Payroll is a significant part of the Human Resources department in any organization. However, the traditional methods for payroll function have become inefficient with arrival of modern technology over the years. Most small and medium sized enterprises still depend on outsourcing, or large teams from accounting and HR departments for payrolls.
At uKnowva, we are consistently working towards making business processes more efficient. Thus, we noticed that significant resources are dedicated to payroll function and decided to develop a completely digital system to replace the outdated methods effectively. The uKnowva HRMS is a cloud based platform which comes bundled with a module known as Auto Salary for disbursement of payroll to employees.
On comparison, the HRMS system immensely reduces the workload, which allows the payroll function to be completed within few hours as opposed to 7 to 8 days using traditional methods. Here’s how
uKnowva HRMS saves 10x time of your payroll process.
|Payroll Steps||Time In Man Days|
|Traditional Payroll||uKnowva’s Payroll|
|Calculate Salary for employees (Deductions, Attendance, PF …etc.)||2||0.2|
|Generate Salary Information and send it to the Accounts/Outsourced vendor||2||0.2|
|Verify/Approve the salary information and upload to bank portal for processing||2||0.2|
|Generate Salary slips||1||0.1|
Additional benefits of using uKnowva’s HRMS for payroll function include enhanced security with 2-way SSL certificates and a 2 factor authentication. The HRMS platform can be a significant contributing factor towards saving company’s time spent on manual activities and enhance company’s growth as it can perform various tasks automatically and save resources spent on various departments.
Therefore, small and medium sized businesses should incorporate the uKnowva HRMS to reduce unnecessary expenditure of time, money and employee efforts. Often, companies which adopt advancing technology stay ahead in the market and lead the competitors. So incorporate uKnowva HRMS platform into your business and give your organization the boost it requires.