Having the right payroll software depends on the organisation’s size and business. But choosing it right is what matters first. For that, HR and finance department people have to be on the same page.
They will be working and using this software for auditing periodic salary disbursements and the outflow of expenses/cash. Also, such software must provide the best of the best capabilities to execute necessary payroll services with excellence and ease.
To learn how to choose a software for managing your payroll, read the detailed blog post ahead. You will get the best buying guide here as I am writing it from my firm’s experience over the years in payroll management.
Choose The Right Payroll Software Which Has These 5 Features Or Competencies To Deliver On Effectively:
1. Automated payroll/payslip disbursement:
Companies need to disburse salaries every month. It’s time-consuming when employees keep coming in and out of the organisation. Literally, it’s hard to track their status and then calculate the salary to disburse.
That’s why your organisation needs the perfect payroll management software. It must free you (human resource person and teams) from calculating salaries for hours. Rather, it takes seconds or minutes for the entire tool to put together all the salary slips of active employees.
Then, another half an hour or so for the human resource team to audit the salary amount. It’s an overview. That is also mostly not needed if the employee’s information entered in the system earlier is correct.
So the payroll software will initiate the payroll for the entire staff on the triggered data. Admins or the senior management can choose the date for rolling out these remunerations on time.
2. Statutory compliance is set and complete:
Companies need to file tax returns, and so do employees earning their income there. So the payroll services must include the completion of statutory compliance.
For that, the software must deduct the necessary amount from each payslip. These deductions are most commonly, but not limited to: medical insurance/expenses, loans & advances, EPFs, professional tax, ESI, etc.
The payroll software must recognise how many deductions should be there, considering state and country tax laws. This will ease the responsibility of all parties to calculate the returns they have to file for.
3. Fully customisable and configurable classifications of salary components:
While writing down salary heads/overheads, HRs must have the levy to change or modify the classifications. Each organisation might have numerous headings to add or deduct from each employee’s salary.
No two organisations will have the same headings or titles of those expenses or revenues credited in the payslip. Therefore, the modernised payroll management software must have this feature.
It will improve the employee and human resource manager or team’s experience throughout. They can tweak the names or titles whenever a new expense or income gets added to the payslip.
Also, such changes could be for particular employees. It’s not compulsory that such modifications should be set for every employee.
It depends on the situation. Some employees might be entitled to new and better incentives because of their exemplary performances. Therefore, the system has to be flexible in this aspect.
4. ESS portal for employees to complete their details:
In a growing company, it’s impossible for HRs to always pay attention to every employee. There has to be a self-serving employee portal. It will benefit employees for uploading and completing their portfolios and profiles in the system.
They will be notified duly to upload a setlist of documents. Then, they do not depend wholly on the human resource executive. They can upload these credentials to the payroll management system themselves by looking at the list.
The text and CTA buttons are very large or medium. Basically, the text is easily visible even to visually impaired employees. That is to improve employee experience at every click on the portal.
Later, employees use different helpdesks embedded in the ESS. Through this helpdesk, they can directly reach any support system they want to be in contact with. This could be a helpdesk for HR, Finance, IT, and operations teams.
Assigned admins handle these queries and chat boxes if a large company has about 100-1000 employees.
Ultimately, there will be no errors from employees in getting familiar with the system and completing their profile. If any document is wrong or not updated, the system can notify them.
Additionally, they can check for their salary amount due. File for reimbursements. Download a particular month’s salary slip whenever they would like to.
The automated uKnowva payroll software sends them an email for the salary of the particular month. Therefore, again, employees do not have to seek HRs for their payslips.
5. Safe bank transfer online:
Disbursing salaries in bulk isn’t easy most often. HR fear server error, downtime, lag, or payment failure. You must trust a payroll software that guarantees 99.99% uptime of its server.
That is the least the modern payroll management tool like uKnowva offers to their clients. With this feature, employees receive their salaries on time without unnecessary delays or breaches of trust.
With this seamless experience, employees prefer to work for your company long enough. They tend to become brand loyalists and ambassadors in time if they know their financial stability is intact.
Rest assured, the system integrates with every actively registered employee profile. From there, it catches and reads the bank account details. Therefore, it’s easy to disburse those salaries without manually entering each employee’s bank details repeatedly every month.
Additionally, this is amongst the most favoured payroll services a software must offer. Nonetheless, it takes in different bank account details at once. So employees have nothing to worry about not having a particular bank account for receiving their salaries.
This promotes flexibility and security in rolling out salaries online directly to different bank accounts. It could also be possible for employees working from foreign locations.
A payroll software that you choose must have these features explained earlier in the blog post. Without these features, managing workforce salary payments isn’t going to be smooth, flawless, or error-free.
People will grow cautious and anxious if their salaries are not on time. And you cannot afford that negative impact on your staff.
Therefore, new-age companies must never take the matters of payroll services lightly. They must invest in a tool, in-house or outsourced, to manage the automated disbursement of salaries on time without errors.