Payroll is one of the most important financial operations a business carries out, no matter the size of the company. For businesses, it’s crucial to ensure that their employees are being paid without any delays.
Having a smooth, reliable, and error-free payroll process directly reflects upon the morale and the financial stability of the business.
But, do you trust your payroll process to be the best?
What is payroll?
Payroll is the total amount of fees paid by a company to its employees, contractors, and other workers. It’s an organisation’s biggest disbursement, not to mention, the most time consuming human resource task.
Payroll is typically processed over a specific period of time. Organisations differ in the way they process payroll. While the process is different, they all need to work in a highly organised system, be updated with the latest rules and regulations, and a highly structured plan.
Why your business needs a payroll software
Payroll processing is long, tedious, and so time consuming that it takes away your efforts from other important business tasks. Processing payroll by yourself means never-ending administrative and tax-related responsibilities.
Plus, you need to be somewhat of an expert in tax law and payroll if you don’t want any run-ins with the IT department. Using a payroll management software will help unscramble the process so you can focus on what’s important. Businesses end up spending too many hours on manual efforts on payroll processing every single month. A payroll software enables you to spend these hours on something more productive. Processing payroll manually is not simply time consuming, but is prone to human error, too.
You have to take into account salary structure, working hours, overtime, vacation days, etc, making manual calculations as complex as can be.
What you need in a payroll software
You can find two types of offerings in the market today.
There are a few tools available that are mostly focused on effective processing. These tools help with salary disbursal and compliance fees like PF, PT, TDS, and more.
This does not mean your entire payroll is automated, someone still has to oversee the process and the disbursal, while making sure compliance is upheld.
Several agencies provide services where you outsource your payroll process. These agencies collect your employee database along with all the details they’ll need to calculate their salaries. They either process it manually or using their inhouse tool.
You’ll need to approve the calculations so that they proceed to pay your compliance You need the best of both offerings to have a fully functioning and automated payroll system.
Opfin – a payroll software that has decoded payroll processing
If you’re wondering what’s so different about Opfin, let’s break it to you.
Opfin works on a Direct Deposit model in which Opfin processes payroll, as long as you maintain your balance. Think of it like a wallet you deposit your money into using which your payroll is carried out. It’s designed to be highly intuitive and easy to use, that takes away all the redundant steps.
The upside is, you don’t have to worry about TDS, PF, ESI, and professional taxes, ever again. Plus, your employees are always paid on time! Next, you can pay your contractors and pay TDS automatically. Opfin deals with quarterly filings, form 16s, and 24Q.
Opfin gives more power to your employees by allowing them to claim their reimbursements and tax exemptions on their dashboard, based on which their monthly payroll is adjusted automatically.
Who is Opfin for
A business should be able to carry out its processes without having to interrupt them for payroll. Opfin helps you track attendance, time and leave management, along with vendor and contact payments.
So, any business that is looking for a non-intrusive payroll processing, needs Opfin.