Processing a payroll system is a quite daunting and time-consuming task that repeats every month in every big, mid-sized or small company. The HR professionals or a payroll manager have to spend most of the time in the management of pays of employees and on other administrative activities such as –
Calculating and disbursing salaries
Calculation of all statutory dues
Generation of reports in the format mandated by law and filing
Calculates the gross salary.
All these activities are highly critical and should have to be error-free. But the calculations performed in these activities are so huge and confusing that need a lot of concentration as well as time which seems to be very much daunting for a human being.
Thus, every company joins their payroll process with highly advanced Payroll software – extremely helpful to easily calculate the gross salary, deductions, statutory compliance and net salary for each employee and processes it instantly.
Here are the Key Benefits of Best Payroll Software for Payroll Service Providers –
From the integration of HR manager with the company’s core applications, payroll software benefitted the payroll system in many ways such as –
Managing Paperwork and the Administrative Burden – The payroll software makes it easy to manage the huge paperwork and administrative burden for HR managers. It helps to keep-safe the record of every individual working in an organization and the perks or leaves statement to make accurate salary statement.
Relief from Regulatory Aspects – Payroll software renders a huge relief from regulatory aspects such as regular tax calculation, deductions and filing statutory remittances. Its innovative features such as auto-update help the HR manager to be updated about the latest laws, amendments, changes and tax slabs.
Easy and Fast Payroll Reconciliation – The payroll software enables the HR manager to determine the accuracy in the payroll process with its variety of reconciliation tools that makes it possible to create an error-free payroll.
Risk Mitigation – Payroll software helps the company in the event of a legal dispute in order to reduce the risk involve with legal payroll system. The payroll system is featured with read and accept facility that renders a legal statement – showing that an employee was sent a particular message and they have accepted the content of the communication.
The above-mentioned key-features renders a better insight into the valuable benefits of the best payroll software for payroll service providers that helps any company that properly researches and implements, a combined Payroll and HR Information System.
Axolon ERP has come forth with featured Payroll software that helps the HR team to calculate the salary and overtime of each employee. This advanced software includes the innovative features such as visa, passport & DL and monitors the benefits & liabilities each employee hold in the organization.