As a growing organization, you require a more streamlined approach to run your business. One of the major challenges that a company faces with growth is payroll processing. Payroll can be quite a stressful and time-consuming task as your team grows. Therefore, to run a successful business, better management of incoming and outgoing revenue is crucial. Payroll being a good chunk of your company’s revenue, it is important for organizations to develop and implement correct control measures to handle the entire process efficiently.
Hence, it is crucial to identify your requirements and understand the benefits of the right software that is apt for your business needs.
Payroll + ERP = operational efficiency
Today organizations need a solution that can manage their workforce smoothly. In addition to this, enterprises are looking for that ‘one solution’ which can take a more active and effective response in coordinating the functions of payroll and finance departments. By integrating payroll management software with ERP, you can smoothly move data from one system to another. This integration will help attain real-time information and encourage better decision making and planning. Decreasing chances of human error, increasing operational efficiency and providing accurate information are some of the advantages of implementing a robust and integrated business management software. Additionally, the solution is also expected to be connected seamlessly with Government agencies, banks, e-Commerce platforms, payment gateways, customer support system, EDI platforms, and so on.
Advantages of having a connected ERP system
By integrating payroll app with ERP, you can automate your entire payroll processing -calculations for wages, bonuses, and other forms of compensation based on the company’s defined policies. The system gives the flexibility to organize employees into groups as per the designations and pay scale for uniform payroll calculations. Accuracy and timeliness in payroll keep your employees happy.
Some of the other advantages of having a connected payroll and ERP system are as follows:
Smooth exchange of information: A connected system is a smart software that can communicate and exchange information with other participants in the ecosystem. It can be connected seamlessly with Government agencies, banks through NEFT, e-Commerce platforms, EDI platforms, payment gateways, customer support system and so on.
Automate compliance with regulation: With a cloud-based integrated system, SMEs can stay compliant with region-specific regulations and tax laws. Since the software is an integrated cloud-based system, all payroll and HR related data are stored securely for both existing and ex-employees. You can also automate CPF calculation and e-submission files. Tax and retirement calculations can be done based on the latest regulatory requirements.
Increase productivity: By automating the routine tasks, enterprises can easily capture all the information required to prepare your payroll process. This step helps resources utilize their time in other productive works.
Payroll calculation control: Payroll processing involves calculations, disbursal, pay slip generation and payroll tax management. Additionally, overtime calculation, leave calculation, attendance reconciliation, claim reimbursement, and payslip distribution are also a part of the payroll process. With templates and predefined components, enterprises can automate this cumbersome and error-prone process. Hence, there is a quick preparation of payroll, better time management, and enhanced productivity.
Easily accessible system: This is the era of smartphones; therefore, an application which is accessible over iOs, as well as Android, is the need of the hour. With cloud-based mobile apps, employees can quickly view their payslips online. This feature facilitates enhanced employee experience. Employees are empowered to be a part of the HR process as they can personalize their profile. Consequently, it reduces the burden on payroll administration staff and eliminates errors associated with multiple entries.
Organizations must not get confused or compromise over a business software. It is the building block of your setup. You should believe in long-term investments and purchase the right solution as per your needs. An ideal software should be able to decrease manual efforts, encourage better time utilization and overall enhance your company’s productivity. With a cloud-based solution, there is a significant reduction in costs and errors during payroll. Additionally, the software can be accessed via any mobile device – smartphone, laptop or tablet. With automation, there is a massive reduction in employees’ manual efforts, thus, helping in better time management and increase in productivity.