A payroll manager has a tough life at work. No matter how much he enjoys the calculations and communications, the work is quite overwhelming. Infact, the moment you find that after hours of focus, the figures are not in agreement, you lose your cool. From the outer side, it may seem that paying employees is easy when the company provides payroll management software, it is not. Here are a few of the reasons for the occurrence of the same.
The fine line between Payroll processing and Payroll Management
Companies usually work on the payroll in two parts or more- one is performed using accounting software and attendance management software and the other half is done on the core payroll management software. The accounting software processes and payroll software manages.
High chances that you are still not able to spot the difference. Let us look at a few examples to help you understand the same.
Payroll Processing and Management Options
Payroll can be simple for small companies with no complex pay rules and positions. They don’t even require a payroll management software but just a spreadsheet. A single or a few accounting entries and you are done. However, when there are hundreds of employees or more at multiple locations, different states, countries and cities at different job positions, falling in different tax slabs, it becomes complicated. The problem increases for companies who employ people on hourly wages as well.
To address the aforementioned challenges, companies have the following options-
To get over this chaos, it is advisable to businesses to select HR and Payroll Management Software that can be a one-stop for all of the processing and management needs.
There are different needs that employees should make sure they get. Apart from Payroll, it should also have benefits, workforce, attendance, travel and expense management modules. The workforce module is required to assign projects, tasks, work orders and jobs. The attendance management software will take into account the work hours so that the same can go into payroll software for salary calculation. The accounting software includes the features that should be integrated to give payroll the capability to calculate according to the payment policies, slabs and rules.
So, out of all the options available, it is the best to choose a payroll management software not just with the motive to manage certain aspects of payroll but after taking into consideration the whole process involved in the payroll which includes attendance, solving employee queries, transferring and calculating the amount to be transferred during the set pay period rightly and on time.
Publish Date: January 16, 2020 4:36 AM |
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