Payroll Management Software is the secret sauce of every business’s success. It helps in automating the payroll tasks.
Processing payroll is an essential part of every business. While it may not be exciting work to do, that doesn’t mean you can ignore this section of work.
Advancements in technology make our business operation so simple. So having Payroll Management Software is nothing less than a blessing.
The handwritten record-keeping process is now grown out. Now it’s time to automatically process records.
Manually tracking down every finance is time-consuming. But with the rise of technology, tackling every payroll need becomes easy and efficient.
So if you are just a beginner considering whether you need payroll management software or not. Then you are in the right place. Here we talk about the usage of payroll management software in Bangladesh. So that you can easily familiarize yourself with such software. And can easily explore all the available options in the market.
What is Payroll Management Software?
Payroll Management Software is an application to effectively manage, organize and automate the business total payroll works. This software helps to track down all payroll needs and can help in easily maintaining all payroll records. Simply put, payroll software helps you in streamlining and managing your company’s employee payments.
With the implementation of the Payroll system, now businesses can reap the following benefits.
- Payroll Management Software helps to keep a tab of personal data. Such as qualification, certification, and salary details. No need for manual paper records anymore.
- This software helps to streamline the payroll process. As a result, now workload will be minimized.
- Payroll Software seamlessly synchronized with the HR management system. As a result, the salary calculation process works quickly and easily.
- The payroll system works in compliance with payroll laws.
- It allows for role-based access. So now employees can easily access the payroll system with enhanced data protection.
- Within just a few clicks now you can generate insightful payroll reports.
- Track the hours each of your employees has worked in real-time. So you can quickly monitor the additional hours to put on the next payslip.
- Send payslips to each employee automatically.
- Generate payslips for each employee without the need for computations.
Features of Payroll Management Software
What features are important to have for a Payroll Management Software. There are several alternatives you can find on the market. But these are some basic features that do a real impact on your payroll department.
- Ensure that payroll is accurate.
- Establishment of a salary structure.
- Allow maximum number of entities.
- Settings-based customization.
- Any industry supported.
- Multi-compliance.
- Recover monthly EMI.
- Automatic balance computation
- Single and personalized entry.
- Loan entry modification.
- Unlimited business report.
- Reports can be added by the user.
- Data sorting can be done by any user.
- Easily add favorite and recent list
- Maintain internal audit.
- Attendance calendar view.
- Excel import capability.
- Support Multiple arrears.
- Set unlimited user type.
- Can add unlimited users.
Usage of Payroll Management Software for Business
After discussing what Payroll Management Software is, here look at the usage of that solution. The followings are the reason why you should consider having payroll software for your business.
Most Secure Solution
The security that payroll management Software provides is so powerful. It helps in keeping all confidential business information secure to prevent any unauthorized access. You need a specific access code to get entry into this system.
It also allows employees to log in. Get access to view their work hours, leave allowances, fringe benefits, and so on in their designated payroll profile. All of this will be done with tight administrative control. So no chance of leaking any kind of information.
Time-Saving
By manually managing federal taxes including employment taxes you need to spend your full-time work hours. Calculating payroll may seem straightforward but it is associated with so many factors. Such as vacation leaves, overtime, and other benefits which makes it time-consuming. Added to that federal taxes comes with their own requirements. Having payroll software helps to automate the entire process saving you a significant amount of time. Moreover repetitive work in the payroll system also saves your time. As you don’t need to redo the format; it is already saved in the system.
Cost-Effective
Payroll Management Software is a cloud-based solution where you have to pay a subscription fee in order to use it. There are some open-source versions as well which help you to own this software entirely. It’s just a one-time payment solution. There is no need for any additional investment. There is no longer a need to hire more and more in-house staff. By using payroll software now you will be 10 times more productive. It also helps in saving your money in the long run.
Accurate Result
Doing the same work, again and again, makes room for mistakes. Thanks to technology, now you can easily eliminate all human errors with computerized solutions. Having payroll management Software helps you to get accurate payment information. That in the end helps the stakeholders and management for processing errorless solutions.
Easy to create Payslips
Tax law is confusing. These laws are changed frequently. So it is easy to get mistaken for them. Now with the help of Payroll Management Software, you can easily tackle tax changes. As it automatically updates the system with recent changes.
Now you don’t need to read off every detail. When it comes to filling up the tax form your payroll software will automatically fill it up for you. Now you do not need to remember to sign up. This software will remind you about that.
Easy to tackle Taxes
Tax law is confusing. These laws are changed frequently. So it is easy to get mistaken for them. Now with the help of Payroll Management Software, you can easily tackle tax changes. As it automatically updates the system with recent changes.
Now you don’t need to read off every detail. When it comes to filling up the tax form your payroll software will automatically fill it up for you. Now you do not need to remember to sign up. This software will remind you about that.
Additional Financial Benefit
To track and calculate various employment costs; payroll software can help you with that. Be it for expense management, bonus, or benefit – Payroll software can help. On top of that, your employee can easily input any suggestion. Or update their employee profile. This software allows you to easily track every accounting financial data and maintain its accuracy.
Easy to customize
A payroll management software allows you to make necessary changes for in-house usage. Even after your input, you can easily make changes later on.
An authorized user is allowed to make required changes without any input from a third party.With a cloud solution like this, users can easily make necessary information updates while staying in the comfort of home. Such in-house access also ensures that critical business information is secured and protected.
Variation in Payroll Reports
You can now produce 100 different sorts of reports with this software. They are as follows:
- Salary sheet for compliance.
- Actual Salary Sheet.
- Salary Summary Conformity.
- Actual Salary bill.
- Envelope for Salary
- Denomination of Salary.
- Daily Recognize Salary.
- OT Sheet.
- Extra OT Synopsis.
- Bonus Sheet for Eid.
- Report on Punitive Deduction.
- Bank Statement.
As a result, it reduces administrative staff workload. Enhances accountability. Provide a single platform for saving, tracking, and recovering correct personnel data and reports at any time.
Made Deduction Automatically
Deductions may apply when calculating the total payslip. Payslip calculation requires a variety of variables. This Payroll Management Software automatically implements them. Always keeps up with the recent updates and changes that impact them.
Loan management:
With the loan management module, any loan-related information can now be easily controlled and tracked.
Once you’ve entered all of the necessary information, this software will generate salary sheets for you. You can keep track of all of your employees’ wages, loans, salary deductions, bank statements, and so on.
Provident Fund Management Module
You can now access any employee’s provident fund information with this module. It keeps track of all of the provident fund’s deposits and loans. It comes in handy for management when they require it.
Backup Your Payroll Data
This feature will save you in case of an emergency. Because all data is stored both automatically and manually. You don’t have to worry about accidentally losing any information. This incredible payroll software safeguards every piece of information.
An automated payroll solution is beneficial for your business in more ways. It helps you to make concrete pay history by generating monthly reports. Having one helps to boost your business’s overall performance.
No matter what the size of your business or what the payroll requirements, payroll Management Software can help. There are plenty of options available; it’s now just a matter of time to pick the right one. Some important considerations such as the size of your business and budget for the software need to be considered beforehand. You definitely don’t want to compromise with your business requirements. So make your priority list first. And keep it handy when purchasing payroll software. Make sure the software you select checks all of the boxes.
