Why do you need a payroll software?

Let's explore the need for Payroll Software

One commonly agreed idea for making your business run smoothly is to use technological tools to automate common business tasks.

Managing your business's payroll is one of the most critical yet time-consuming activities. Thankfully, it is also quite easy to automate, given the right tools.

If you are using spreadsheets to manage your payroll, you are exposing your business to huge risks including:

1. Risk of errors due to manual entry, formula copy-paste errors
2. Risk of data leakage as Excel file can be easily copied or mailed with all employee information including salary details
3. Risk of compromising employee privacy by storing sensitive information like date of birth, address, phone, email etc. in an unsafe manner

Apart from the risks above, you are also missing out on greater features that payroll software can offer like:

1. Analyzing salary data over some time,
2. Ascertaining employee profile/promotion ageing,
3. Storing employee data in one place for quick retrieval,
4. Multiple users with differential rights to manage payroll

Typically, payroll software gives you multiple benefits including:

1. Timely disbursement of salary every month
2. Accuracy in calculations which otherwise becomes complicated to adjust in case of errors
3. Easy compliance with statutory laws like ESI, PF, Professional Tax, Income tax and more
4. Greater employee satisfaction with increased transparency in processing

Given the above facts, it is needless to say that you should consider switching to automated payroll software as soon as possible. It is also understandable that in the early days of setting up a business when your employee strength is low (below 10), it is easier to manage using a spreadsheet. However, switching to automated payroll software is never too late when you have bigger plans for the future.

We, at Runtime HRMS & Payroll Software, understand critical business needs and design solutions to automate day-to-day business tasks.  One of our popular business solutions is Runtime Payroll.

Runtime HRMS & Payroll Software is designed keeping in mind a regular business user who needs a solution that just works and does not require too much technical knowledge to run. Using our payroll software, you can generate payroll every month with just a few clicks. It's that easy!

Top features of Runtime HRMS & Payroll Software

1. Custom salary components
2. Custom deductions
3. Attendance machine integration (almost all formats including CSV, txt, mdb and Excel)
4. Time-based salary with customizable rules for early coming and late going (overtime etc.)
5. Employee loans and advances management
6. Compliance with statutory laws including ESI, PF, Professional Tax, Income Tax etc.
7. Salary register in one click
8. Salary slips for employees
9. Rewards and Recognition for employees

Conclusion

Runtime HRMS & Payroll Software is India's fastest-growing cloud-based solution that helps you manage everything right from attendance, leave management, and performance management to payroll and salaries. HR professionals will now be able to automate most of their manual tasks and get the most out of automated payroll software. 

What more? We offer a free trial of 7 days with no advance payment or credit card information. Give it a try and you will be making the best choice for your business. 

Read more: 

Top 10 Payroll Software in India 

How to choose the best Employee Management for your workforce?