Benefits of a Payroll Management Software

Benefits of a Payroll Management Software

When you are into a business or in human resource management, then you’ve probably heard of payroll management, let’s put payroll management software aside. So, what actually is payroll? What does it mean by payroll management?

On the first thought, you might get mistakenly took payroll as only a system that works or manages employee salary. It’s not all about or only about salaries. Payroll works with a broad and in a systematic way to deliver the information about the salary generation, timely payment, tax calculation, and all the small details before calculating the final salary of individual employees or staff.

You must have a clear, confident, and proper understanding of payroll management to ensure your staff and employees are happy and you are always law compliant. That’s not enough though. You need to know how to run payroll effectively.

That was a brief of payroll management. Now come to Payroll Management Software. Basically, it is a software that will do all the payroll hassles for you and run the accurate, fast, and smart payroll for your business. Obviously, this is fully automated based on the data it’s been fed regarding your employee and staff’s payroll.

A Brief History of Payroll Management Software.

Before going deep down to payroll management software, isn’t it obvious that you should know the past history of payroll management and how it innovated? Of course, we’ll discuss it with the bare minimum details to understand the basics of the history of payroll management.

The payroll management software that we know today, descended from the Greeks. In the 14 th and 15 th centuries, payroll was done as a “bookkeeping” system to keep track of how much a business paid to its employees. This bookkeeping work was done as a part of payroll management on paperwork.

In the 20 th , when industries and businesses outnumbered any previous history, the payroll has been vital for keeping track of repetitive payroll entries of huge numbers of employees. This is the first-time businesses adopted the automated computer system to do payroll works.

Now payroll management has peaked its efficiency with all the latest and updated technologies and came out as payroll management software. With the help of this payroll management software, even big businesses or industries do not post numbers of payroll managers, as payroll has been easier than ever before.

Now, regardless of the size of business or organization, payroll software has been a must for accurately and on time, fast, efficient, and confident computerized payroll system. Businesses and organizations from all over the world are adopting payroll software management software as a must-have vital part of their business or organization.

Benefits of Payroll Management Software

The benefits of payroll management software are beyond description. Payroll administration is one of the most and crucial parts for a company as it is very time consuming, laborious and tiring work for human resource managers. Company of all sizes takes the advantages of payroll software, even their employees. Let’s dig deep into some of the benefits that a payroll management software can offer to your business without any further ado.

1. Reduces the Chance of Mistakes:

The first and foremost benefit of using a payroll management software. No one can argue how much error can human cause. You cannot expect humans to not do any errors. But an error in the payroll system can be a nightmare and destructive. US businesses made inaccurate accounts which cost them $7 billion in a one-year period back in 2013 and guess what, those mistakes were human errors. Morales of your employees can be a detriment if you error in payroll and you could be ended up with legal issues with your firm. This is just a snippet of how destructive human error can be in the payroll management system.

To ensure that your employees get the exact payment that they have earned from your business, you need to implement a computerized and automated payroll system which can be offered by a good payroll management software. With a payroll management software, you can be sure of never getting any silly errors because the computer always calculates accurately. With a smart payroll management software, like PiHR, you can never make mistakes in running a payroll, even if you want to do mistakes!

2. Saves a Lot of Time:

Running a payroll is not a piece of cake when you are not using a software. Entering data for each and every cycle manually is even hard to imagine, let alone doing it in real time. It kills hours and hours of Human Resource managers of your business to enter all that information and satisfy all the criteria to run a payroll.

When you implement a software solution for your payroll management, your Human Resource managers can give time and work on other important HR works. All you need to do is set up your payroll management software once with your organization’s rules and regulations, the software will do the rest for you. You can customize if there any changes need to be implemented in your payroll. The payroll management software will run all your employee’s individual payroll within a minute, saving you a load of times.

3. Cost Efficiency:

Keeping track of every cost is vital for a business. The more things cost for business, the more it burdens the business. One of the major costs that businesses have been faced all the time in the past was hiring professional service for payroll management. Payroll managers are much expensive. But payroll is a must for a business. That’s why it has been always an extra headache for businesses to take this load of hiring professional payroll managers.

But with a software-based payroll management system, you don’t need any professional payroll managers. With a smart payroll management software, you can set up and run a payroll anytime you want within a couple of minutes. You don’t even get to have a vast knowledge about payroll. A goodpayroll management software will walk you through all the terms of payroll to make it easier for you to understand and run a payroll.

One another thing. A payroll management software will give you the freedom of not using paperwork, which will save you tons of paper every now and then. This will positively impact the environment to save trees and keep the world greener.

4. Data Security:

Every data of payroll is strictly confidential. It contains private information on employee’s dates of birth, mailing address, social security number, national identity number, bank details, etc. breaching of these data can cause massive haphazard for employees’ personal and financial information. If this information is entered with a typical manual system then there are always chances of data being plagues with loopholes.

But with a payroll management software, you are almost safe from these security breaches because with this software you can give a limit to access to data. A good payroll software also provides password protection mode to protect sensitive data from being stolen or flashed. With the implementation of a good payroll management software like PiHR, your business’s payroll data are guaranteed to be secured 100%.

5. A Solution You Can Rely On:

Payroll generated with paperwork is not much reliable as they are created by humans and to err is human. But when the payroll is generated with a well programmed software you can rely on it with your eyes being blindfold.
The additional features that a payroll management software offers are generated you report from time to time just how you like to filter it. Most of all, these reports are precisely generated by with the zero error and pinpoint accuracy.

6. No Need for Extra Payroll Professional:

A business typically hires payroll professionals to run payroll for your business. These payroll professionals are very expensive. But with a well-maintained payroll management software, you can replace your payroll professional with a digital solution to run payroll for your business within a minute, without any kind of payroll in the background. This feature of payroll management software lets you cut out your extra cost of hiring and training payroll professionals or any 3 rd party solution.

7. Accuracy in Calculation:

With the increase in the number of your employee as your business grows, the payroll paperwork for typical payroll system increases. The more paperwork is done by human payroll managers, the more room for error. But with a precise programmed payroll management software, you got zero chances of erroring in payroll calculation. A payroll software will never make any error in the calculation if the programs are carefully programmed.

8. Payroll in a Second:

Have you ever given a thought about how much time you can save to run a successful payroll with a payroll management software? A software-based payroll management system is nowhere to replace your waiting for a couple of hours, if not days, to access confidential reports. The whole process ofsetting up and running a payroll takes a couple of seconds now with a payroll management software. Most of all, this process does not require any payroll professional managers.

9. 24/7 Customer Service:
One of the key benefits of having a payroll management software for your business is having a expertise support of the software. Payroll management software is designed to replace human resource managers or payroll professionals and make it easy for non-professional to set up and run payroll

But no matter what, without proper knowledge of any subject, you should not be expecting much from these non-professionals to perform as good as an HR manager or professional payroll personals. That’s why, most of the time, this payroll management software comes with

How to Choose a Payroll Management Software

With all said above, you surely convinced what a vital role a payroll management software plays for your business and its payroll system. If you are already on an organization or even thinking to open a business then you probably wanting to get yourself and your business a good HR Software in Bangladesh with the feature of payroll management.

But to choose a good payroll management software, you need to keep in head some key points. If you find a payroll management software that satisfies these key points then you are good to go with that software.

1. Know What Your Business Payroll Needs:
There are tons of payroll management software in the market with countless features. But not from all of them you will be benefitted. So, you need to know which features, moreover, which payroll management software is will be best for you.

2. Check if The Payroll Software is Compatible with Your Business:
Not all the ready-made payroll management software suits all the businesses or organizations. That’s why you need to make sure that the payroll management software that you are choosing, should be compatible with your business or organization. Else you got to go for a custom-made payroll management software.

3. Check If the Payroll Management Software is Flexible:
You don’t do business for it to remain how is it today. You will always want your business to grow. So, make sure if your payroll management software grows with your business or not.

4. Make Sure How Much Control You Want:
Isn’t obvious that you want to do business, not here to run payroll management software. Your payroll management software should be for your business, not your business for your software. So be very sure of how much you want to control the payroll management software.

5. Know How Much Security Will Your Payroll Management Provide:
When it comes to using a software and that is for payroll management, then security is never off the table. Make sure of how much secure your sensitive and confidential data will be with your chosen payroll management software.

6. Do Your Research:
You should always do your research about choosing a payroll management software for your business. Because this is one of the most important decisions you would take on how and where you want to put the sensitive, valuable, and confidential data of your business and employees.

Our Pick for The Best Payroll Management Software:

With much researching on the terms and scale of having the payroll software features and performance of tons of payroll management software, we can say without any second thought that, PiHR is the best and affordable payroll management software you can get today. Regardless of your business size and your need, PiHR will satisfy all the payroll management requirements for your business.

We found a reasonable ground to firm on our choice for PiHR to be the best payroll management software available because it satisfies all the basic and advanced features of payroll software along with some additional important features.

Why Choose PiHR?

PiHR is the best payroll management software or the best payroll software, say how you like it. With all the features of a good payroll management software, PiHR is offering you the most advanced and reliable payroll software solution that will boost and change your payroll running experience.

1. Salary Structure:
A payroll management software should provide you the flexibility of creating a salary structure to provide the salary. You just need to create the structure and PiHR will do the rest for you and generate salary within a second.

2. Salary Generation:
Salary can be generated automatically based on the salary structure or human resource managers or admins can generate manually from the structure. The salary will generate in the context of late, absent, leaves, tax calculation, and other factors implemented by the admins or HR managers.

3. Salary Payment:
With the salary generated from salary structure and it’s ready to go, PiHR will help you to distribute them and make payment with the options to pay with bank, cheque, or through cash. Admins or HR managers can even add a template format of any bank for salary payment.

4. Salary Pay Slip:
When salary is paid to an employee, they can get their pay slip through the mail from PiHR. HR managers or admin can even send employee custom pay slip if they want. Adjustments, tax, deductions, and other criteria will be on the pay slip when it is sent to the employee.

5. Salary Certificate:
For an employee or for business, a salary certificate is a must in payroll and one of the most important aspects of a payroll system. With salary certificate employees can apply on a different financial program such as for credit cards or loans from banks. With PiHR solutions, creating customized salary certificates has never been much easier.

6. Loan Management:
Taking a loan is a very crucial part of human resource managers to deal with. For an employee, it’s important to play along. With PiHR, employees can easily apply for an advance salary or loan. Supervisors or Managers can easily approve or reject the application within the PiHR software. Which makes the whole loan management easier than ever.

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