Payroll in Bangladesh is key to every company’s success. It’s the ultimate answer to all those inefficient and time-consuming operations.
Every company’s major goal is to reduce operating expenses while increasing return on investment. Implementing automated payroll software is the most efficient approach to accomplish this.
Your firm can benefit greatly from payroll software in Bangladesh. It not only saves time. But it improves efficiency. And reduces the amount of time and resources spent on repetitive and manual operations.
When used properly, the payroll tool can save you thousands of hours of work each year.
But, what exactly is Payroll Software? How can you put it to work for your company’s benefit? Let’s see what happens.
What is Payroll Software?
So, what’s the big deal about business Payroll Software?
To put it simply. A technology that is used to automate a variety of business payroll processes. In order to reduce or eliminate human errors.
Tasks that require a lot of manual calculation and paperwork. Now that can be done in an effective manner digitally.
Suppose an employee is in charge of entering payroll data into spreadsheets. And then calculate it to process payroll for every single individual in the company. Assume this employee works on this for 15 hours per month at $20/hr.
This means you’re wasting $600 every month on a task that might easily be automated.
This is only one example. An organization’s activities can be automated in a variety of ways. You can save a lot of money by automating your workflows.
Results in putting that money back into your main business.
The basic rule of any business technology is that it must be automated.
Let’s get technical. Do you know:
- More than half of sales you spent on unproductive payroll works.
- Employees spend between 30% to 40% of their time manually doing payroll work.
- The management team spent 20% of their time on tasks that can be automated.
- Every month, your finance team spends more than half of their time on payroll.
- Your payroll staff has to work on various spreadsheets and intricate equations. As a result, it creates rocky roads for your employees.
- You need to hire an additional employee. Only just to make sure the payroll calculations are compliant with the latest tax laws.
- As your business grows. You have to invest even more time in payroll processing.
- The dual tax system increases the amount of manual labor. It’s increasingly difficult to maintain each of the employees’ documentation.
After that, there’s no reason not to switch to Payroll Software for your business.
Now it’s time for your payroll system to transition into automated software.
Best use cases of Payroll in Bangladesh in your Workflow
You can now turn your tedious, time-consuming, and manual payroll procedures into simple workflows. Thanks to Payroll in Bangladesh.
Create Payroll to-dos
A standard practice in every business now is communicating via email.
Although it’s completely fine to maintain tasks this way. But sometimes it leads to errors, confusion, and occasionally task omissions.
In this instance, Payroll management software is the ideal option. It helps in:
- Create Payroll spreadsheets and swift sharing with delegated employees.
- Instant notification when the payroll work was assigned.
- Save time in manual payroll report creation.
- Automatically update everyone when payroll is generated.
Generating Payslips
Most accounting departments heavily rely on invoicing. But if it is done incorrectly. It can lead to a big financial mistake.
Payroll Software in BD automates this classic accounting process. It simplifies the preparation and transmission of payslips. It greatly eliminates the need for several human processes.
No need to wait days for the accounting department to generate payslips for payment. As payroll is automatically generated. You will get your payslips instantly.
Even so, you can keep track of your pending bill to a specific client. The automated workflows help you to generate and deliver such invoices on a scheduled basis. Relieving your team members from the burden of repetitive tasks.
On-time salary
Is your organization manually managing employee salaries?
Then think about all of the steps that go into paying employees for their expenses.
Or the payroll report that the manager personally reviews before sending it to the accounts.
And then the accounts department manually enters the information from the report.
This process can be made easier with Payroll Software.
The payroll form will be automatically filled up by the employees themself. With the self-service module, an employee submits a form with pertinent information. Manager will be notified by it. All he has to do is review and approve it. The report is subsequently forwarded to the accounts department. The payroll data will be automatically retrieved. And the employee will get their next paycheck without even worrying about it.
Manage Expenses
Is your company still keeping track of staff travel and other expenses by hand?
Your payroll department collects all expense-related information from all of your employees. Then you go seeking the data from your employees. The scenario is extremely inconvenient for you.
It is preferable to begin by arming yourself with the right Payroll Software.
Payroll Software makes this process go more smoothly.
The expense report will automatically be created by Payroll Software. And expenses will be automatically reimbursed to your employees’ next paycheck.
No need for on-hand training
Most employees in an organization are a natural habitat to avoid changes. It’s possible that your company will be no different.
Let’s say your payroll software requires employee documents, reimbursement info, and other things. But if your employees are unfamiliar with the software’s interface. This may not sit well with this. They feel more at ease handing over paper documents to the payroll department.
But in reality, payroll software isn’t anything to be afraid of. Once it is installed and integrated with your existing system. It will work completely fine according to your company’s work ethics.
To get started, you can share simple FAQs with your staff to help them learn about it.
It will explain what Payroll Software is. Why is it required? And what benefits it brings for them when they can go with the change.
Easy to organize files & documents
You’re probably thinking there are already cloud-based solutions for managing files. Why do we need another one?
However, it’s not necessary that they all share the same feature. Having one integrated software that does it all and more. Isn’t it great?
You can still continue to use yours on drive, Google drive, or dropbox. Perhaps payroll software does more than just that.
It makes employee document management easier. Especially when you are dealing with thousands of collaborative files.
It all resolved the problem with the automated process. You can easily share the document and interact with different departments.
Such information stored by Payroll software helps it make a professional payroll report.
Organize & manage employee leaves and absence
Payroll Software helps to request & accept leave or vacation much easier.
All it needs to do is fill out the leave form and submit it to the automated system. Instead of emailing them to their superiors. Then forward it to the HR department.
Payroll software automates this process. Once you loaded the system with a leave request. The request will automatically be sent to the manager and HR. Payroll software authorizes the whole process.
No manual data entry is required now.
Zero Risk, Zero Errors
Even the best-run businesses are not immune to manual mistakes.
Only the best Payroll in Bangladesh helps businesses save time and money. It drastically reduces human errors.
This automated system only needs permission & right data. It would take care of the rest.
Updating list, attaching an updated file, adding correct info – all would be automated on its own.
This eliminates the danger of human errors. Or by mistakenly forgetting any data entry.
Human errors have a negative impact on finance, sales, and marketing departments. And a mistake can cause a great loss of customers. In severe cases potential stakeholders for the project. But with the payroll software, you can greatly eliminate this risk.
Engage your Employees
Finally, there are always new changes in any organization. And you should involve your employee in all stages of change.
Payroll Software helps to cope with the new changes in the organization. It provides a platform for your staff to interact and collaborate effectively.
Communication between departments now will be clear. It promotes teamwork and increases work effectiveness.
Automated solutions make the development and implementation process easier. Also, it makes integration with the existing tools simpler. You can work on the data in real-time.
It alerts individual departments when a project phase is completed. Allowing the team in charge of the following stage to take over.
Increased employee efficiency and quality of service
Employees are unmotivated primarily due to repetitive payroll activities. Such monotonous work not only wastes time. But also reduce your employees’ overall productivity.
Payroll software eliminated repetitive duties. It allows your workers to focus on more important company activities. Employee morale can be improved, as well as inventiveness.
Businesses that have already introduced Payroll in Bangladesh. They got automated workflows for repetitive and manual tasks. And now they’ve witnessed a 50 percent increase in employee productivity.
Last Words
Smart Payroll software enables your company to accomplish more in less time. Because the majority of processes are now automated. And you have more time to focus more on your core business operations. Let business increase its growth rate.
Interested in automating your business payroll workflow? Please contact us. Jibika Plexus is the best Payroll Software in Bangladesh for creating extensive expertise. And gain automated technologies for a variety of endeavors.
