The science behind payroll management system.docx
- 1. The Science behind Payroll Management System Payroll management is a comprehensive exercise which deals with salary, allowances, deductions, leave, attendance and other wage-related aspects of employees in your organization. This is a manually intensive job that calls for meticulous attention to each detail. Further, there is a scope of deliberate or inadvertent alteration of remunerations payable to certain employees. Responsible clerks can connive with chosen employees to unscrupulously favor them. Payroll Management System is the comprehensive outsourcing answer to the entire array of your organizational payroll related requirements. What Do You Mean by Payroll Management System? It essentially means that all payrolls related tasks would be taken care of by outsourced HR partner. Intelligent proprietary software is deployed for catering to an entire array of payroll related jobs. The system is all-encompassing which implies that employee payments, as well as leave, sick, absenteeism, overtime and other components, are flawlessly maintained and updated. At a glance, both managers, as well as employees, can go through payment and leave details of selected personal numbers. HR managers can better plan and manage manpower with the help of intuitive system. Is Payroll Management Through Outsourced System Effective? Yes, manual intervention is eliminated to a large extent. Only the rudimentary data has to be provided in the system. Based on that, different Payroll management system modules would work in tandem to generate complete information matrix for employees. For example, you can connect the payroll system to biometric attendance recording system of the employees. The interfacing would allow the data to be channelled into the payroll system and would be readily available for manpower planning. Employees too would have to apply for leave from the system. This would give you a fair idea about the kind of leave employees are applying for. Further, no two employees assigned to a given responsibility would be on leave simultaneously. Is it Cost Effective? Payroll Management System leverages your business’s bottom line with its cost-efficiency. There is significant scope for reduction of human resources deployed for trivial payroll related jobs. Further, a convergence of all information at a single place helps immensely in making strategic decisions. Possibilities of manual errors or systemic flaws are eliminated completely. The expeditious manner in which you can track manpower engagement leaves you time to attend to other professional chores. Web Based Payroll Management System can also be accessed on smartphones. The installation, company-wide deployment, and annual license fee of the system are nominal compared to the benefits accrued. Payslips of all employees are spontaneously generated with all information at www.paysquare.com
- 2. one place. Since the system can be accessed online, there is a significant saving in printing costs. Preparation of Form 16A and ensuring compliance with taxation rules become really easy with all information readily available in real time under one roof. The system also generates reminders about important tasks to be completed and compliances to be ensured. In this manner, your organization does not run into any legal hassles due to inadvertent delays. Overtime costs can also be effectively controlled through better insights into leave and manpower deployment. The ease with which the system can be operated ensures that you need not subject every employee to extensive and costly training programs to get acquainted with it. Since the system is managed in-house, there is no scope of confidential information being disclosed to third parties. You can also get your IT team to develop an additional layer of security authentication. Payroll management with the sophisticated and automated system by your outsourced HR partner really spells a world of advantages for your organization. Try it to experience the benefits. www.paysquare.com