Let us perform a reality check. Is your payroll process partially manual and partially automated? Did you recognize that bank files and accounting files might be automated? Are you concerned about upcoming investment proofs or year-end activities? Are you battling generating statutory reports or in filing them with government portals? If your answer to anybody of those questions may be a YES, then read on…..
Automation – it’s everywhere around you –
Payroll processing has come a really great distance from being a mere manual activity. What seemed an earthly , back office activity a couple of years ago is now a thriving technology-driven race where companies are vying for a bit of the multi-billion-dollar business. Payroll Outsourcing Services providers may now easily process global payrolls for enterprises across continents utilising cutting-edge technology. So, why feel left behind? allow us to check out what some popular softwares provide today.
Right from the time a candidate uploads a resume on a company’s website, the system automatically scans skills and knowledge of the candidate to see for eligibility. If they match the wants , HR approves the candidate for interviews and if selected, personal data of candidate is quickly absorbed into various internal systems of the corporate with none need for further data entry.
Efficiency – A system that won’t allow you to down
Similarly, payroll will receive its essential data, such as remuneration and other credentials for statutory purposes, immediately. Mandatory fields are automatically scanned to make sure data is updated. Authorised input providers from various departments will update the system with any one-time inputs like incentives, bonuses or any deductions, thereby liberating payroll personnel from data entry tasks.
Post a specified deadline , payroll will process the inputs to compute net pay of employees. Statutory deductions are automatically computed supported income earnings of every employee. For validation, further permissions, remittance, or all of the above, relevant compliance reports and connections are prepared.
Convenience – Just a click and your work is completed
Bank files are often linked to the respective bank accounts of employees for salary disbursement, while statutory remittances and returns are automatically performed with none manual intervention. Thereafter, accounting entries are often generated and posted in books of accounts by linking the payroll system with accounting of the corporate
Monthly payroll reports, variance reports, segregation of duties, approval matrix, data providers & recipients, MIS, audit schedules, etc can all be configured to make sure risks and controls are managed.
Earlier, payroll managers wont to dread year-end activities thanks to its complexities, time factor and volumes, like proof of investment collection, Form-16 issuances, Annual returns filing, etc. But, those days of worrying are long gone.
Modern age payroll
PionHR extensively supports not only the payroll team but even employees in managing the cumbersome proof of investment activity with its online documentation and validation portals.
The generation and issuance of Form-16 (annual tax statement) to every employee was another major painful activity. it’s now a past worry for many companies because the activity is fully automated, including filing of company annual returns or personal returns in government portal.
While some prominent features of automation are mentioned above, additional excellent news is that PionHR is hosted on cloud platforms for a “anytime, anywhere” access to users and may be configured to cater to company requirements and convey in additional value-addition to the entire process. Payroll processing has seriously become fun now a days!
“PionHR” , which has amazing features and truly understands the need of a Payroll manager. invite a demo today.