Being a business owner means having to deal with a number of responsibilities. The most time-consuming yet critical task is handling payroll. In most cases, payroll is handled manually by businesses and therefore there are often the chances of errors and unnecessary stress.
It can be an exhausting task to handle payroll manually. However, with the advancement of technology, such an issue can be fixed easily. Payroll Software is an application that helps automate payments. Complex calculations of salary can be tackled with this software.
Attendance data of employees, salary structure, and working hours are automatically collected by advanced payroll software, and the payroll process is executed with the click of a mouse.
What are the key features of payroll software?
- Managing employee information: The automated system makes it easy to maintain records such as departments, job titles, pay rates, and employment status.
- Payroll calculation: Computing gross pay, net pay, taxes, and deductions based on the working hours of employees and employment status is made easy with the payroll management system.
- Tracking time and attendance: The payroll software is integrated with the facility of tracking time and attendance. It can track working hours, leaves, and overtime. It is easier to approve leaves and time-offs with a computer than manually.
- Deductions management: With the help of payroll software, it is easier to manage deductions such as retirement contributions and health insurance premiums. It is also possible to track employee benefits such as sick leave and paid time off.
- Direct payment option: The payment process can be automated with this software which enables direct payment of employee salaries and removes the need for paper checks.
- Self-service option: Employees can check out their payroll information such as benefits enrolments, pay stubs, and tax forms without taking the help of HR. With complete transparency, employees can manage the tasks related to payroll.
What are the benefits of payroll software?
Inaccurate payments, delays, and human errors usually take place when there is manual payment which results in poor performance and lower morale of employees. To keep these away, a streamlined payment system is necessary. Following are the top benefits that the Cloud Payroll Software has to offer.
Precise and reliable calculations:
Employees’ wages and deductions are automatically calculated by the software. It limits manual intervention thereby saving time and eliminating the chances of human errors.
All relevant and necessary information such as working hours and attendance are collected and stored by the system. It makes reliable and precise calculations for accurate and timely payments of all employees.
Employee self-service portal:
This software eliminates the need to run after HR individual and the manager to know about payroll-related information. Employees can have access to payroll information through the software.
An employee can also update any information such as contact details or apply for reimbursement online. They also have the option of submitting timesheets and requesting time-offs by themselves. This initiative reduces the burden to a great extent on the part of the administrators.
Improved compliance:
Payroll distribution gets complicated when compliance is managed manually with ever-changing rules and this is not the case with automated payroll systems. When you adopt a payroll system, you can diminish the associated headaches of taxes and compliance.
With the ever-new payroll software, it is possible for businesses to customize and make changes as per compliance. In this way, the process of maintaining compliance for managers is simplified.
Automates notifications:
This software can send notifications to employees and managers in different scenarios. It can remind employees to fill up their timesheets if they forget and remind managers to run payroll at the appropriate time.
It can also send notifications whenever there is any discrepancy in employees’ compensation and salary. Such a feature enables real-time communication, reduces forgetfulness, and keeps every party informed.
Accuracy:
It is not always possible to avoid accounting errors while manually calculating salary, deductions, and taxes. This is eliminated with the usage of payroll software.
The application stores earnings, taxes, deductions, and payouts that have been processed in the previous month. The pay slips can be accessed by employees which instills transparency within the organization.
Scalability:
When a business evolves it affects the needs of payroll. A payroll software ensures scalability easily adapting to the changes in the number and complexity of the workforce.
Such solutions adapt to changing needs while ensuring efficiency and continuity at the time of expanding into new markets, diversifying business operations, or hiring new employees. The payroll management challenges will not prevent your firm from expanding all because of the scalability feature of the software.
Cost-effective:
Even though there is an initial upfront cost, it is nothing when compared to the long-term savings. When the payroll process is automated, errors are reduced, compliance risks are minimized, and the software drastically reduces the operating costs that are associated with manual payroll processing.
Additionally, payroll operations save time which can be invested into activities that generate revenue, increasing the cost-effectiveness even more.
Data security:
In an era where there is an increase in data breaches and cyber threats, it is of prime importance to protect sensitive payroll data. Robust security features are included in payroll software which also includes encryption, regular backups, authentication mechanism for protecting the information of employees.
The software adheres to compliance standards and industry best practices and therefore it provides peace of mind to the owner of the organization when there is no chance of unauthorized access and data is completely secure.
Time and attendance tracking:
Payroll is based on the working hours of employees which implies that any discrepancy in recording the working hours of employees will lead to inaccurate payments. However, you can resolve this with the use of payroll software as it tracks the working hours, leaves, days off, overtime, and reimbursement claims for the calculation of salaries of employees.
Integration capabilities:
The business environment is interconnected and therefore it is essential to have seamless integration with additional crucial systems in order to maximize productivity and efficiency.
The key feature of some payroll software is the integration capabilities with HR systems, time-tracking tools, and accounting software. It provides process synchronization and seamless data exchange.
Such an integration enhances data accuracy, diminishes redundancy, and allows a thorough understanding of business performance.
Enhanced employee retention:
One of the main reasons for frustration among employees is the issues with salary disbursements. When there is any error or delay in salary payout it has a direct impact on employee morale.
Such issues are easily eradicated with the payroll software. It helps the management in ensuring that there are no errors or delays during payment to employees. This leads to the satisfaction of employees leading to higher retention rates.
Overall, Payroll Software is of huge value to the functioning of an organization. It keeps up with the compliance requirements while helping a business in managing payroll efficiently.
When manual tasks such as pay slip generation, tax calculation, and data entry are automated, it saves a lot of time on the part of the organization. With several benefits that affect the accuracy and efficiency of managing employee contribution and related tasks, necessary payroll information of this software can be easily accessed by employees and managers on the go.
Dynamo for Dynamics 365 FO – cloud based payroll software
You can now make the most of your workforce with the help of Microsoft Dynamics 365 F/O and Dynamics AX. These solutions help in streamlining reporting, reconciliation, data management and document generation processes. Your HR team do not need to worry about compliance as well. All these tools enable optimization while reducing time and expenses.
Dynamo is a global integrated Payroll, Human Resources, Time & Attendance and Employee Self Service Software works inside Microsoft Dynamics 365 Finance & Operations.
Dynamo Payroll for Microsoft D365 Finance and Operations, a set of modular software applications that automate HR and Payroll Management is a trustworthy and feasible solution that every entrepreneur should consider investing in. It uses advanced technology to turn HR into a seamless function in the industry. Your employees can focus on other aspects of work while Dynamo HR and Payroll transforms administrative chores.
Dynamo HR & Payroll for Microsoft Dynamics 365 provides solutions like payroll management, leave management, employee self-service, time and attendance solutions, compliance and EOS management, etc.
Dynamics Business Solutions (DBS) is certified Microsoft Dynamics partner in UAE, we take pride in our ability to develop and deploy the right business solution that matches global client’s requirements. DBS has developed in-house state of the art solutions for HR and Payroll, Dynamo and DynaPay on top of Microsoft Dynamics 365 FO and Business Central respectively. These solutions are catering the all business needs of HR and Payroll departments. We provide best services and support to our clients.
To know more, speak to our expert at Dubai: +971 4 447 5525 Abu Dhabi: +971 2 222 2100 or inbox us your query at info@dynamics.ae OR visit www.dynamics.ae
