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.

 

Ascent Payroll Software Is For The All Round Benefit Of Your Organization

Payroll processing is a mundane yet mandatory activity in every organization. Whether you are a small-scale business unit or a large corporate, it is inevitable to put resources for payroll calculation.

Keeping employee profiles updated, keeping track of the hours worked by employees, calculating leave and absence and processing payroll are daunting tasks.

Moreover, you need to carry the additional burden of staying up-to-date with tax and regulatory norms.

Is your organization still using manual payroll system? If yes, then it is a high time to help your HR and Accounts team members.

Get rid of old-fashioned manual payroll processing and implement a smart payroll processing software.

Ascent, the new-age payroll software

Those who want to keep pace with modern technology are moving to new-age payroll processing solutions.

Eilisys is one of the leading Payroll Processing Companies in Pune that brings the best payroll software for its clients.

It is the right solution that would make your payroll an incredibly easy process. You need a flexible, user-friendly and still efficient software; Ascent has all these qualities!

Get rid of the legacy system and shift to this smart HCM Software which makes the life of your payroll processing team smooth.

What makes Ascent special?

Since Ascent is the flagship software program of Eilisys Technologies which is amongst the expert Payroll Processing Companies in Pune, it has been developed to cater to the needs of clients spread across industries.

The efficiency of processing power and comprehensiveness of features outshine Ascent it in the bunch of competitive products.

Flexible reimbursement, income tax calculator and Expat grossing up tax are some of the features that make the life of operational managers easy.

If you are using some old, outdated program, then t is very likely that the features are outdated. You don’t get upgrades or updates from the service provider.

Does it mean that you are missing out the advancements? Yes, you are!

Ascent is a payroll processing software that keeps getting better and better. It gives you regular updates that allow you to extract the best output from the payroll software.

Ascent ensures that the payroll in your organization is executed to the best of its and your capabilities; today and forever.

What are the benefits of implementing Ascent?

When you implement Ascent in the company, you get a long list of advantages. It is developed by one of the best Payroll Processing Companies in Pune.

Finance Department

  • Management of Employee Master
  • Audit trail of modifications in the database
  • Automation of bank upload file for NEFT
  • Quarterly and yearly e-TDS returns in the applicable format
  • Automation of TDS calculations and digitally signed Form 16
  • Income tax calculation
  • Salary JV configuration
  • Seamless integration with existing systems (Financial accounting or ERP)
  • Online CTC reimbursement based on limits
  • Tracking of loans and advances
  • Transactional, MIS and statutory reports

HR Department

  • User-friendly employee information management system
  • Easy monitoring of previous details
  • Management of employee job history
  • Leave regularization and arrear
  • The configurable formula for every earning or deduction code
  • Automation of Full and Final settlement and generation of provisional Form 16
  • Employee and salary master data reports and export tool
  • Transactional and MIS reports and summary and export tool
  • It is the only HCM Software that gives Mass update facility
  • Hold and release of salary

Statutory compliance

  • All relevant compliance report generation
  • Generation of Form 16, eTDS Return and Income Tax ITNS 281 Challan
  • Generation of Professional Tax Statement
  • PF reconciliation statement
  • Form 6, statement and online challan
  • PF challan, various forms, and ECR Online Return

In short, Ascent is the only payroll processing software for every organization.

 

Incredible attributes that make Eilisys’s Payroll Processing Software most preferable for Businesses!

No enterprise today manages its human resource and payroll on paper! That idea sounds passé, and it is so for reasons you don’t want to count on. HR officials started doing that on computers long back and replaced the paper work with electronic data for their routine chores like attendance update, record keeping, payroll management, etc. However, it was not hard for them to realize that the job is taking away enormous amount of time, only to kill productivity and undervalue their talented resources.It is quite common today for an organization to outsource payroll processing and management, and what they by and large stress on is one smart payroll processing software which can address all of their routine and special requirements.

A large number of companies today prefer Eilisys for its world-class services and sophisticated software. Eilisys has a special knack in payroll domain and is renowned for accurate processing of payouts, perks, etc. The software they use holds a bouquet of unique features and is reasonably user-friendly. This is what separates Eilisys and its workforce management software from the rest.

Whether you are a startup, an established organization or a small business group, you just cannot negotiate on the needs of your workforce and want the best professionals for its management! This is where the significance of futuristic and smart software pitches in, and that you get exactly that from Eilisys.

You must know about some prime advantages which you draw at Eilisys and about its incredible software:

  • This distinctly versatile software takes care of variety of your payroll management requirements and fosters quicker processing of payouts.
  • Software has been designed to benefit multiple departments and has operations customized to meet specific functions such as Finance, HR, Statutory Compliances, etc.
  • It appropriately complies with the latest rulings or guidelines in terms of taxation, provident fund computation, tax statement or ESIC statement generation, etc.

Features that make Eilisys the best payroll processing software:

There are plentiful features to prove that Eilisys enables precision in payroll management and has smart options for processing salaries and other payouts. With this incredible software, you can also:

  • Obtain Form 16, digital signed by employees.
  • Have a report on loan prerequisite valuation.
  • Retrieve NEFT files or automated file shared by bank.
  • Simplify financial accounting.
  • Conveniently integrate with the prevailing ERP.
  • Set parameters to calculate income tax.

Features that facilitate Human Resource function:

Your managers in Human Resource function too have a lot to enjoy with this software. They can:

  • Maintain elaborate record of employees, together with their earlier job history.
  • Keep track of every minute employee detail such as attendance, leaves, increments, investment declarations, and everything else.
  • Compute arrears, perks and emoluments for individual employees.

In short, the assorted attributes comprised in this software make it one such workforce management software which holds international repute. Owing to the many advantages comprised in it, it is evident why Eilisys’ payroll processing software is so widely preferred by businesses.

Exciting Benefits of Advanced Payroll Processing Software

The management of error-free payroll system is a big task for any business owner. No matter how many employees you have in your company you just need to have a clean and accurate record of their payment and other HR related details so that you can keep yourself safe from any legal hazards in future. When you have a small business with a few numbers of people then you may manage the payment schedule and other HR matters on your own. Or else some of your employee can perform the task every month. However, when the number of employees enhances then it may not seem that easy. In such cases, the use of advanced payroll processing software becomes mandatory to track the record in a perfect manner.

Get Accurate Report

You can create an accurate report of the payroll process of your employees with the help of this software. The matter will become easier than before when you use the advanced system. No matter how efficiently you have done the job the chances of making mistakes are very high when you do the entire job manually. On the other hand, when you use the software then the rate of errors becomes nil. The software is able to offer you accurate report about the payroll process irrespective of the number of your employees. When the payment report becomes error-free then you can calculate the other transactions easily. You can understand your earning and expenditure in business accurately too.

Other HR Related Jobs

The advanced software will help you in performing the other HR related jobs as well. You can keep track of the payment of Provident Fund, Employee Insurance, Pension, Income Tax and others with the help of this advanced system. You can have the monthly record of individual employee’s payment detail. The software will calculate the leave and holidays of the employees to calculate the payment. Thus, the entire record is well maintained through the latest hr management software.

Save Your Time

The software helps you to save a significant amount of time. It keeps the daily records of the payment schedule of the employees of your company and prepares the final report at the end of the month. That means you do not need to spend several hours every month to calculate the monthly payment of your workers. You just need to install the software and let it do the entire calculation throughout the month. At the end of the month you can get the report in your hand.

Make Your Business Flawless

You can make your business flawless with the help of this software. Maintaining the payroll process of the employees is a tough matter for any business owner. When you get something helpful to manage the same then it seems much easier than before to run the business. However, it is important to have the most efficient one that has all the latest features. Otherwise, you may not get the benefits of having the software and need to face the stress even after installing the same.

Top 7 Benefits of Using Payroll Processing Software

payroll processing software

Keeping track of employee work hours and compensating them accurately is a major activity for any business. There was a time when this process involved lot of manual input in terms of filling timesheets or physically punching cards. Nevertheless, computerization and technological advances have made it a thing of past. Today’s payroll processing systems are incredibly powerful and functional. By introducing payroll processing software for your in-house payroll activity you can enjoy greater flexibility and control of your business.

  1. Your employee records are safe

Usually payroll processing software prompts key users to back-up information from time to time. It can keep your data safe through an off-site backup solution or by backing it up on cloud.

  1. Easy access to employee calendars

Some payroll processing software comes with employee calendars that are very helpful at managing leaves, overtime and absenteeism. Project managers can plan better when they have information on employees who are on leave, whether they are on approved leave or not, how much leave they are entitled to, etc.

  1. Easily generate pay slips

While there are free payroll software available online but these cannot generate payslips, and that is the biggest reason why you should look for commercial payroll processing software. A commercialsoftware allows quick and simple payslip creation for multiple employees.

  1. No special skills required

Mostly the payroll processing software available in the market is easy to understand and use. If you have the right software for your business requirements then there is no need for special training or skills to operate such software. Small businesses can especially benefit from this.

  1. Added Security

There are several benefits of automating your payroll process in-house rather than outsourcing to a third party. A key advantage is the added security of your critical data. However, you will have to check for the security of your own IT systems. Generally, any good payroll processing system will be in line with the highest IT security standards.

  1. Standardizes your company

Manual payroll processes have almost turned outdated. By shifting to an automated payroll processing system you can keep your company in sync with the business world, for the companies that have not yet adopted automation in their payroll processes might soon fall behind.

  1. Leaves no scope for errors

Manual processing easily leaves gaps for errors to fall in. However, with an automated payroll system in place you can ensure that manual errors do not find their way into your data. Thorough validation procedures and checks ensure that no wrong information is entered into the system.