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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Before the modern advancements in payroll software, salary slips were manual. With a better tool, there is no more HR dependency on spreadsheets. So learn aboutmust-have payroll software features to improve knowledge if you’re an HR or in their team.
This knowledge ofpayroll management tool features will make your life in HR easier. Salaries would be on time, and so would be the slips. Employees would trust you and the process more. Appraisals and audits of employee data can be streamlined.
But let’s know more about what apayroll software, uKnowva, can do for your HR teams.
The latestpayroll software features must include the integration of employee data. HR teams would no longer manually enter the salary-related data by having this feature. Instead, the tool can generate whatever employee data and insights are demanded by the teams initially.
Themust-have payroll software features also include the completion of statutory compliance. Therefore, it should already mention the documents to be uploaded and required as per the Indian laws and regulations.
This way, neither HRs nor employees are dependent on one another. The system should constantly send reminders for uploading their necessary documents. The verification of each employee is easier this way.
Also, then thepayroll software can generate documents like PF, gratuity, payslip, and more effortlessly.
HR teams need dashboards. From there, they learn more about employees than they do in person.Dashboards can easily tell HRs figures that directly impact the employee productivity, efficiency, and payroll generation decisions.
These dashboards should be easily usable, accessible, and configurable. As each organisation has different branding and UI/UX needs, the payroll software must have that flexibility.
This portal will allow automation of publishing salary slips in the employee profiles. So the employee can access, view, save, or download their payslips whenever they want.
With an ESS portal, an employee can also make income tax declarations and choose their tax slabs accordingly.
Some admins might allow that provision to the employees using ESS. Whereas some might not. Company policies matter here in thesemust-have payroll software features. But the accessibility of fully using ESS will only improve user and employee experience at every touchpoint.
Payroll complexity increases when the employee count hikes in the firm. As a result, HRs find it difficult to generate audit reports for all those employees at once and on time. That is why must-have payroll software features must include auditing reports.
The analytics integrated with the system will allow HRs to edit, configure, overview, access, and download these reports on demand. In addition, it makes the process of employee data for auditing purposes easy and flawless.
There would be no time wasted when reports are generated within a few clicks.
uKnowva payroll management tool can integrate with the bank accounts of the company and employees. This way, transferring and rolling out salaries on a fixed date is possible and automated.
HRs won’t have to input employee bank account details repeatedly manually. Instead, feeding the system with bank details once would be enough.
Payroll software features must include flexibility to define salary structures. Then, it should also allow you to create your formulae for calculating salaries in bulk for various employees across functional departments.
As an HR, you must define and configure different job roles and the salary structure associated with each such role. That is a task you have to execute for every new job role in the firm. But it will generally happen only once.
After that,payroll software will initiate the salaries as triggered by the predefined actions from the backend.
Payroll generation for employees directly connects with employee leaves and attendance remarks. That is why the payroll software must integrate withvirtual biometric installed in the firm.
This way, HRs don’t have to manually check leaves allotted, applied, or rejected for employees. The system would do the work and calculate the salaries after adjusting holidays provided to employees for that period.
Later, HRs can check or audit the final payslips before transferring salaries to individual bank accounts.
This could be an add-on to the list of must-have payroll software features. If your company hires employees outside India, this becomes a necessary feature. Even if you have clients outside India, you need this feature.
Then billing your clients and rolling out salaries for international and domestic workers would be seamless. However, if you’re only operational in India, it’s your management’s choice to introduce multiple currencies or not.
This feature will benefit you as your company grows and expands to other countries in the long run.
A payslip format differs for each company. There cannot be only a single format. Companies have different categories at times that directly define an employee's salary. Plus, not every company is giving the same incentives to their employees.
The point here is that there should be a fully customisable feature available to HRs and their teams. Then they can edit and audit leaves (rejected/allotted), over time, and other incentive heads in the payslip. That is for each employee or in bulk.
Later, HRs can fix that format so they won’t have to adjust the template every month manually.
Companies often offer additional benefits to their employees. Those loans, advances, and bonuses. Employees have to pay back interest rates for loans and advances. At the same time, they get credits of bonuses in their salary slip as incentives.
These categories must be reflected in the payslip because it helps calculate tax deductions properly. There could be other types of funds or loans taken by an employee from the firm. Every such bonus or loan interest payment must reflect in the pay.
So we can say it’s an important part of themust-have payroll software features for a growing company.
For a departing employee, a lot of calculation has to be in place – be accurate even. Unfortunately, during these calculations, human errors are possible. That makesfull-and-final settlement difficult.
Butmust-have payroll software features enable HRs to settle unattended leave balances, ex-gratia, PF, bonuses, holding amount, etc. This way, the final month’s salary calculation for the departing employee is easy and seamless.
Final audits can also be verified from the employee data registered in the system. So there’s no chance of any miscalculation, misconception, or misclassification.
12 must-have payroll software featuresare written carefully above. A few cases are also mentioned as examples of the usability of these features. HRs must understand these features before investing business funds.
Their best payroll management tool should be on-cloud and backed with AI intelligence. This way, it’s easy to follow the market and industry trends in terms of payroll & expenses.
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.
HRs and the human resource sector take the payment of salaries for granted most of the time. Unfortunately, that’s one of the significantpayroll horrorsto get rid of when working in a firm.
It can happen when proper salary or payroll system is not in the firm. So salaries become difficult to calculate with multiple revisions and provisions.
Each employee has a different salary bar with various incentives aligned with their job roles, conforming to the company policy. However, it takes many manual hours to verify salary roll-out tasks at the end of each month.
But when HRs delay salaries, employees get upset. They start to lose trust. Eventually, they will look out for another company if this ignorance or negligence continues.
An HR has to face many other payroll horrors and learn disaster management at work.
So this blog teaches you about the top 6 payroll horror stories and examples. Reading those, as an HR, you can understand why it’s essential to roll out anautomated payroll system as soon as possible.
Human errors like misclassification of employees can occur anytime while calculating monthly salary manually. This way, you either underpay or overpay the concerned employee.
This will distort the internal branding of your modern and growing firm’spayroll management system.
It is something you want to stay away from at any cost – be it a big or a small firm.
When employees see that you don’t classify them correctly, they might start misusing that disadvantage. This could happen more in the case of contractual labour workers who get paid higher mistakenly.
Additionally, internal management conflicts can arise if you are underpaying an employee because of misclassification of their role or job title.
Without the enablement ofpayroll software in a growing company, this could be a significant issue. Miscalculating the salary of an employee (s) could be troublesome and loss-bearing for the firm.
If not addressed or rectified on time, the company would start becoming unable to pay the right salaries to their deserving employees. In addition, it leads to massive conflict between employees and the management.
The HR personnels are put on the standpoint to justify the miscalculation mistake. Such people can lose their job if the error is too high or in bulk.
All in all, this case helps no one. On the contrary, it only leads to frustration because, eventually, the company has to carry out the calculations again. This process will be time-consuming and require man-hours.
Employees will start growing disconnected and dissatisfied with this company culture. And we all know what happens when employees don’t trust the company: they start looking elsewhere.
That’s why it’s one of the dreadedpayroll horrors to get rid of. However, that is possible with a stable, reliable, and dependableuKnowva payroll management system.
Calculations are easy and automated. Therefore, there is less scope for human bias or manipulation using this tool in growing and modern Indian firms.
Another one of the payroll horrors to talk about is the absence of leaves and an attendance management system.
HRs might not have a factual idea about the leaves allotted, applied for, and rejected concerning their employees. That occurs when there is no system to track the live attendance and work hours invested.
In that case, calculation of salary is nearly impossible. Because without knowing the leaves and hours an employee worked for, how can a company roll out their salaries? If they do so, there will be a huge salary pay gap. As a result, some employees might receive over and underpay.
Then HRs will be responsible along with the management. But, again, it will be a disrespectful experience for employees. They won’t want to work in such a company.
Their only solution or alternative is to look for other jobs. This increases the attrition rate and creates a negative image for the company in the market.
Payroll or salary generation and roll-outs have to be on time. This is the first expectation from the employees out of the company when they join the firm. When payroll is delayed, employees feel betrayed and confused.
They are not sure what is taking the company so long to give employees their salaries for the hard work of that month. If this negligence continues, even employees would take a backseat and not perform well.
Gradually, they will want to switch to a company with a better policy for such episodes ofdisaster management at work. However, if there is any delay because of a technical error, employees must be notified in advance.
But this error must not occur every month. Otherwise, it shows that salaries are delayed deliberately. This ignorance and unprofessionalism will put off employees, which leads to them leaving the company sooner than expected.
Employees are clocking in for long hours because they either find profit or purpose in the assigned task. No one likes to work extra hours. They all have a personal life to maintain.
But if the company is not paying them for overtime, there is again a great level of disappointment amongst employees. This becomes one of the most talked-aboutpayroll horrors, which are difficult to rectify if the branding is impacted.
So companies must have auKnowva payroll management system. This tool helps automate incentives and overtime hours.
That is possible the payroll system is integrated with the hours clocked in. And employees are working extra hours, they will be paid for the extra time as well.
Every hired employee or contractual labour has taxation liabilities if they are earning regular income above the given exempted tax slab. The company has to help them deduct taxed amounts from their salaries and directly file the same to the government.
But without modernpayroll software, there might be miscalculations. If that happens, it’s again one of the most unprofessional payroll horrors. The final obligation to sort out the taxation would be on the employee.
Their CIBIL score could get hampered if the taxation amount is not filed or deducted properly.
Eventually, employers too have to participate in regularising their employees’ taxation amount. Because negligence and ignorance of calculating the right taxable salary won’t lead to negative internal branding.
Payroll horrors are not easy to solve. However, they must be addressed and talked about on time – even in small and growing companies. Because if HRs are unaware of these mistakes, their employees will suffer.
If employees suffer and receive aterrible workplace experience, they won’t act productive or remain loyalists to the brand.
Thus, it’s best to have anautomated payroll system in advance in the company. This helps remove all possible human errors, including bias, fatigue, miscalculations, and misclassifications.
The modern business world is quite demanding. More so when it comes to human resources. Skills gaps, talent shortages, and employee objectives that are aligned with company objectives are just a few problems that HR professionals face.
It becomes increasingly difficult for HR to shift its focus away from routine tasks like payroll, performance, payroll, performance, and leave and attendance and onto the strategic side of the organisation.
The most crucial responsibility of the HR department is payroll processing. Wage, bonus, and reimbursement calculations, as well as appraisals, are all part of this process. Pen and ink, calculators, and spreadsheets were used to manage payroll processing manually.
All of these were prone to errors and took a long time to complete. Employee unhappiness and disruption might result from incorrectly paid salaries.
By taking A modern approach to the challenges that arise in Human Resource functions, HRMS has revolutionised organisational processes. These softwares manage, maintain, and automate employee payments, whether on-premises or in the cloud.
An HRMS Payroll Automation tool that is robust, integrated, and properly designed can help businesses of all sizes stay in compliance with tax laws and other financial rules while also lowering costs. This frees up human resources staff from regular activities, allowing them to devote more time to strategic planning, budgeting, and other forward-thinking efforts.
Since it's difficult to control what goes on behind the scenes in the payroll department, integration with Employee Self Service (ESS) portals is critical for bringing transparency between the HR department and employees.
Integration of a system such as eSSL reduces the possibility of errors by automating the entire process, whereas ESS ensures that the employee has all of his information in one place and is informed about changes in HR policies.
uKnowva’s HRMS is a state-of-the-art software that is produced by incorporating cutting-edge information technology with HR software operations to assist businesses with payroll processing in accordance with all legal requirements. uKnowva is striving to bridge the 'digital divide'.
Its HRMS platform is designed with scalability and usability in mind. With new age business solutions, this addresses HR challenges, bringing together workflow, cognitive insights, and intuitive user interfaces. uKnowva also integrates with other essential business systems to ensure that employees are paid correctly, on schedule, and in a timely manner.
Employees can usually modify their personal information, payment preferences, and other details via the software.
Digitising your payroll system eliminates the risk of human mistake in the payroll process and saves departments countless hours calculating employee sign-ins, salaries, and tax withholdings, among other things. HRM solutions are inexpensive and can be accessed over the cloud. They also do away with the necessity for a payroll professional.
You'll have more control over your payroll procedures, and you'll be able to generate reports and backups as needed. HRMS takes care of all of an organisation's payroll and other administrative issues. It is appropriate for all sizes of businesses, whether small or large.
Payroll systems for employers become a dependable and simple way to configure, and versatile enough to manage and automate payments to workers of all types- be it salaried and hourly employees, temporary and gig workers, and others. Payroll systems also make it easier for employees to manage complex rules, payroll flows, and checklists, as well as ensure that they comply with tax laws and other financial restrictions.
The HRMS Payroll Automationsystems are cost-effective and could be accessed via the cloud. They also do away with the necessity for a payroll professional. You'll have more control over your payroll procedures, and you'll be able to generate reports and backups as needed. Having stated that, are you interested in using payroll software for your company too?
Get in touch with one of our demo experts today!
Payment complexity to employees increased over the years. Old ledgers, tax and accounting books, and excel worksheets are no longer the solution for successfulpayroll services.
Every small and growing business has to take care of payroll management services.
Now, this could be carrying out these services by self or depending on a payroll software. To make an educated and financially fail-proof choice, consider the difference between the two below.
At least that gives you a grounded start to pick a tool offered byuKnowva with the best of your mind and mood.
Outsourcing payroll services is an option for companies to hand-offs from these operations.
Third-party companies are available in the market for HRs to outsource financial tasks. This can also include managing every payment of your entire workforce from day one to the last.
Such companies can handle any payment for different labourers and workers your company hires.
You would have to explain the tax laws your company adheres to, especially when you deal with international clients and the workforce.
Availing of these services can be monthly, quarterly, or as desired and written in the contract.
These companies charge handsome fees foronline payroll services. But know about their pros and cons individually below.
1. Easy management of funds:
The biggest pros of afull service payroll are that your company doesn’t need to tackle it.
Instead, the third party would work out the finances and payable remunerations based on the integrated or supplied employee data.
Your company HRs would have more time to focus on other key roles of their profiles. These could be hiring, managing, and engaging the workforce to complete their tasks on time.
2. Assistance like nowhere else:
At present, your company might not have competent HR professionals and teams. That is most likely to happen at the starting years of commencement of the company.
That’s why outsourcing payroll services is a factor to leverage on.
Third parties offeringonline payroll services have advanced software and tools. Moreover, they pay for such services in bulk.
So handling a single client and their entire workforce's salaries and wages is not a problem.
1. Exhaustive costing:
The downside ofpayroll services, if you outsource them, is the total cost. It’s quite exhaustive and demanding.
You have to keep paying the third-party vendor or service providers. That’s for calculating the salaries on time with extra benefits like rectified tax deductions, salary slip generation on-demand, etc.
However, often vendors offer subscription models for payroll software services. These are for a limited period, though.
Eventually, for a smooth and seamless experience, your company has to pay them continuously every month.
These third-party companies might offer bundles for business groups too. But, again, those plans are costly and unsuitable for growing companies with tight margins.
Companies and HR teams can individually use online uKnowva payroll software. They don’t depend on external vendors.
It already offers them anESS portal for the self-serving and self-reliant nature of teams and employees.
Such online payroll service software is often reliant, internal, integral, and interactive. Learn more about them within the framework of their pros and cons below.
1. Easy management:
The software offersfull service payroll department needs in a company. It’s, for that reason, easier to operate thoroughly. Plus, there are no middlemen or external vendors.
HR teams can access the software if they have the expertise in managing workforce salaries on time and in bulk.
2. Automate payroll services:
Automation is one of the leading benefits of investing in the next-gen payroll software. Using it, HRs and their dedicated teams don’t fret over trivial payroll tasks.
The tool can assist them in creating a live dashboard, salary slips, rolling out salaries on predefined periods, and integrating employee data automatically.
3. Third-party app integrations:
Another advantage of using apayroll software is the easy and fast integration of the tool with other apps.
A company must be using different tools like CRMs, PMS, VB (Virtual Biometric), Microsoft Teams, Zulip, etc.
But such a modernised tool, uKnowva offers, gives you the benefit of integrating all apps in one network. As a result, you don’t have to go back and forth between multiple apps, as that is time-consuming.
Instead, resolve payroll queries, share valuable content, ask for a popular opinion from your teams, etc., within one system.
4. Accessibility is on the move:
With credentials,HR teams can access the software whenever they want to. Location doesn’t matter, and neither does time.
They need a stable network, a working mobile device, and the correct credentials for their account on the software.
After that, they can use the payroll tool available on the cloud to execute all necessarypayroll servicesfor the day.
It means there is no hamper in work quality and workforce pay management at any given time.
1. The learning curve might not be linear:
Not every internal staff is handy on the computer, on-cloud tools, and modern technology. They will need time to understand the growing perks of a point-and-click system accessible from anywhere.
And as trends change, so must the interface, deliverables, and objectivity of these tools. At times, dynamic changes might be difficult to understand for people who aren’t tech-savvy.
Thus, the learning curve for the inexperienced HR teams here is non-linear mostly. They have to be adaptable, agile, and ready for new changes in the system and the HR policy.
2. Human errors for triggered actions:
While managingonline payroll services on an automated tool, HR teams can fill in erroneous triggered actions and responses. This can lead to wrong information, analysis, and interpretation about the staff and salary.
Thus, admins have to cross check the system and its history. It helps verify the ID that initiated a change in the system off-lately.
However, that’s one more task for the admin to look after when HR teams are new and at a beginner level to monitor/operate the system.
I hope that new-age HRs and their teams understand payroll services vs. payroll software differences from the blog post above.
This is an important information to learn before your company invests in software for managing the workforce and their pay on time.
At least you now know the pros and cons of each side. This makes you smarter, like the uKnowva automated payroll system.
Lest, reach our sales team for a detailed demo on each one’s pros and cons explained above.
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