Technological advancements have increased the efficiency of digitally equipped organizations.
Having said that, web based applications do have few drawbacks and it is essential to research and gain adequate knowledge about these applications before investing.
Payroll plays a vital role for any organization. It is essential to have clarity of the features that will assist the payroll department of an organization before opting for a payroll software.
Payroll comprises a huge chunk of sensitive data related to employees’ personal details. It is essential to opt for a web based payroll solution that efficiently assists in storing and managing data on a secured platform. Let’s discuss some of the essential features that an organization should look for in a payroll software:
A detailed SOP,
SOP, i.e standard operating software, to engage in the documentation of an employee, defining designated responsibilities, working hours, an accurate performance report, segregated function related to accounting and status of projects assigned to the employees. These are a couple of SOP that an organization should add to their checklist for a payroll software.
Let’s take a look at the value added function that a payroll software is accustomed to perform:
- A web based application inherently comes with an easy access module. An application which can be accessed from any remote location has to provide a customary option to function under statutory compliance of the organization and state and federal government.
- It can’t be denied that a web based application provides easy access to employees within a few clicks using the credentials provided by the IT team. However it is not an impossible job for the hacking world to gain access to the sensitive data of the organization. Web based payroll software should have a user friendly interface for the IT team to work on creating a secured environment to store and transfer data minimizing the risk of bugs.
- It is important for an employee to trust its employer. A self service portal that can be accessed by an account created by the IT team is a solution to this. As a self service portal will provide the employer with accurate data to analyse reports and make unbiased decisions related to rewards and increments. This encourages an employee to increase productivity as he/she can keep track of his/her own performance and acknowledge the understanding of the company policies.
- Payroll deals with the tax laws, employees salary, accounting etc. It is understood that these sensitive functions need much consideration. Payroll software equipped with an automated feature that credits salary of the employee as per their working hours and notifies both, the employee and the employer about tax deadlines and amendments made in tax laws. These roofs the organization from hampered reputation and penalties that might cost huge loss to the organization.
- In the present technologically advanced setup data is considered to be one of the most valuable assets. Gone are the days where crashes of hard drives used to cause havoc for any organization. Web based applications avoid such unannounced chaos. It customarily stores data with an easy back-up which can be retrieved at any point of time with proper access. This feature ensures continuous functioning of businesses with minimized risk of data breach.
Payroll software ensures enhancement of productivity and minimized workload but it is essential to have adequate knowledge about the functionalities of a web based application before investing or opting for it. Vendors working for technological advancements have a plethora of options for an organization to choose from. However the IT team of an organization plays a vital role in opting for the most compatible web based application which can easily be integrated with the existing HR software to ensure a smooth functioning of the organization.