Reasons why you should use a Payroll Software
Payroll calculations require key attention to detail and even the smallest mistake can result in miscalculation and delay, which would cost more time and money to the company. Since employee payments are often the biggest expense for a company, processing payroll needs to be done with pinpoint accuracy. And when there is human calculation there is bound to be human errors.
To avoid any missed date, miscalculation, unsatisfied employees and compliance defaults, every organisation needs to shift from manual payroll to Payroll software.
Payroll software automates the whole process and eliminates any scope of error. These are the benfits of using a Payroll Software
Record keeping and Tracking
Keeping the correct employee information in the record and keeping it up-to-date becomes very important as the workforce increases. Correct classification of employees is a legal obligation and any mismatch in company data and government data can put the company in a difficult position.
Inaccuracy and Human error
It is impossible to make hundreds of entries and transactions a day and dabble between innumerable spreadsheets without making any errors. However, these errors can cause huge financial damage to the employee and reputational liability to the company. As payroll is directly related to banks, even the smallest hiccup can cause fraud, privacy violation, monetary losses and many other highly serious issues.
Managing the ever-changing Work Environment
Employees come and go, there are promotions, hiring, holiday bonuses, paid leaves, paid vacations, insurance, allowances and what not. All this while the rules and regulations keep changing in the background, for both, the company and the government. If laws on maternity leaves are changed or mandatory health insurance is implemented, the whole company structure changes, and to do all that manually would be expensive and time consuming to say the least. It would be chaotic and impossible to manage.
Keeping up with Compliances
Keeping up with internal statutory norms is a huge part of the Payroll process. Labour laws protecting employees and Tax laws for both the employee and employer are non-negotiable and any company which fails to maintain the same is penalised by the government. While working with such crucial and time sensitive data, mistakes become expensive and in extreme cases can cause legal problems.
Controlling Global Workforce
Multinational companies who employ over the world have to deal with different pay structures, working hours, holidays, employment laws, recruitment processes and almost everything is unique to specific countries. In a situation like this it is completely unreasonable to use spreadsheets as they have to be manually updated and would pass N number of users before reaching the person in charge. When the process is so long, no one can promise it to be error- free, if anything it becomes error-prone.
Protection and Privacy
When the information is as sensitive as employee financials, banking details, salary information, company tax laws, it needs to be handled with utmost privacy while safeguarding from fraud and misuse. When data is being collected, certain responsibilities are attached to it, and while using the data, the company needs to make sure that the data is seen only by permissible peers who are trusted and will abuse or exploit the resources.
The answer is simple; Investing in Payroll Software.
Why choose Ichiban Payroll Guru?
Ichiban Payroll Guru is an all in one Payroll Solution which automates your payroll processes, tax compliances and documentation so you can focus on what matters: the people. Developed by FACT Software, we offer a clean, simple user experience – whether you’re an HR Executive, People Manager or employee.
Ichiban Payroll Guru is also unique because it is an integrated payroll solution. It is seamlessly integrated with FACT ERP.NG so you can manage your entire business operations – finances, compliance, reporting and more – from just one screen.