How to Redefine Payroll from Chaos to Simplicity | North Loop Official Blog
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North Loop
29 Dec 2020

How to Redefine Payroll from Chaos to Simplicity

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Introduction -

Payroll processing is so much more than paying employees every month. There are countless hours, numerous documents, humongous amount of information and multiple departments required to run a successful payroll. From the HR department sharing details about employee compensation, retirements, and terminations to the finance team contributing ad-hoc payments like bonuses, the list is never-ending.

Not to forget the leave and attendance management system which provides information on employee attendance and LOP for accurate payroll calculation and the tax department who help with the various tax regulations and payroll laws. Payroll work can get burdensome and time-consuming, and if you are a payroll professional reading this, we are sure you would agree.

A lot of effort and hard work goes into getting all of the above information on time every month. Even employees play their part by submitting information like bills for reimbursement claims and tax-saving records. If all of this still sounds easy, try doing it all by yourself, and you will realize how overwhelming it can become.

So, how to simplify the payroll process?

The best method to make the process more convenient is to opt for payroll software. That brings us to this article - features of payroll software to redefine the system from chaos to simplicity. Here we are listing some of the vital features of payroll software or platform that makes the payroll tasks less challenging for the entire business.
Profile image2: So, how to simplify the payroll process?
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Automated payroll calculation -

Automated payroll calculation can help to process payroll quickly and efficiently without much effort. It can help distribute accurate gross-to-net payslips and provide a thorough breakdown of earnings, taxes, allowances and deductions.

It can also let you enjoy the flexibility to pick your payroll routine, apply custom deductions, and pause pay runs for employees on unpaid leaves. You can also use the software at any time of the year to get accurate year-to-date calculations and manage the employee termination process, notice pay, leave encashment and other exit requirements effortlessly.

Statutory compliance and reporting -

The software handles payroll management and employee payments as well as statutory requirements. These come equipped with features to manage statutory component deductions like Provident Fund, professional tax, employee state insurance and TDS based on employees’ pay scale, mandated percentage and work location.

It also provides transparency about the payroll expenses by offering a comprehensive collection of payroll metrics.

Administration tools -

One other key feature of payroll software is the availability of administration tools that allow assigning user roles and permissions. You can use it to empower specific staff to collaborate without losing your control.

You can also manage multiple work locations, personalize salary components, create reimbursement guidelines and submission rules for IT declarations and investment proofs. Moreover, the feature of timely notifications and reminders also ensure that your pivotal organizational announcements do not go unnoticed.

Employee self-service portal -

Payroll platforms or software allow you to delegate routine business tasks to employees such as submitting reimbursement claims, tax-saving IT declarations and corresponding proofs. Your employees can view password-protected payslips, personal details, salary revision history and loan status as well as download them if needed.

As employees use the self-service portal, you can use the extra time available to focus on other areas of your business. You can also use real-time comments to eliminate communication delays and help your staff process employee requests faster.

Online salary payments -

Online salary payment is also a vital feature that allows you to pay your employees online seamlessly. The readily downloadable bank advice available after a pay run can help send money to your employees’ bank accounts much faster.

Conclusion -

Payroll is a critical business function that demands attention in every scenario and situation. Therefore, investing in software that includes all of the above features and offers other benefits like payroll accounting can ease the burden on all the departments and make room for attention on different facets of the business.

An automated payroll system with a tax compliant accounting software can help in easy calculation and disbursement of employee payments every month. It can also help to generate payroll journals and provide relevant payroll metrics and insights.

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This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended be advice. You must obtain professional advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax, investment or other professional advice from North Loop or its affiliates. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date. All opinions expressed do not reflect the views of North Loop nor are endorsed by North Loop.