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Getting Smart with Latest Trending Payroll Software
Payroll Management systems are evolving at a very rapid pace just like HR solutions. With the ever changing software capabilities, it has become mandatory for both generalists and specialists to be agile enough to keep up with the advancing face of many software applications – including Payroll.
According to president of HRINZ, Rachel Walker, it is a common misconception regarding Human Resources that its role has remained untouched for decades. But the reality is that the responsibilities of HR have changed or you can say evolved ever since and now they can bequest with your company for its betterment and healthy progression.
Whether it is an established organization or a new start up, having a payroll management system is extremely essential. With an electronic payroll management system, one needs not to be worried about calculating income tax and other deductions in employees’ salary manually. The tool takes care of all the estimations giving Hrs quality time to serve the organization in a better way rather than performing data entry like old school.
Head of taxation at the Association of Chartered Certified Accountants (ACCA), Chas Roy-Chowdhury, advises all the firms to make use of an electronic payroll system, no matter how many employees they have (9 to 90 to 9000 to 90,000).
By now, almost every organization might have their data being managed by one or the other payroll software; either in-house or by out-sourcing, but just having any payroll management system is one thing and having an effective one is other. To make sure you are having the best tool in hand, you need to be updated with the current developments.
Following are some of the key emerging features that are seen in the payroll management system.
- Direct deposits of employees’ salary to the bank of employers’ choice
- Online Accessibility of Wage and Tax Statement
- Self-serve employee portals using which employees enter all their data by themselves reducing data entry work for HR executives
- Electronic tax filing with current updates in taxation standards or when an employees’ salary changes
Along with all these aspects, something that is presently in demand is the need for information on cloud. As business locations are scattered and there is too much traveling involved, employers want all the data on the go rather than accessing everything only at their workstations. So it is evident that a payroll system developed on such a platform will prove to be more beneficial than others.
To conclude, it can be said that the basic idea behind electronic payroll management is to go paperless and eradicate all the payroll hassles. It not only serves as the greatest and easiest tool for an organization but also fulfills the social responsibility of not wasting paper. So why not be socially responsible and professionally smarter than others and adopt better payroll management software?