Correct pay for a decentralised or scattered workforce is often a challenge for human resource teams. It puts pressure on them to implement a perfectpayroll managementsystem. To do so, HRs must make a checklist of the features according to their organisation’s operations.
Similarly, this blog lists 10 such features inpayroll 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 likeuKnowva payroll software.
The modernpayroll 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.
Before rolling out salaries on time, thepayroll 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.
Another feature to perfect the existingpayroll 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.
Bank transfers should be reliable and smooth when using apayroll 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.
A perfectuKnowva 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.
Thepayroll 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.
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.
This is an additional feature. Not every firm would require it. But it’s best to have it in the current or your nextpayroll 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.
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 theESS 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.
To be perfect, thepayroll 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 perfectingpayroll 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.
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A payroll software compensates your workforce on time. It meets your firm’s every distinct remuneration and expense management need. Though, such a system must be fully accurate, secure, and reliable for delivering on those purposes.
So choosing the rightpayroll software for your organisation is an educated decision. You must learn the pointers listed in this blog post first.
Then, you have ample knowledge to make a financially sound decision. Later, you can recommend the bestpayroll management system like uKnowva for saving on investment and management costs.
Apayroll software must provide enough facilities and features to frame compliance work and policies. Because most payroll errors execute the wrongly narrated and established policies in the software.
It usually happens because of ambiguity in the understanding of the policy work. Often, payroll software is too hard to understand fornew-age HR teams. But the perfect system to choose must enable teams to:
Framing and establishment of these payroll activities must be easy, secure, and dependable when choosing a perfect software.
The perfectpayroll management software enables you to set a payroll schedule for paying your teams and employees on time. It could be similar or entirely different for part-time and contractual labourers.
It depends on the paying policy the company follows. Whatever the case is, the software must allow HR teams to set different and distinct payroll schedules on demand. There must also be a provision to regularise, edit, and audit the schedule whenever needed.
This payroll schedule will optimise the payroll activities to pay employees on time. In addition, it will reduce payroll errors, duplicate payments, and other human errors.
The payroll schedule must be notified to the teams and employees. They can then manage their financial commitment based on this schedule. In addition, the software can help HR teams to send notifications about the payday if the employees are scattered around places.
Choose that payroll software where you can update, upgrade, or edit the existing taxation policies. Depending on these policy terms, salary payments of employees in bulk are possible and simplified.
According to these policies, tax deduction amounts can be deducted from each salary slip automatically. The same should be the case for foreign employees if you are hiring any.
So the system should be that flexible for you to enter different state and country taxation policies. The system will then integrate the employee location data with these policy terms to deduct and adjust tax amounts in their respective salaries.
This intelligentpayroll software helps HR teams save lots of manual hours and efforts in the long run. HRs no longer calculate each salary amount individually by cross-checking the same with heaps of paperwork.
The system executes the same paperwork in the backend and on the cloud server within seconds. These tax obligations also directly influence the:
So HR persons have to be smart enough to familiarise the software with the taxation policies to simplify their payment calculations.
You need a perfectpayroll software available on the cloud server. The days when HRs need to download and install heavy CRMs and PMS software are long gone. There’s no need for that tedious process anymore.
With the log-in credentials, HRs and employees can log into the system from literally anywhere. These systems can be compatible with modern mobile devices. Their compatibility upgrades with each new launch in the market.
This function improves the accessibility and usability of the software by different HR teams operating in the same organisation.
Your HR teams can check payroll issues and errors, modify them on the spot. They won’t need to go back to their office system and check on the errors.
This facility allows workers to work and contribute from remote locations as long as they have a stable internet connection. The computing system would not lag as there is no download requirement from the server’s end.
The rightpayroll management software to choose is the one that aligns with existing and upcoming employee data. After all, HRs seek the assistance of such a software because it saves time every day.
So you must look for this feature in the new-age and digitally transforming payroll software. Otherwise, there’s no use in spending and investing loads on a software that cannot automate the salary payments each month.
Additionally, this software must allow admins and HRs to edit, regularise, and modify employee data. It should be before the payments are sent across to employee bank accounts.
This way, HRs can easily overview the salary amount and rectify the erroneous employee details without prolonging the task. The system must also highlight the last changes made in the system for admins.
It will boost transparency between teams. For example, it shows how each HR person checks and approves other employees’ datasets.
This relates to educational qualifications, experience certificates, skill certificates, and other documents verifying the employee’s credibility.
The rightpayroll software for your firm must highlight and generate automated live reports. It shows predictable trends and recommendations to make payroll management more efficient in time.
It can highlight employees getting the right pay and outliers in the system regarding salaries, if any. The system can notify the admins in terms of errors, mistakes, or misclassifications too. Admins have to set triggered actions and responses for that to happen from the backend.
Follow through the 6 features that must be present in the future-readypayroll software for your firm. Then, try and invest in payment tools with all those features to give a delightful experience to each onboarded user.
uKnowva payroll system is one such prime example, though, to meet all your above-stated needs out of a system. It’s cloud-based, backed with AI and NLP intelligence.
Theimpact of payroll errors is often an increase in employee turnover. This is the worst-case scenario HR teams should prevent. At the same time, retaining an employee is also a continuous effort. But that does not meanpayroll mistakes should not be looked after.
HRs must have anHRMS system that allows them freedom from their daily HR tasks. Employees also enjoy their home-life flexibility when their salaries are on time.
Otherwise, many case studies conclude: theimpact of payroll errors is as negative as your outperforming employee wanting to quit.
In reality, HR teams are not aware of other dire consequences, as demotivating as employees leaving your firm. But you can read about them in detail below.
Note: you can resolve possible payroll horrors with a uKnowva payroll management software in your HR department.
The firstimpact of payroll errors is none other than financial difficulty or disability. Employees work at your firm for monetary purposes, keeping other factors constant. If your firm delays or errors in payroll generation, employees won’t get their salaries on time.
Delays in salaries mean non-payment of their EMIs, other personal life commitments, and unfulfillment of their dreams.
On the flip side, delays or errors in salaries are a complete payroll horror for the firm. It can end up underpaying or overpaying its dedicated employees. It would lead to imbalances in the company’s financial statements.
Even the finance department wouldn’t be able to resolve the issues without a reliablepayroll management system.
When these errors are continuous, companies feel the compulsion to lay off or wind up the affected business unit. It’s all due to either non-functioning or non-optimised financial stability.
The Workforce Institute ran a survey aroundpayroll errors and their impact on employees. It found that:
These statistical numbers only depict employee turnover rate hikes as the firstimpact of the payroll errors.
That means companies cannot take mistakes in salary generation or payroll lightly. They only end up losing their fit and high-performing employees.
After all, employees have their own home-life financial commitments. Companies are their only right and stable source of income. If that falters, they are compelled to look for another company with better and stable pay.
This impact is strongly related to the previous one. At times, companies can afford the loss of an employee or two. But the mass exit is a crisis. It’s the ultimate doom for the firm. And with continuous payroll errors, that is bound to happen.
To avoid this mess, HRs must start using anHR management system they can depend on.
Such a tool likeuKnowva’s automated payroll system streamlines salary slip generation. It’s integrated with registered employees’ data. Therefore, there’s no chance of human neglect, bias, or manipulation.
Companies might face the mass exit withoutautomated software to rectify and prevent payroll horrors. This will ruin their operational and financial stability.
The overall impact would make new hiring challenging for HRs. Hiring a talent pool of workforce in bulk at once is not easy. It takes time, cost, analytical, and technical skill set. That is why the right tech tools must be available from day one to the last in the firm.
HRs have to maintain a reputation: both externally and internally. Employees are the most important internal stakeholders for a firm.
They become loyalists, brand ambassadors, and evangelists for the outsiders. But that happens in due time. They have to receive an exceptional experience from the firm first.
However,payroll mistakes here lead to a bad and even worse internal reputation. If one or two employees don’t get paid on time, others are still observing this behaviour. So employees will start talking about it internally with their informal groups.
That would create anxiety, tension, and worry amongst the remaining employees about their monthly payments. Eventually, if payroll errors occur more often, employees lose trust in HR and the overall company policy.
Once that impression is created, employees start to:
The HR teams responsible for payroll and salary roll-outs will have to audit the errors. They will invest more time and ask around for documentation. It will only waste every other employee’s time and effort.
If more than necessary time and effort are given to audits and unnecessary inquiries for payroll, remainingprojects get delayed. This could lead to a bad reputation with clients. And then, it could impact another appraisal cycle of the employee.
The entire regularisation cycle only wastes the time and effort needed for another cycle of new employee deliverables.
This could also frustrate employees at one point. They will have to go back to their previous months’ emails, projects, and timesheets. That is quite a tedious task withoutHR management software used by the firm.
Eventually, the pre-defined productivity levels slow down because of this inquiry to justify/rectify payroll errors.
Theimpact of payroll errors is like the worst nightmare for an HR team. Both employees and the company get impacted adversely. From the five pain points discussed above, it’s clear how important it is for payroll to be accurate.
There could be many more impacts of apayroll error, as previously stated in the introduction. This depends on the company’s situation at the moment. In any case, HR and their teams must learn to rectify it first and then prevent it later.
Using uKnowva could be helpful for streamlining the payroll and expenses system in your firm.
Contact us today for more information.
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