Correct pay for a decentralised or scattered workforce is often a challenge for human resource teams. It puts pressure on them to implement a perfect payroll management system. To do so, HRs must make a checklist of the features according to their organisation’s operations.
Similarly, this blog lists 10 such features in payroll management software for you to count on. With these features, you (as an HR) get a head start. It will inform you about the latest features your next best payroll system must have.
Additionally, this listicle will simplify your decisions while shortlisting modern tools like uKnowva payroll software.
Find 10 Key Payroll Management System Features For A Perfect System Below:
Integrate salary information with employee data:
The modern payroll management tool must integrate salary data with existing employee data. This procedure is the next step in automating the monthly rollout of salaries to employees’ bank accounts.
Following this step would share the burden of every HR person or their team. Required manual hours to calculate salaries and deductions will be less. So HRs can focus on other critical areas to complete for managing and developing their talented staff on time.
Full integration with leaves and attendance management tool:
Before rolling out salaries on time, the payroll management software must integrate with the leaves and attendance tool. However, not every company might have an existing tool like that.
Fortunately, uKnowva offers both Payroll and Virtual Biometric systems. That is if you need to automate all calculations and deductions.
This integration will help HRs deduct the right amount from employees’ total salary. So there would be no wrongdoings or mismatches in the salaries at the end of every month.
Collaborate with the existing performance management software:
Another feature to perfect the existing payroll management system is by integrating with the PMS.
This will direct the system to assign bonuses to employees getting salary hikes or monthly incentives. So employees will start getting what they deserve. That is at every month end with such a system.
HR teams again would not invest hundreds of man-hours in calculating the bonuses. The integrated system can calculate the same on the backend to save time like a pro.
Smoother and reliable bank transfers:
Bank transfers should be reliable and smooth when using a payroll management system. This is an important feature HRs professionals must watch out for in their preferred tool. It will simplify sending out bulk salaries at the end of the month.
HRs won’t have to monitor the salary count or delivery report. The system can alert them about the success of the transaction at once. It can also notify HR about any error incurred during the transaction.
Most importantly, HRs can save monthly hundreds of man-hours with this feature. Later, employees won't depend on the HR person to get their salary credited on time. The system does it all with triggered actions predefined by the backend support.
Employee self-service portal for better job satisfaction:
A perfect uKnowva payroll management tool is one where the employee has self-serving features or a portal. They can check their payslips, download those in different formats, know about their tax deductions, and file their income tax reports.
They don’t need to depend on any HR professional anymore for such tasks. That’s why the self-serving portal saves every staff and manager’s time.
As the industry changes, more features could be added to the self-serving portal. For example, there could be a direct chatbot for an employee to connect with IT, Finance, and Admin support.
They won’t have to disrupt the HR person’s daily work to resolve their IT/Finance/Admin query.
Real-time tracking of reimbursement and conveyance expenses:
The payroll software is a perfect one to trust when it has expense management features too. HRs and team leaders must track their employees’ real-time expenses. These could be the travel, welfare, internet, medical, and other charges incurred.
The system must track these expenses and reimbursement too. Then, it could be included or deducted, as per the category, in/from the salary to be rolled out. This way, regularising each staff’s salary each month gets automated.
HR persons would have to monitor for a final audit before pressing the ok button to roll out the bulk transactions.
Accessible from mobile devices:
HRs and reporting managers must access a perfect payroll management system from anywhere. They will have different mobile devices. It should not become a reason not to access the software when in need.
Rather, the tool must be flexible and modernised. It should allow admins, HRs and reporting managers with the right credentials to access the tool whenever required.
This feature boosts mobility and flexibility of using it for final audits and the generation of reports on demand. Therefore, HR teams can easily use this system at any hour, from any location, using whatever mobile device they have.
Their daily payroll work would not stop. This means the workflow is seamless and flawless.
Convert salaries into international currencies:
This is an additional feature. Not every firm would require it. But it’s best to have it in the current or your next payroll management software. Because now the workforce can be from anywhere.
With the DEIB-oriented culture, your HR teams might hire employees from different countries. What matters is that the talent recruited must get their salaries on time, irrespective of their work location.
So it’s best to have the feature of converting Indian salaries and salary slips with international currencies. This will allow the foreign employee too to file their income tax return in their respective country.
Easy to configure and regularise:
Admins might need to regularise salary and salary slips often. This can be due to errors, glitches, or fine-tuning of the expenses. Plus, the software must enable HR teams and developers to tweak its functionality to suit the firm's standard operating procedures.
Therefore, the tool must have fully configurable and customisable features. This will give each HR person a delightful experience. Even the employees using the ESS portal would feel delighted to use it in the long run.
In fact, companies can strengthen their internal branding with a colour-scheme, templates, and illustrations in the tool.
Software must have a forecasting engine:
To be perfect, the payroll management system must also have a live dashboard for projecting the forecasts. These could be automated or on-demand. It depends on the forecasts and predictions the HR needs based on salary slips, salary amounts, or bulk salary rollouts.
These projects and predictions help HRs and admins to spot errors in the calculations or amounts, if any. They would also know which employee is the most deserving or who is not.
There could be further critical business decisions HRs can make depending on these predictions or live forecasts.
There is no limit on perfecting payroll management software. What matters is how HRs use and configure the features in the same. The software's overall functionality must make HR and employees’ work lives easier.
It should focus on correct rolling out salaries, predicting and projecting real-time data and analysis, and enabling users to access it anywhere.
These are only a few pointers mapped on the list. The points will grow and evolve to make a perfect tool when there’s a new demand. HRs have to sharpen their observations when it comes to payroll software trends.