preventing unauthorized access.
  2. Automated payroll systems comply with all crucial statutory compliances like Income Tax Act, PT Act, PF Act, ESI, etc., regulated by the government; all organizations must abide by. 

People Works Payroll software helps organizations to comply with all compliances related to statutory compliances.

A payroll management software is scalable.

It means that it can easily be updated when tax and compliance laws change. This saves ample time on technical research and updates and ensures that the organization has access to critical data.

The payroll software increases employee satisfaction.

How’s that?

As the software is cloud-based and automatically updates payslips, employees can easily access the payslip records and other critical details practically from anywhere.

Employees can examine their payslips and benefits from anywhere on the go. the comfort of their homes. This increases transparency in the organization’s culture workings and boosts em

Payroll Stimulation

An automated control file like payroll stimulation can help HR personnel to authenticate calculation and avoid progressive changes done to the process.

Simplification of Investment Proof submission

An automated robust payroll software builds provision for employee to educate on latest tax saving options and also takes care on providing best tax plan to the employer understanding the tax implications for the year. HR personnel can easy sort this investment proof and match to the respective law and consider exemption while they calculate TDS on taxable income.

 

People Works Payroll management software is the perfect choice for your organization!

 

People Works payroll software focuses on automating your organization’s payroll process and management system by replacing spreadsheets completely!

It’s a cloud-based software that offers a centrally located database that stores employee payroll information securely.

Organizations can create policies that perfectly adhere to pay structures and include level and location-based benefits when using the People Works payroll system.

 

That’s not all. Take a look at the robust features of People Works Payroll Software.

  1. Manage all payroll functions effortlessly. Beginning from setup to payslip design to earning-deduction formula along with maximum flexibility.
  2. Level-based administration benefits along with updated changes that seamlessly align with employee promotion and job role change.
  3. Create comprehensive pay structures aligning with company policies.
  4. Quick online approvals from various departments focus on fast and straightforward settlements and any information sent to payroll.