Why One Click Payroll Process Is A Business Need??

In this advanced era, where decisive business functions are moving away from paper procedures of the past, it is the time to shift for the Paperless Payroll & One Click on shot processing that is both cost lucrative as well as time discounting. A competent online payroll solution could help organize processes and diminish payroll costs. From the management point of view, it lessens the price with utmost productivity (as manpower price dwindles).

Now, What Are The Pain Areas That HR Manager Faces?

If you are not using web-based complete payroll solution only then it works something like this:-

• At the finish of the month or whenever the company’s monthly payroll series ends, the HR crew will gather attendance data.
• This crucial data might be in the form of a soft copy / physical register that employees’ sign each day upon come in the office, or it might be a Biometric kind of device.
• After the attendance data is gathered, the HR crew will go through every single employee’s whole month’s attendance and make a catalog of all dates or miss attendance logs.
•  This catalog will then be sent to the employee looking clarification/ answers.
• Afterward, the HR crew will also verify their Leave Tracker sheet merely to confirm about approved, pending/ unapproved or unpaid leaves for that particular month.
• After all this decisive data is examined, a final attendance report will be created that offers a synopsis of the number of Present days, Leaves, and Unpaid/ LOP days (Loss of Pay).

• Then this report will be used by the Finance/ Accounts crew to make a précis of all employees’ salary break-up for such specific month, as per their salary structure.
• The Accounts crew will then ahead a final payroll sheet to the HR employees for management confirmations (if any). This sheet will have a listing of all basic particulars of every single employee such as gross salary amount, any deductions (comprising of Loss of Pay), and the final net amount.
• Once there’s a final go-forward from the HR employees, a bank format sheet will be arranged and organized by the Accounts workforce so that the company’s bank could be officially notified of moving the requisite net salary in individual employee’s bank account.

This above-stated steps typically takes anywhere between 5-6 days to finish, because neither the HR nor the Accounts employees want to have any mistakes or calculation errors in the salary figures. Our Human Resource Management Systems main dictum is to Simplify Human life, so from above multifarious process we abridge it to very simple as well as flexible process as  below : -

Go For Paperless Payroll & Save Time And Money

Setup Payroll : Completely based on how easy or intricate your payroll processes are, you can use HRMS to establish several options/ factors that the online application uses to computerize the processes. For example, you can list your employees by making unique employee code numbers, assemblage them based on their employee status. You can even make employee categories like Grade, Department, Cost Center, Location, etc., to assemblage them based on common aspects.

Inputs for HRMS : It helps auto-update of attendance, leave, and calculation of salary components. Properly handling employee information, disembark at payable days, leaves, one-time payments, etc., are few of the monthly transactional HR responsibilities. Having a crystal clear overview of this information is a decisive payroll job. With HRMS, you no need to worry about manually organizing these inputs as well as passing to the Payroll Processor. Thus, HR to Payroll end-to-end automation could be attained.

Flexible Payroll Process : HRMS has abridged the payroll procedure by an automatically driven process. Likewise, revising employee information, managing employee salary modification, paying arrears, subtracting LOP, revising employee PAN number, stop payment information, and afterward execute monthly actions like processing payroll, preparing payroll statements, cross-checking payroll differences, emailing payslips, etc. Payroll procedure is at your fingertips and the cloud technology made the geographical propinquity, a myth. You can easily access the software as well as process, anywhere – anytime.

MIS : Generating Payroll MIS is not a nightmare anymore. Statutory Reports and Statements are an essential slice of your payroll jobs. Be it reports & statements related to payout, profession tax, leaves & managements reports, ESI, reimbursements, PF, loan, payroll control, income tax, you can now simply manage them all with ease using HRMS.

Paperless Advantages to the Employer

• Safely backs up all of your employee payroll data
• Business prices related to hardware could be lessened
• All of your employee payroll information is at one place
• Diminishes the time your employees spend finding for documents
• You can process payroll from any device according to your own time
• Simple association with your accountant for tax generation purposes
• Paperless payroll facilitates cut down on paper as well as waste in the office

Paperless Advantages to the Employee

• Lesser payroll errors
• Funds are instantly accessible on the pay date
• No more worries about the loss or stolen paychecks
• No more waiting in line at the bank of drop their paychecks

These and several other user-friendly facets of HRMS that make sure speed, competence, and cost effectiveness of your payroll process. Moreover, Megasoft offers a simpler as well as more effective way to manage your company’s payroll and employment related taxes, and best of all- its Paperless & One-Click-Shot reports.

If you may seek any further information, please log on to www.megasoftsol.com or Call 011-46067710

Disclaimer: This Blog/Information/News Item/Press Release has been Posted/Reposted by Megasoft Solutions India.

Cloud-based Payroll – Why You Need It

Megasoft payroll software on Cloud is a latest and advanced solution, which is easily scalable as well as designed and developed for all sizes of organizations. It will assist you to reorganize your intact payroll process and handle it effectively without any extra investment on software or hardware infrastructure.

Fully Automated and Simple To Use

Designed and developed as a result of working with businesses all over the world,

our Cloud-based payroll solution is built to make things easier and automate your complete payroll processing activities so that you can emphasize more on what is important to you – your precious employees.

Convenience: Mobile Payroll, Integration, and Flexibility

You can simply access the payroll software on Cloud via mobile devices or desktop from anytime, anywhere. Also, the solution can also completely integrate with any other Megasoft cloud solutions such as time and attendance and leave management systems.

Secure: Best-in-Class Data Security and Confidentially

Your employees completely rely on you to keep their data private as well as secure.

Megasoft’s payroll on cloud uses leading and industry-acknowledged security safeguards to protect your company as well as employee information from misuse, loss, tampering or unauthorized access. Moreover, Megasoft is certified and highly-recognized compliant for the best data security as well as process quality standards.

What Are The Advantages?

For HR Leaders & Key Decision Makers : -

• Anytime access to reports and data
• Data security and maintenance
• Accuracy
• Streamline & scalability
• Ready access to statutory updates

For Workforce : -

• Convenience- investment plan submission, online claim submission
• Flexible online pay-slips, reimbursement slips, tax computation sheets
• Ready access to company policy or procedure

If you may seek any further information, please log on to www.megasoftsol.com or Call 011-46067710

Disclaimer: This Blog/Information/News Item/Press Release has been Posted/Reposted by Megasoft Solutions India. 

Payroll Outsourcing Services V/s In-House Payroll Processing Management System

Once upon a time, only big or renowned companies with sizable budgets and similarly big payroll departments could afford to process payroll in-house. Limited number of employees and expensive software systems made in-house payroll complex and impractical for small as well as mid-sized companies.

But the advancements in technology and importantly highly affordable HR & payroll software have revolutionized everything, including the requirement for outsourcing your payroll.  

Here are the Key Benefits of Processing Payroll In-house vs. Outsourcing

Benefits Of Using A Payroll Processing Management System In-House : -

Full Control : - By using a payroll processing management system in-house makes sure that important as well as crucial information is secured within the organizations, hence, leading to full control over information flow in the organization.

Control of the Process : - With a well-established in-house payroll processing management system, top management can easily manage and control the complete process to be undertaken for payroll management. This is significant because, it is management or the top managers who know and comprehend to whom pay over-time and what amount is to be paid or any leave / compensatory off adjustment is there, which requires to be done.

Control of Data and Reporting : - Managing proper flow of information via reports is also a vital facet of the business and with in-house payroll management, it can be easily controlled. There are several times when unwanted people are capable to access organization’s sensitive information. Management always prefers to make sure that only authorized / official people can access the employees’ financial reports. Along with this, it avoids leaking of critical details of chief officials in the organization.

Flexibility : - Having an established payroll processing management system in-house has another advantage that is flexibility. When, we have in-house payroll management, we can effortlessly accommodate payroll of new joining / employees during the month and can also control payroll for employees leaving the organization.

Benefits Of Acquiring Payroll Outsourcing Services : -

Accuracy : - Payroll outsourcing services are flawless and accurate as outsourcing experts are usually a highly professional with years of immense experience and profound knowledge in payroll management services. Furthermore, if not controlled perfectly payroll management can lead to disturbance in working culture as well as overall productivity.

Cost-Effective : - Payroll outsourcing services are highly cost effective for all sizes of companies whether it is small, mid or large. For small-mid size organizations, controlling a department particularly for payroll processing can be quite expensive. Also, a big size organization means more number of employees, hence, controlling a large team for payroll management.

Efficient : - Payroll outsourcing services are more proficient and also help in enhancing the competence of your business. Payroll outsourcing services also perk up the productivity of a business as by attaining them employees in the organizations can emphasize their time as well as energy on other significant works.

Compliance & On-Time Payroll Processing : - Payroll outsourcing services make sure that every single compliance with respect to the taxation laws are met as well as regulations are perfectly followed so that their esteemed client does not have to face any sentence or penalty. Moreover, they also make sure that payroll management is always on right time.

If you may seek any further information, please log on to www.megasoftsol.com or Call 011-46067710

Disclaimer: This Blog/Information/News Item/Press Release has been Posted/Reposted by Megasoft Solutions India.