No matter what is the size of your workforce, be it 10 or 1000, it is always preferred to have an automated payroll management system in place of a manual accounting system. Inarguably, it frees you up from all the hassles to keep track of all legal and regulatory provisions as an employer, but also enhances your likeability among your employees.
The prime purpose of using an online system is not just to avoid any computational errors, it can help HR and finance departments save a lot of time that could be further divested in driving strategic initiatives for the organization.
Here are a few payroll practices that are a must-have for an organization:
Employee Categorization: The payroll system must have a clear categorization mechanism for employees so that they can be categorized as permanent, temporary, or contract-based. This helps the system to quickly detect the legal provisions for each category while calculating the salaries and deductions.
Integrated Payroll Mechanism: To make the process completely automated and free from manual intervention, what you need is a completely integrated system that can fetch all the required details including employees’ leave and attendance records, tax reporting, exit process, etc.
Data Verification & Process Auditing: The system must be updated periodically and also there must be an immediate processing of information if any employee leaves the company, or gets promoted, so that the payroll computations are done accordingly without any error due to delayed information.
Avoid Time Theft: Sometimes, employees fool around organization showing manipulated timesheets. Thus, the system must also be collaborated with biometric or any other time-tracking device to get précised employee information.
These are the major requisites of an Online Payroll Management System. TeamWise Payroll Management System offers you exactly same features with more advanced functionalities. It is a complete one-stop solution for conducting your HR and Payroll core functions and helps you earn greater employee trust through efficient processing.