In this era, every RMG sector in Bangladesh should implement payroll software for their garments. As it is considered is the perfect solution for human cost management.
But unfortunately, the scenario is different. The recent incidents in the Bangladesh RMG sector state that very clearly. In Bangladesh, most of the garment owners are still unaware of payroll software. They didn’t understand the necessity of using payroll software. As a result manual approach failed to bring fruitful results as they’re expecting.
Those of you who didn’t know about payroll software, I hope after reading this article you’ll change your mind. And will implement payroll software for your garment industry.
First, let’s begin with the easy part, the definition.
What is Payroll Software?
Payroll software is designed to facilitate the paying system in the organization. This software will help you to do detailed planning of the whole payroll process. It helps your organization employer to pay the employees for the work they have completed.
In a broader sense, Payroll Software:
- Helps in keeps the tracks of employees working hours
- Helps in tax calculation.
- Helps in generating accurate payslips.
- Helps in delivering checks
- Helps to complete the direct deposit
Now as you know the definition, let’s dive into the features.
What are the features should look for
Well, every garment industry should adapt payroll software in their system. It considers the perfect balancing factor for maintaining organizational practice.
Now while talking about payroll software, features are something every industry should consider first.
Faster Attendance process
This software is renowned for its swifter attendance process system. With the attendance process system, the garments industry can
- Capture accurate employees hour
- Keep track of employees job hours
- Easy to inform employees about their time and attendance
- As it operates automatically, no chance of human errors
- Helps to eliminate any forms of time theft
With the attendance feature on your payroll software, now your garments industries will have up to 5% lower payroll costs which will end up lowering your administrative costs. And also improve overall workforce efficiency.
Payroll generator
Well as the name suggests, it’s the main and most important feature on the payroll software. With that garments industry now seamlessly generate their workers payroll anytime, anywhere.
Some of the benefits of this feature are:
- Can calculate Employees total compensation packages, which include:
- Monthly Salary
- Medical
- Transportation
- Time off benefits
- Insurance Benefits
- Annual Retirement Benefits
- Other Monthly fringe benefits
- Gross Annual Income
- Easy to generate payslips.
- Payroll report generator.
- Helps in Sales Processing and other miscellaneous calculations.
Multiple compliance documentation
The greatest advantage of using software for garments in Bangladesh is to make the work easier, faster and non-complicated. By using this software, now handling multiple compliance documents in a most error-less way is not a tough job at all. This software will provide a complete system in order to adjust your compliance measures most accurately. It is automated and will notify you whenever needed any changes to relevant regulations.
Some core benefits are:
- Accurate monitoring of the paperwork completion
- 401k Compliance
- HIPAA Compliance
- Healthcare Compliance
- Ensure compliance database with a regular notification alert system.
By this feature, now you can focus on managing your garments activities without worry.
Performance appraisal
This software is designed to review the performance evaluation system in order to redefine the performance management landscape in the garments industry. With frequent check-ins alert ensures accuracy and flexibility. Some key benefits are:
- 360 Degree Reviews
- Self-Assessments
- KPIs and Performance Analytics
- Employee Surveys
Multi-layer access
With this feature, it will privilege multiple users to access the software and handle financial transactions and contracts. With that, now maintaining a standard performance is not difficult at all.
Notification
Upon installing the software properly, the instant notification feature will alert the user about the changes and also the expiry date. As a result, you can easily act on the matter and simply streamlined the payroll process. With that, you can
- Receive timely feedback
- Avoid any system Errors
- Avoid any conflict arising from misleading information
How Payroll Software helps the Garments Industry
As I mentioned the main key features of the software, that you should definitely look for. Now it’s time for, why Payroll software is a must-have for every Garment Industry.
Helps to keep track of any calculation
If you are a manager of any garments industry, you must know, calculation kills a lot of time. And after spending so much on it, nothing assures that it will be 100% errorless.
By having a software, now it becomes easier and faster. In just a few clicks, your salary calculation will be done. From attendance to salary-sheet preparation, everything you can perform in this software.
Easy to manage Tax
One of the most fascinating facts about Payroll software is that now you don’t have to worry about Tax calculation. Upon entering the tax details, the software will do the computing for you. As a result, the chances of tax penalties will also be avoided. By using this software,
- You can automatically generate the quarter-end update
- You can track pre-tax deduction
- You can check and track Employee compensation taxes
- You can check the tax deposit due dates
- You can track the tax exemption and the filing status
Ensure a high level of security
One of the main features that you should totally rely on is its high level of security. This software will ensure stress-free, hassle-free, easy-to-use features that take care of sensitive information with the highest care. This software will ensure
- 100% Data Security
- Avoid any kind of data breaches
- Build-in password protection feature to restrict highly valued resources. Such as:
- Tax Files
- Employee Personal Information
- Employee Data
- Payroll Information
Errorless Reporting
One of the best things about this software is its accuracy. Here every work including reporting and auditing is done with a high level of skill. With the automated feature on, there is no chance for human error. It also up-to-date records for your hassle-free reporting. Just you have to input the details, this software will automatically pre-filled forms.
Able to customize it
Well, who doesn’t want software that can work according to the business needs?
Personalization features are an essential part of every payroll software. Upon customizing, you will be able to generate your payroll documents based on your garments industry needs. This software will help you
- To customize the payroll report
- To customize the check and forms of the document
- To customize tables and menus
- To customize logos, header, and footer on the report.
Final Thoughts
Payroll software is a blessing towards mankind. Manually calculating payroll is tedious. But this software makes every work super fast and easy. Also, it requires minimal input from the user side as well. So I hope this article will encourage you a bit to use this software for your garment industry.
