In any company, human resources can be considered one of the most important parts. They make the wheels of a business turn; in other words, they perform activities important for improving the revenue and profitability of a company. When we think about human resource management, payroll management is an important consideration. For example, you must manage employee salaries, late fines, overtime, advance payments, etc.
With TallyPrime, companies can reduce the manual effort required to maintain physical documents related to employee attendance, and in the process, save time. In addition, you can filter data related to salary and other payments made to employees on a daily, weekly, monthly, quarterly, or yearly basis.
What is a payroll management software?
It’s a software that helps manage the entire payroll operations of a company. The payroll management software aids in tracking employee salaries, deductions, bonuses, and whether pay slips have been generated.
A well-known online payroll management software available in the market is TallyPrime, where one can enter employee details and manage their payroll. On smartphones, there’s PagarBook, which does what TallyPrime can do, on the go. Are you wondering why businesses need this payroll management software? Keep reading to know.
Why do businesses need payroll management software?
- Easy information accessibility
With payroll management software, it becomes easy to view all information related to the payroll, like the salaries, overtime payments, late fines, and so on, on a single platform. There is no need to shuffle between multiple documents. For example, PagarBook helps search employee details quickly.
- Accurate payroll calculations
When the employee salary calculations, overtime, and fine calculations need to be done, it may lead to errors. By using payroll management software like PagarBook, you can calculate team member payments and attendance accurately. You can also use TallyPrime to enter salary details like basic pay, house rent allowance, and variable pay.
- Saves business time
Since payroll management software ensures the accessibility of all information from a single location, you can save business time for critical activities. As a founder, you may focus on closing more sales deals for the business since you will be free from the usual administrative tasks that need to be performed. Business software like TallyPrime and PagarBook will help you manage and view team member data.
- Send automatic reminders
When data is stored in Excel sheets or pieces of paper, it becomes challenging to remember when you need to update employee salaries in the sheet or mark the days when employees take a leave, are absent, or when they decide to take a half day off. The role of automatic reminders proves beneficial here.
With software like PagarBook, you can send automatic reminders about employee attendance, payment, and late fines. It avoids any confusion that may lead to a difference of opinion among you and your employees, like regarding the dates on which they were absent, or when they took a half day from work.
- Creation of reports
When payroll information is disorganised or scattered among papers or Excel sheets, visualising business information becomes a challenging task. Here, the creation of reports makes it easy to analyse team member salaries or attendance daily, monthly, quarterly, or yearly. These reports provide insights like the average number of days when an employee was absent from work, and the number of days when a team member engaged in overtime work. PagarBook helps create such reports.
With TallyPrime, one can create employee reports with data including bank accounts, contact details, passport, and visa details.
- Quick decision-making
When reports are created showcasing vital information like the average overtime paid to an employee per month, making decisions can be made easier. For example, if you are an employer, you will know about the budget you need to set aside, besides the salary of each team member, at the end of the month, for overtime payments. This, in turn, makes a company’s financial planning process easy.
- Data Safety
Have you ever thought your work on your PC was secure, but then it disappeared from your computer or became corrupted?
There is no guarantee of data safety when data is stored on documents like Excel sheets. However, software like TallyPrime or PagarBook is highly secure. For example, TallyPrime helps you password-protect your company data, ensuring that your data remains safe from any unauthorised access.
Putting it all together..
Through this blog, we hope you now have a good understanding of the top 7 reasons why you need payroll management software in your business.
Nandini Infosys is a leading provider of technology products and service solutions, like the best online payroll management software for your business. We help businesses simplify their day-to-day business operations and expedite company processes. If you want to learn more about Nandini Infosys and its services, click here.