Cloud HR softwarePayroll Software

HOW A HRMS SOFTWARE HELPS IN STRUCTURING YOUR ORGANIZATION’S PAYROLL PROCESS?

By February 25, 2021 No Comments

Manual Payroll calculation is a tedious and labour-intensive task. If not automated, chances of errors remain high.
Although salaries vary from one organisation to another, certain common payroll elements remain the same within every organisation.
The Indian salary structure comprises various factors such as basic salary, allowances, gratuity, professional taxes, employment provident fund, ESIC, etc.
Employees can have difficulties understanding the salary structure and need the HR team’s assistance for understanding salary structures.
An HRMS payroll software helps the HR team in their daily HR tasks and personnel and payroll needs.
It also helps employees understand complicated payroll processes.
Automating an organisation’s payroll process helps efficiently handle all business activities, be it micro or macro.
Microbusiness activities include daily administrative tasks like attendance management, generating salary slips, calculating tax deductions, etc.
Macro business activities include a set of activities that help fulfil your organisation’s long-term vision. This includes business development strategies, sales, revenue, cash flow, etc.
By investing in an HRMS and payroll software, the organisation automates several micro tasks that help them focus on the macro functions.

A payroll HRMS software helps to structure an organisation’s payroll process in the following ways:
a.Statutory Compliance
It refers to the legal framework that organisations must adhere to. All organisations that hire employees and pay salaries need to comply with the labour laws. When an organisation automates its payroll with payroll hrms, it automatically complies with India’s employment and labour laws.

b.Automated Report Generation
Manually generating reports can be complicated and tiring. With an automated payroll process, organisations can seamlessly auto-generate employee reports related to employee attendance, salary structure, etc. This proves extremely valuable when looking to retrieve any information for any queries related to the mentioned reports.

c. Optimised Employee Information Management
With the hrms payroll software, the HR team can conveniently store and manage all employee information from a single place. They do not need to use any additional tools for this purpose.

d. Accurate & Time Saving
One of the most significant benefits of HRMS payroll software is that it is accurate and time-saving. Since all processes are automated, the organisation can eliminate all manual errors in payroll management. The payroll process receives accurate data to eliminate inconsistencies that result in a reliable and appropriate payroll process.
Automation of payroll management proves to be time-saving too. The HR personnel does not need to enter information for every cycle manually. Once the information is fed into the software, it handles everything perfectly. The only thing hr members need to do is new employee registration for every new hire.

PeopleWorks cloud-based HCM software from Cross-domain is ideal for structuring the current salary processes and deriving a CTC package.
PeopleWorks software will completely automate payroll processing to help the HR department simplify and automate an organisation’s payroll process.
It helps to align attendance, remuneration, overtime, and paid leaves, as per organisation norms.
The software helps you avoid disruptions, cost-cutting, and salary deductions and can increase employee satisfaction levels.
It performs crucial organisational tasks such as salary slip generation, presenting excess reports, tax calculation and more.

Benefits of PeopleWorks Cloud-Based HCM software:
Today’s market offers organisations several HRMs and payroll software to choose from.
What makes PeopleWorks the best?
Listed below are some of the fascinating features, which make the Payroll HRMS software offered by PeopleWorks the best in the Indian market
• The payroll software can be seamlessly aligned to match an organisation’s business needs.
• The HRMS software proves to make payroll processing and management quick, accurate & error-free.
• Organisations can invest in a flexible pay structure with the help of PeopleWorks HRMS payroll software.
• The software offers an automated channel for managing employee attendance records and leave management along with performance management.
• Organisations can create paychecks quickly, and they contain added calculations like increments, allowances, taxes, etc., that help employees understand the payroll structure better. Payslips can also be quickly printed in case employees need hard copies.
• Organisations can conveniently alter wage calculation via PeopleWorks HRMS software based on current financial conditions. This is done by adjusting the reimbursements and tax formulas on the software.

Organisations Receive Updated statistics on the go!
Apart from helping organisations assess salaries, the PeopleWorks HCM software will provide updated statistics on overall employment costs. It helps to keep a record of every employee separately. Organisations have the liberty to choose software based on the scale of the firm and use cases.
It covers all kinds of payroll duties like tax due, reimbursements, department bases employee expenses, and more. Organisations can further integrate the software with the accounting software via API. So, optimising and automating payrolls won’t be a tough call for any organisation anymore. PeopleWorks hcm software is indeed a saviour for the HR departments.

Frequently Asked Questions

HRMS payroll software can be tailored to any business. You may use the payroll management system to create paychecks for all of your employees rapidly. All necessary computations, such as taxes and allowances/benefits, are also included in these bills. Easy steps to process payroll / Hacks for error-free payroll process The payroll process includes the following steps: 1. Make a note of your company's identification number. 2. Gather pertinent tax information from employees. (applications for jobs, deductions, wage garnishments, etc.) 3. Establishing a salary schedule 4. Make any necessary deductions 5. Calculate net pay and gross pay 6. Pay your employees
Yes, in HRMS, payroll is a function that calculates and pays salaries, withholds the necessary taxes and deductions, and organizes the printing and distribution of paychecks.
HR should maintain HRMS and payroll software as employee morale is affected, and the financial stability and reputation of a company are reflected.