FactoHR Payroll Software India

Advantages of an efficient Online Payroll System

What type of payroll system or process does your business operate according to? Do you have one in place? Are your employee payslips and records accurate and up to date?

Managing payroll can be a time consuming, laborious task. Especially if you are relying on outdated tools like Excel to do all the work. Excel spreadsheets rely on manual updates to stay relevant and these data capturing tasks are repetitive, tedious and prone to human error.

Your greatest assets are your employees and so some time and attention should be given to how you handle their payroll. A start-up business might have an easy time with its payroll functions, but as it starts to grow and develop, these functions can become overwhelming and somewhat challenging. The solution is obvious: payroll software. And what’s more is that it offers a wealth of benefits over and above being a great way to keep your employee payslips and records organized.

Here are top benefits that we feel you will enjoy when investing in payroll software:

  • No Need for Double Data Entry

If your payroll system is connected to your time and attendance tracking, employee database, and other information systems, the information can be seamlessly moved back and forth in the system without the need for double data entry. Many systems even automatically update all impacted information when changes are made in one part of the system. This eliminates tons of work, saving labor hours and reducing the propensity for errors.

  • More work is done in less time

Productivity is something every business owner strives for. Unfortunately, your workforce cannot be productive if they are spending extra hours trying to organize payroll functions and tasks. With the right payroll software, you can save your employees many hours of work and ensure that they have plenty of time to focus on their core functions and responsibilities.

  • Data security like never before

Keeping your employees’ personal and financial information safe is also a big responsibility employer must take upon themselves. Payroll software solutions offer a password-protected environment where personal and financial data related to your employees can be stored at low risk of being accessed by the wrong persons.

  • Improves communications and teamwork

When time and attendance, payroll, employee records, and other HR related needs are managed through a single interface, it can improve communications and teamwork. A manager can make changes and these changes can be reflected in a system which can be viewed by managers as well as employees. This can help to eliminate confusion and make it simple to make changes and correct errors.

  • Anywhere Access

Using online payroll software, you can store your data securely in the cloud. That cloud-based system provides you with enhanced security, but it also gives you and your staff members secure anywhere access. Whether you are traveling, working from home or at the office, access to the businesses’ critical information is readily accessible.

  • Payslip Processing

A manual payroll system requires you to print payslip on a typewriter or by hand. A computerized payroll system has the direct-deposit capability, which saves money spent on live checks and reconciliation. Additionally, computerized printing of payslips occurs quickly, regardless of volume.

  • Avoid Making Mistakes

It is easy to make mistakes when you manage aspects of payroll manually, but with the right payroll management solution, it becomes much more difficult to make such mistakes. Comprehensive validation procedures and checks stop you from entering the wrong information.

The Takeaway

Do you want to ensure that your business enjoys these benefits? Of course, you do! And with our payroll software, you can enjoy these benefits and more! Why not try out our free demo? This is a great way to try out the system and see if it is a good fit for you and your business.

To know more about factoHR – HR & Payroll Software, please contact +91 782 000 3100 or visit www.factohr.com

Aniruddha Nagodara

Aniruddh Nagodara is the CEO at Version Systems Pvt Ltd. He develops a world class organization with focus in HR & Retirement Benefits. He is leader in the organization for company's Business Development, Partnership, HR and Finance function. He is also instrumental for implementing best HR practices in organization to make Version Systems a Great place to work.