Are You Also Paying The Cost Of Manual Payroll Errors?

In any organization, payroll is the most complex, critical, and demanding function. Sometimes you could end up paying the double prices for the errors made in payroll. But these errors are not visible to many until it makes a hefty cost to any organization. Because of these reasons, many companies have already opted for the payroll processing software rather than getting it done manually.

Here a few factors are mentioned which may cause errors in the payroll process and hence will lead to extra expenses. And this is where; an HCM Software can help you to deal with this in a much proficient & professional way.

  • Extra Labor Hours Spent On Error Correction

Payrolls need to be accurate and there is no scope for a single error. So, when an error is happening in the payroll process, it needs to be corrected immediately. Many times it becomes difficult to find the error, which leads to more time in correction. All this involve human labor and this fact is overlooked & didn’t realize by the organizations and lead to extra labor expenses. The number of hours an employee spent in correcting the error can be used somewhere else in a more productive task. Payroll Processing Companies in Pune suggest how it is imperative for the organizations to go for payroll processing software to save these long labor hours.

  • Penalties Due To Non-Adherences to Compliance and Labor Laws

We all know payroll is bided to certain compliances and labor rules & regulations like tax calculations, insurance of the employees, certification, etc., which need to have adhered without fail. These laws also change with time, making it live & applicable immediately in the manual process becomes difficult. Non-compliance to such laws can incur the heavy penalties’ and cost to any business with severe repercussions. Payroll Software Products in Chennai offer the solution to get the same updated at a single place and replicate at all. With payroll processing software you can be assured on the part of compliance.

  • Misclassification of the Employees And Contractors

There may be some people working for you as an employee and some as contractors. And each would be having a different coding for making a clear classification, that further help to do the respective calculations of their dues. But by any chance, if such coding is done wrong for any employee or contractor then calculations with respect to salary, overtime, benefits, taxes will all go wrong. And the company will pay the wrong dues to the employee and also submit the wrong taxes on behalf of them as they are liable for paying employees taxes to the government. This may lead the organization to certain unavoidable circumstances which may be pricier. But with payroll processing software this segregation can be implemented easily.

  • Error Done At The Time Of Hiring In Employee Profile

When new hiring is done, employee profiling is also done in a payroll system, if any error happened at the time profiling then calculations will also go wrong. And if a new employee gets his first-month salary with all the wrong calculations, then you can know the state and morale of the employee. This will lead to distress and can affect trust in the organization. With payroll processing software you can ask the new employees to validate his/her profile, which can not only save your time but also help to get the things correct at the first place itself.

As we mentioned above, these errors hard to recognize but yes can badly impact any organization. Eilisys Technologies Pvt. Ltd. who is providing Payroll Software in Bangalore can help you to optimize your workings and time to get the desired results.

 

Utilizing Technological Prowess to Manage Payroll through HCM Payroll Software System

‘We apologize for the delays caused in releasing the salaries this month, due to a technical glitch’. Often, employers are compelled to send these emails to their employees at the end of the month, or when the salary release date is near. This could be quite annoying and even worse, frustrating, as this is the time when employees expect their salaries, and out of their excitement, only discover that the salaries are going to be delayed. Perhaps, the employees could take it once or twice in a year, but not more than that! The solution here is to technologize payroll operations through a comprehensive payroll management system.

Salary is the least that employees expect out of his employer, and if that isn’t credited in time, or is incorrectly computed, they gradually start losing trust. This could also have long-running effects on the credibility of the organization in the job market, and also amongst the stakeholders of the organization. Payroll, therefore, is a serious concern, and hence, employers must ensure that payroll is dealt with in a sincere and timely manner.

Why Payroll Management System to Handle Payroll Operations?

Of course, payroll management isn’t an easy task. It takes an exclusive workforce to ensure that all the necessary components of the payroll gamut are taken care of in the most compliant and appropriate manner. Payroll today requires to be managed with the help of technology. Manual payroll management could be time-consuming, and moreover, the manual errors committed could lead to a major revenue leakage in the long run. Perhaps, a lot of companies realize this only after considerable damage has already been done. Hence, technology is the way out here, and Eilisys is your technology partner out there!

Eilisys payroll management software not only helps organizations achieve precision but also process payroll in time, along with an assurance of compliance at all times. Nevertheless, these are only a few benefits associated with the payroll software system, there are many other features that result in many other benefits, some of which are, a simplified and transparent payroll function. Let us now proceed to take a look at some of the features of Eilisys’s payroll management software.

HCM Software | Payroll Management Software India | Best Payroll Software in India

Payroll operations are something that impacts multiple verticals at a time, and therefore it isn’t only the HR department that is relieved out of manual payroll management after the inception of payroll management software, but other departments as well that leverage its features to their respective benefits.

  • Human Resources Department
  • Maintaining employee job history.
  • Calculating arrears
  • Bulk FnF settlement with provisional form 16 on the same day
  • Processing supplementary payroll
  • Facilitation of comprehensive payroll reports in various formats like MS-excel, PDF, etc.
  • Managing salary holds and releases
  • Finance Department
  • Creating audit trails
  • Parameter driven salary JV
  • Digitally signed form 16
  • Calculation of interest on EMI or equated principal basis
  • Automated TDS calculations
  • Loans and advance tracking
  • Easy integration with the existing ERP/ financial accounting, etc.
  • Statutory Compliances

This mainly involves managing various forms involved in payroll operations such as ESIC form 6, provident fund Challan, ESIC statement and online Challan, and other forms such as 3A, 6A, 12A, 5, 10, 9, professional tax statement, etc.

Eilisys’s professional payroll management software is one solution with multiple benefits. It simplifies and expedites payroll operations, improves accuracy, and further, more importantly, helps the company remain compliant, and also retains employees and stakeholders’ trust, in the long run. For additional information, or for a demo, get in touch with Eilisys at (+91) 20 6729 5300.

Letting Technology Handle Workforce Management through Workforce Management Software

The advancements in technology have made it possible for business owners to graduate from the manual workforce and payroll management to automating both the functions, and thereby achieve the highest levels of accuracy, assurance of compliance, and also retain the interests of the employees as well as the stakeholders in the organization. Eilisys’s workforce management software and HR payroll software are customizable software products that relieve business owners and employee administrators out of the mundane administrative tasks of payroll and workforce management, thus leaving them more time and bandwidth to take care of the strategic ones. Here’s a blog that talks about the features of both these software products.

The Significance of Workforce Management Software and HR Payroll Software

Let us first ask a question! Who doesn’t need automation and technology in business? Most of the business owners would say, yes! And why not! Automation is something that simplifies a lot of tasks. Besides, when programmed in accordance with the standard operating procedures and compliance, it also offers accuracy, and moreover, saves time when it comes to managing time-consuming, repetitive and lengthy tasks. In simpler words, it helps business owners to utilize their resources for more productive and strategic tasks. The use of technology has a long-running impact on the organization’s reputation. Employees, and to a large extent, corporates as well prefer working with companies that deploy the latest technology and expedite all the major administrative tasks, to be able to offer quicker services.

Features of HCM Software | Features of Employee Management Software | Workforce Management Software Features

Here are some of essential features of Eilisys’s employee management software.

  • Managing compliance reports such as form20, overtime, muster roll
  • Compliant with labour laws
  • Exception handling features that include absenteeism, under-scheduled, shift variation, missed punch-in, late punch-out
  • Notifications for deductions arising out of attendance exceptions to the employee and the line manager
  • Real-time data related to attendance, employee movements, and shift-schedule.
  • Facilitation of simple work shift management for supervisors
  • Extra time management features helping save revenue leakages happening on account of manual shift and attendance management
  • Configurable compensation as overtime or banking of hours to later be able to claim a compensatory off
  • Availability of 30 standard reports
  • Report designing tool to customize the reports and fetch them in multiple formats.

HR Payroll Software Features

  • Leave and attendance regularization
  • Variation report for the transactions of the previous months.
  • Monthly salary management
  • Maintaining the job history of the employees
  • Digitally signed form 16
  • Employee report generator and salary master data
  • Audit footprints for earnings/ deductions and changes to employee master information
  • Arrears calculation
  • Parameter driven income tax calculation and salary JV
  • Loans and advances tracking
  • Extracting professional tax statement, provident fund reconciliation statement, income tax statement, ESIC statement, online challan, etc.
  • EMI or equated principal based interest calculation
  • Processing supplementary payroll

For more information on Eilisys’s HR payroll software and workforce management software, get in touch with Eilisys at (+91) 20 6729 5300.