How HR and Payroll software can increase the profitability of your company ?

Payroll Software Increase-Profitability
How HR and Payroll software can increase the profitability of your company ?
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Every company wants to excel and improve their operations and overall productivity. To achieve this objective, many companies tend to invest their majority of time and money for better solutions. Hence, there is an ever-increasing demand for solutions that simplify your HR operations & payroll process and at the same time increases their productivity and Return On Investment (ROI). This is where a complete HR & Payroll Software comes handy.

Payroll is a process to calculate the salary of employees of an organization. Payroll can be run daily, weekly, bi-weekly, monthly depending on the salary cycles of the organization. With rich feature sets and easy-to-use user interfaces, the best payroll software can help organizations to manage payroll quickly and effectively. If HR and payroll software has to be defined in one single sentence, then it can be rightly defined as a software that is bound to transform your business operations!

Why HR and Payroll Software is a productive and efficient tool? 

  • Better Human Resource management
  • Reduces Accounting workload
  • Attendance and Leave maintenance
  • Pay your employees accurately and on time
  • Generates payslip & statutory reports
  • Saves time and money

Let us understand how profitability can be increased with HR and Payroll software by considering some of the day to day scenarios….

Scenario 1 : Rohan, HR of an organization, consumes much of his time on a new employee.

Many times when an employee joins organization, enrolling them in existing process, capturing and maintaining employee data, maintaining document proofs, generating various letters becomes time consuming and unorganized.

Rohan needs to focus on many other core tasks simultaneously even if new employees join the organization. With software, he will be able to manage everything in very less time. A complete HR and payroll software has an on-boarding module in which he would easily.

  • Maintain employee’s all information in HRMS platform
  • Generate all types of forms and letters with pre-filled employee data
  • Create and assign employee salary structure automatically
  • Store all details and document proofs on cloud
  • Auto calculate prorated first salary

Scenario 2 : Rajesh comes late in the ABC office and works more hours to complete his work. But many times he is not getting overtime so he feels dissatisfied.

In many organization formal attendance policy is not defined or not communicated to employees. So employees are less punctual in their work and cause loss of man-hours for the organization. Formal attendance policy becomes the necessary part of the organization to develop the punctual work culture.

If ABC organization does not follow any attendance policy/rules and does not maintain any record for employee’s attendance such as early going, late coming, overtime, etc; then it is very difficult to maintain the employee’s payroll and it would create dissatisfaction among employees. A complete HR and payroll software has attendance module in which you

  • Can define your own organization’s attendance policy
  • Can establish proper work environment and maintain discipline with formal attendance policy.
  • Can implement biometric machine which gives you high accuracy on attendance timings.
  • Can allow employees do on-line attendance punch through mobile app or portal
  • Can auto calculate attendance and salary with attendance integrated payroll system.
  • Can increase transparency, satisfaction and trust among the employees.

Scenario 3 : Rajiv, a sales person, regularly goes on field or client side without reporting at the office.

Many times sales person directly goes to field or client side without reporting at the office. So you don’t know the exact location and timing of your field staff. End of the day he might be visiting client which has less priority or where personal visit was not required. Ultimately it is productivity loss to the organization as he will not be able to achieve his sales target or goal.

Through software, you can easily have a keen watch on your sales team such as where they are, which client they are dealing with, how much time they are consuming in meetings and many more. A complete HR and payroll software has attendance module in which you

  • Track employees attendance with GPS location
  • Track where and when employees are meeting with clients
  • Automatically track and import attendance in payroll process
  • Don’t need to relay on employees oral confirmation

Scenario 4 : Rajan, an employee of your organization, comes to you with leave request when you are in meeting with your prospect client.

If leave policies are not formally defined in the organization then it will create a lot of confusion and chaos when an employee wants leave. Entrepreneurs might get distract by this chaos and would miss their core task and responsibility. Sometimes entrepreneurs take emotional decisions to solve employee grievances, which ultimately increase employee discrimination and dissatisfaction.

With pre-defined leave policies, organization can reduce manual monitoring and intervention of HR person. It empowers and allow employees to check leave balance, apply for leave and allow managers to view and approve leave from their mobile devices. A complete HR and payroll software has leave module through which

  • Define leave policy as per your organization
  • Decentralize decision making
  • Increase transparency in process
  • Save employee’s time and improve productivity
  • Take advantage of technology (Mobile App or Online portal) to approve or reject leave application
  • Maintain leave balance through system
  • Integrate leave and payroll process to improve accuracy

Scenario 5 : Rakesh, an employee, feels discouraged because he is not getting his salary on time.

Processing payroll on time is crucial for employee satisfaction. Payroll process in many companies got delayed because they have disconnected system as one has to import attendance, bonus payment data, loan EMI deduction data etc. This manual process takes lots of time, human efforts and it is error prone process.

Payroll software ensures payroll processing in hours not in days. All the post salary generation activities like accounting can be accomplish with single click. A complete HR and payroll software has payroll module through which

  • auto generate and download payslips
  • accurate and error-free calculation
  • integrate with an accounting software
  • streamline payroll processes and less paperwork
  • increase transparency, efficiency, productivity and employee satisfaction

Scenario 6 : You received notice from PF inspector that this week he is coming for inspection in your organization.

Entrepreneurs fear from government compliance and external audit or inspection because many times they don’t have proper data to prove they are doing fair practices. Data is unavailable as either they would have thought it is not required or they have inefficient system which cannot provide correct data when they required.

HR and Payroll software provides reliable support for all your statutory compliance needs, automates statutory computations and reporting work, keeps you updated with statutory news. Statutory compliances like PF, PT, ESI, TDS calculation can be managed very precisely. A complete HR and payroll software has statutory compliance module through which

  • All required data can be maintained in the system
  • Required data can be extracted from the system anytime
  • Compliance forms can be generated from the system
  • You are always ready for audit or inspection
  • Save cost by avoiding statutory penalty

Scenario 7 : Ramesh, a marketing person, came to you with unplanned expense he has done during his recent client visit.

Sometimes employee travel to different locations for business, marketing or sales purpose. Entrepreneurs feel dilemma when it comes to approve unjustifiable claims made by employee. If claims are approved then it becomes rule and he had to approve similar claim for other employees also. If claim will be rejected then employee will be dissatisfied.

Through software, you can easily define limits and rules for claiming expenses as per your company rules. It empower employees and managers to accurately report expenses while enforcing company policies. A complete HR and payroll software has travel & claim module through which you can

  • provide flexibility to easily and quickly submit expenses via computer, tablet or smart phone
  • control expense with policy enforcement
  • improve financial controls
  • decrease time duration between expense submission and reimbursement
  • increase employee satisfaction and build strong trust

Scenario 8 : Rahul, an accountant, comes to you with demand to increase his salary or else he will leave the organization.

When no formal employee evaluation and appraisal policy exists, employees always feel their salary is not up to the mark and unjustified. Entrepreneurs would do the appraisal and increase the salary who comes to them asking for it while others may not get any appraisal. This will create discrimination among the employees.

HR and payroll software helps to manage complete employee life cycle in organized and secure way, maintains comprehensive and accurate employee data. You can create quarterly, half yearly, yearly performance review cycle based on company policy. A complete HR and payroll software has performance management module through which

  • you can have formal appraisal process so employee knows how they will be evaluated
  • employees will be evaluated based on objective measure like KRA and KPI
  • entrepreneur’s decision will be based by merits
  • ahead of appraisal you will know how much total budget can be spent
  • can take review from employee’s reporting officer as well as from subordinates
  • revised salary structure will be updated automatically in the system

These scenarios would be more enough to explain you how HR and Payroll software can increase the profitability of your company!!

factoHR is one such complete HR and payroll software which covers automated systems of HR Management, Retirement Benefits, Payroll, Leave, Attendance, Expense, Reimbursement, Performance and all types of statutory compliance. It provides one of its kind of solution that integrate all of the features available in payroll software, hrms software, attendance and leave management software, performance management software and travel expense management software on single platform that empowers HR person to do all of activities not in days but in hours.

So what are you waiting for…

Are you transitioning to a more digital-friendly business plan? See how our HR and Payroll software can make life even easier for you by scheduling a FREE demo with us.

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Call us on +91 782 000 3100 | Mail at sales@factohr.com

FactoHR

FactoHR is complete solution to simplify your complicated payroll functions much easier.Automate your all HR processes for better informed,well organised, more responsive all while saving valuable time and money.Plan,apply and track your leave status online with FactoHR robust leave management software enabled with workflows