SMEs are the true drivers of growth in the Indian economy. Although they employ a sizable portion of the Indian workforce, SMEs encounter numerous challenges on the human resource management front. With limited resources and lack of expertise, SMEs struggle with many HR functions.
A majority of organisations process payroll on spreadsheets. Apart from manual errors and compliance miscalculations, businesses tend to spend a lot of time on payroll computations. They use old, outdated tools or outsource payroll to an agency, resulting in little/no visibility in terms of how payroll is calculated.
The ground zero of being compliant is to do with TDS, PF, ESI, and PT. And, each one of these is computed differently from the other. The organisation needs to file returns on four different portals periodically. But, the computations are lengthy, time-consuming, and erroneous. And, regulations change often.
No business remains the exact same way throughout its course. Market conditions, the ever-evolving tech, growing consumerism, and other conditions often push organisations to change. Such changes eventuate into the necessity of resources, which impacts payroll. And, payroll is an increasingly important part of a business expansion strategy.
Organisations are under the impression that they have to spend a lot of time and resources to move their manual payroll process to an automated one. But, this one-time effort can potentially get rid of all payroll troubles for good, minimising time and resources and maximising efficiency.
An ideal solution for small and medium-sized businesses, Opfin is built to focus on delivering a one-click, seamless, and end-to-end payroll processing experience. Combining the functionality of payroll software with that of outsourcing services, payroll execution is what sets Opfin apart from other payroll solutions.
Payroll processing is one of the most complicated tasks for every business. Processing payroll manually, the ever-changing regulations, data security troubles, and other reasons contribute to the flaws in the Indian payroll system. A major overhaul of the payroll system is definitely needed to put these problems away.