What is the need for a payroll software?
Every month-end brings conflicting emotions for employers and employees. On one hand, it’s a joyful time for your employees. But on the other, you struggle with processing payroll, especially when you use methods like spreadsheets or other manual ones.
Manual methods of processing payroll increase the risk of incorrect calculations, duplication of work, and repetitive verification processes for businesses, especially at the last minute.
Will a payroll software help your business tackle these issues? It will.
But, many businesses aren’t clear when to start using one. Read on to know when would be the best time for you to start using a payroll software.
When you start hiring employees
You should start using a payroll software from the time you hire your first employee. It helps you set up a seamless payroll process from the beginning.
Many businesses wait to adopt payroll software until they hire more employees. Processing payroll on a spreadsheet is manageable for fewer employees. But, it becomes difficult when the employee count rises.
Using an automated solution from the start eliminates data migration in later stages.
When you want to eliminate manual errors
According to a survey, about 37% of payroll errors occur due to manual data entry. It is challenging to avoid manual errors while making payroll calculations on spreadsheets.
The software can handle difficult calculations and eliminate the risk of manual errors every month.
When you want to automate your payroll process
Time is the most important resource for every business. Generally, small businesses run into payroll processing troubles due to a lack of expertise, manual methods, and constraint resources. If not corrected on time, these methods can severely damage your efficiency and productivity, demanding hours upon hours of work.
So, automating repetitive tasks will help you focus on your business growth. An efficient payroll software can do this and much more for you.
When you want to execute payroll efficiently
It is time to digitise your methods of collecting reimbursement proofs and tax-saving declarations if you are still relying on physical folders, or google drives.
Start using a payroll software that provides employee self-serve portals. It reduces paperwork for your business and your employees will be able to access any payroll-related document, anytime they want.
When you want expert assistance
When you do everything to avoid payroll calculation errors, but still they occur, it is time for you to get expert assistance. Many small businesses hire accountants to manage and process payroll.
Instead, look for payroll software that provides you with specialised customer support whenever you need help.
When you want proper records on payroll expenses
When you process your payroll using traditional methods like spreadsheets, they do not generate reports or insights. These reports are required for the purpose of reconciliation at the year-end and auditing.
A good payroll software does not only automate payroll. It also provides real-time reports of salary disbursements, compliance payments & filings, reimbursements, employee documents, attendance, etc. And, you can access and use this information from anywhere and at any time.
What makes a good payroll software
By now you must have understood the best time to start using a payroll software. Introducing technology to take care of the entire payroll process will help you focus on your business growth and keep your employees motivated towards organisational goals.
Here are the features that you might want to consider while looking for the right payroll software for your business.
- Automated payroll – Should process and execute salary payments automatically on time
- Compliance processing – Should be able to automate compliance payment like TDS, PF, PT and ESI, along with their periodic return filings
- Time & leave management – Should provide real-time attendance tracking along with leave management through biometric devices or other APIs
- Insights & reports – Should be able to provide reports including salary and HR registers, PF/PT/ESI challans, employee documents, etc
- Insurance for employees – Should provide customised health insurance policies for employees at affordable rates
- Employee self-serve – Should empower employees to access their payslips & Form 16, declare investments, etc
- Expert support – Should provide 24*7 dedicated expert customer support
The best payroll software for your business needs
We have built RazorpayX Payroll to cater to the payroll needs of small businesses and startups.
The software automates the entire payroll process, right from onboarding your first employee to filing compliance returns. It eliminates the risk of wrong calculations and missing compliance deadlines. It also provides real-time reports of disbursements, compliance payments & filings, reimbursements, employee documents, attendance, etc.
Also, employees get access to their own account, from where they can easily declare investments, view/download payslips, apply leaves, etc.
RazorpayX Payroll also provides dedicated customer support to its users without any hidden charges.
Further, it provides comprehensive and customised health insurance policies at economical premiums, in partnership with Plum and ICICI Lombard, for businesses even with an employee strength of 2.
It’s time for you to make a decision and choose the best solution to tackle all your payroll related tasks.