7 Advantages of The Payroll Software
The term 'payroll software' refers to automating the entire range of payroll tasks involved in calculating the employee's salary, calculating the statutory deductions, arriving at the amount of payout to be done, and ensuring that the estimated amounts are paid out to employees on time.
Traditionally, processing payroll is a time-consuming process repeated every month. With a single click, a payroll software calculates the gross salary, deductions, statutory compliance, and net salary for each employee and processes it instantly.
Advantages of Using Payroll Software
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Less Expense
Everyone wants to pay only for what they use. Even if it is a core function, organizations wish it to be managed using software that can scale up accordingly. Nobody wants to invest big right at the start. Cloud-based payroll software is available at monthly, quarterly, half-yearly, and annual plans.
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Easy to Use
Payroll software can be easily configured with multiple features, options, business rules, and policies based on your organization's requirements. All necessary inputs to payroll, such as attendance data, loss of pay information, salary structure, etc. are automatically pre-populated as other modules of the software are seamlessly integrated with it.
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Relief from Regulatory Aspects
Cloud-based payroll software provides you relief from keeping yourself updated about the latest laws, amendments, changes, and tax slabs.
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Easy and Fast Payroll Reconciliation
A payroll software enables you to verify accuracy in each payroll by using a variety of payroll reconciliation tools at your disposal. You can compare current and previous month’s payroll and also, customize salary register and payroll statements as per your needs.
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Generating Accounts JV
To have a smooth link between your finance and payroll teams, payroll software allows you to generate Accounts JV easily via:
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Extensive Excel output capabilities
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Multiple Reports Generation
The cloud-based payroll management system provides you with multiple reports, such as:
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Reconciliation reports
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PT reports
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MIS reports
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Ad-hoc and user-defined reports
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Inbuilt Leave and Attendance Data as Automated Inputs
Ideal payroll software will act as a single source of truth for all employee dimensions, which is supported by a strong integration framework. All necessary inputs for payroll will be auto-updated from leave, attendance, and employee database as and when needed. This saves you a lot of data entry and verification time.
