Don’t forget about charismatic CEOs or founders of companies, billions in funding, rapid global expansion, and cutting-edge tech. The true success of a company is dependent on its employees. Employee happiness, productivity, and welfare are not negotiable and should always be prioritized over the bottom line.
Even the happiest staff around the globe need help with digital tasks. You can only do so much within eight hours. Why do you make employees repeat repetitive tasks when you can automate them quickly and let your people focus on more meaningful, complex projects?
Payroll management software is more than just keeping track of salaries. They are not always the same every year. Their preferred payroll software must keep up with the business’s growth. When reviewing their processes, businesses must be aware of five key payroll management features.
1. AUTOMATION
You don’t have to do just one or two tasks. Payroll management is more complicated than most employees or company outsiders realize. If you can, automate it!
Modern HR payroll software should include a salary calculator. It must also be able to handle the following inputs, and different rules for each employee hierarchy.
- Monthly gross salary
- Taxes – Monthly or annual
- Additional penalties or absences may result in deductions
- An annual employee bonus
- Reimbursement of employee claims and out-of-pocket expenses
- Employee benefits include overtime pay, medical and paid time off
There’s also the concern of keeping records for each fiscal year. Employees move and change, they are promoted and demoted, and can be transferred to other departments. Job descriptions can be edited, updated, or deleted. The departments are reorganized, consolidated, or combined. Clients can be acquired, retained or let go.
No matter what activity is being performed, the money that flows into an organization will also flow out. Each cent must be tracked as it occurs.
Finally, payroll software that is worth its salt won’t allow HR or accounting staff to worry about printing pay slips and salary statements as well as automating payouts.
2. BROAD COVERAGE
Payroll is not just about payroll. This section of HR includes data such as personnel records, information about daily attendance and work hours (including overtime), leave days and absences, employee claims, and other HR data.
These data are not available to payroll and HR staff so that employee salaries can be properly calculated. Employee happiness is at risk!
A payroll management software should include all aspects of accounting and human resources. It all comes down to financial and human costs. Additional software costs can increase business expenses. This further squeezes small and new businesses’ finances. Additionally, any additional time spent training employees to use the new software and creating new workflows adds to the sunk cost.
3. COMPLIANCE INTERNATIONALLY
In recent years, international and regulatory compliance has been more important than ever. Companies and employees must be aware of any changes in tax law, industry requirements, or government contributions. It can be costly and time-consuming. It doesn’t matter if a company is based in one or more countries. It can be difficult for payroll specialists to keep up with the complicated rules that govern mandatory employee contributions to Singapore’s EPF and Malaysia’s CPF. This is especially true if the position is located elsewhere.
This concern is also related to the first: automation. Payroll software that is Asia Pacific compliant must be capable of implementing localized changes quickly and without the need for intervention from the accounting and HR staff. No company wants to be flagged by government agencies on compliance issues.
4. DATA VISUALIZATION AND PRESENTATION
One thing is to record financial movements. It’s another thing to review them. Managers and executives simply don’t have time to read through lengthy reports or click a series until they find what they are looking for.
The HR payroll software should quickly generate useful reports and analytics for an individual employee, multiple employees, entire departments, or managerial groups. These reports must be balanced between being comprehensive and also easy to understand.
It is important that decision-makers have all the information they need within a few pages so that they can make the calls necessary to keep the company going and profitable.
The dashboard must be easy to use for accounting and HR staff who are responsible for the payroll management software. We mean that it displays specific employee data in easily readable areas, or in a glanceable manner, in one place and without having to click on other menus or tabs.
5. CUSTOMIZATION
As their goals and structures change, so do the company’s requirements. In their first year, they may only require HR and payroll solutions. They may be looking for more in the second year. A downsizing business shouldn’t be forced to pay extra for features that they don’t use anymore.
There are also strategic areas of the business that could benefit from automation. Consider employee hiring, appraisals, training, and HR forms and insights. These aspects, in addition to administrative concerns should be accessible for those who require them.
Businesses should only pay for what they use, and then add more features as they grow.
ONEHR PAYROLL SOFTWARE SCORES 5/5
Although payroll is only one aspect of HR and accounting operations it is so critical. It draws information from other departments and resources and is responsible for ensuring that everyone is paid fairly, legally, and on-time.
The same could be said for payroll software. It should allow automation but also provide enough data to enable individual actions. It must be able to handle all business tasks, as well as allow for selective usage. It must be able to function in both one and multiple countries, depending on the situation. It should also look amazing.
Unit4’s Prosoft HRMS & Payroll Software meets all of these requirements. It provides automation for standard HR tasks, broad scope for administrative and strategic tasks, compliance to international laws for 10 Asia Pacific markets, and condensed data that can be quickly accessed by companies.
Unit4 can provide payroll outsourcing and HR services to companies in Singapore, Malaysia, and other Asian countries. We offer a complete solution to all your back-office problems with our software and expert knowledge.
You have to see the fundamental characteristics of the payroll management software process and how the cycle is moved out every month. Let us help you get more details about one of the effortless ways to go along with this policy of the payroll process. HR Payroll can help you pick out a productive system to hold payroll.
