“Computers are incredibly fast, accurate and stupid; humans are incredibly slow, inaccurate and brilliant; together they are powerful beyond imagination.”
Being intelligent humans, we should utilize the best qualities of computers, especially, the speed, accuracy and automation capabilities. If you are stuck with the traditional, time consuming, error prone, manual payroll processing, it’s time to automate.
A few compelling reasons to upgrade to an automated payroll software:
1. Saves you lots of time and money: Manual payroll processing is tedious and time consuming. Consider keying in attendance, leave data for all your employees into an excel sheet for processing every month end. It’s quite some work. This can be completely automated.
2. No manual intervention, hence highly accurate: Humans are intelligent but they are slow and inaccurate, hence it’s wise not to rely on humans for lots of calculations. Let a computer do all calculations and processing quickly and with high accuracy.
3. Allows you to process payroll at the last minute, and very quickly: Payroll is to be processed with attendance and leave data. And you will have to wait for the last day of the month to get these data. If you want to pay your employees on the next day, you have hardly any time to do the payroll processing. So, the processing should be really fast, no matter how many employees you have.
4. Automated payroll processing even if geographically distributed: Imagine processing data from one centralized location, even though your organization has branches across the globe, and still completely automated with attendance and leave data.
Payroll processing in minutes? It’s not a fiction; the best payroll software can really do the following tasks in a few minutes.
1. Process your payroll with attendance and leave data: You should be able to pay your employee for every minute of overtime he does. Also, may be you want to cut pay for every minute he is late. Payroll processing should also take leave balance and entitlements into account.
2. Send pay slips to employees: Right after processing, email pay slips to all your employees. Also, employees should be able to view their pay slips whenever they want, wherever they are!
3. Email salary transfer information to banks: Statements should be forwarded to banks to perform a salary transfer to the employees.
4. Process your income tax, generate statutory reports: Income tax should also be processed with other payroll components. The automated system should also generate statutory reports required by your government.