Advantages of processing employee payroll on payroll software
Payroll is a term that is used to describe the process of calculating and disbursing salaries to employees. Payroll processing is the set of activities that involves computing and disbursing salaries to an employee. Every company must process payroll for its employees. As a company grows, a reliable system that processes payments quickly and easily becomes critical.
Excel- An obsolete way to process payroll
An obsolete way to process payroll for your employees is via Excel. And there are many drawbacks to it. Payroll personnel struggle with Excel, as they often find themselves in a maze of rows and one wrong click and the whole sheet would go for a toss.
Your employee count will increase as your organization grows,and statutory compliances will vary from region to region. This makes payroll processing more complex, time-consuming and cumbersome.
Human errors can also be a major inconvenience, as an individual manually carries out all the timesheets, taxes, wages and other processes. Errors can be harder to track and might result in various businesspenalties. Errors can also cause employees to be underpaid or salaries to be delayed, and this can eventually give birth to employee dissatisfaction.
And we also have to take into account the hours that a payroll personnel wastes in manual and redundant work, when this time can easily be used for other productive tasks. As your organization grows, it gets increasingly complex and time-consuming to generate and distribute payslips from multiple files. So it's high time that modern workplaces move away from the era of spreadsheets.
Payroll on the cloud - Rise of a new era
This is where a payroll software like greytHR would come in handy. Payroll software has really changed the manner in which payroll processing is done in companies. It’s an easier and more efficient way to process your employee payroll each month.
In an online payroll software like greater, all aspects of payroll processing are covered which will lead to less work and more peace of mind for your employees. It provides complete coverage of every single aspect of payroll management, including statutory compliance. All statutory deductions, such as Provident Fund (PF), Employee, State Insurance (ESI), Professional Tax (PT), Tax Declaration Statements (TDS), etc.., are automatically handled as per law by the payroll module. With greytHR,a payroll personnel can also generate all the required reports, such as a PF ECR file, ESI Returns, PT reports of all states and TDS returns without having to do any additional work.
On greytHR, a click is all it takes to process your employee payroll. With that single click, greytHR accurately computes salary for all employees, including statutory deductions, loan deductions, stop payments, revisions, loss of pay,pro-rata salary, income tax computations, etc.
With greytHR’s online payroll software, you can get professional-looking payslips anywhere, anytime. There is an option by which you can customize the appearance and content of your salary slips. You can generate the payslips and download them for printing. Or, email the payslips directly to employees as PDF attachments or publish payslips online and your employees can view / download the salary slips at their convenience.
Full and Final settlement become an easy task with greytHR. The system handles all aspects of settlement like the recovery of pending dues, notice pay, leave encashment, etc., to compute the final settlement amount. Final settlementpayslips can be also be generated. You can also do resettlement of an already exited employee for any additional payouts.
The biggest strength of greytHR’s payroll software is its flexibility and power to handle any type of salary structure. In conclusion, if you wish for the betterment of your organization, you should opt for greytHR.