Nowadays automation in any industry is a call of duty. In the domain of Human Resources automation will save time, where small business owners can invest their valuable time on core business activities rather than taking care of employment & salary activities. Here are some valuable points that benefits the organization when it comes to Payroll Automation.
For employment, the organization must file statutory compliances to the government in proper interval of time. The major compliances are
- ESI (if employee strength is higher than 10 its mandatory to file the ESI, else its voluntary)
- EPF (if employee strength is higher than 10 its mandatory to file the ESI, else its voluntary)
- Income Tax (mandatory)
- Profession Tax (mandatory, various rate slabs are available for each location)
Filing is easy where you need to go the appropriate portal and provide your report. But generating report in the format as same as the govt requires lot of effort and eats your time too.
If its automated by a software, which generates all the reports in the same format, it will save you a lot of time and eliminate Middlemen too (EPF, ESI Consultants, etc..). It always safeguards your business from the govt penalties by providing accurate govt. friendly reports.
Humans err. while machines don’t.
For a payroll, handling multiple register books and excel sheet versions will end up losing the accuracy. But the information which is delivered by the software will be error free. It saves you from excess payments and provides exact reports/forecasts. You will get to know what you paid over the months, years in easier way.
Payroll process will not end with paying the salary, it continues till employees get justifications on what they got. It really bothers when everybody asks questions and the HR needs to justify it manually.
A fully automated Software communicates the payslips via email to the employees with the break up & IT details. They can login to the software to see the detailed information on what they got. It provides clarity on their salary and reduces employees asking justifications to the HR team.
In a small business hiring, leaving is a repetitive process since making people retain in small business is a difficult one. Here are some tips to make them stay in your small business.
For each process, you need to provide some agreements, letters which you need to create it all the time.
A software provides you templated & customized letters when each employee is created, promoted, incremented, transferred. You just download the letter from the system and print it on your letter pad, sign it and give it to them.
Automatic Tax Calculations & Filing Support
When it comes the month of February, Companies rush their employees to submit their IT declarations and it’s been a pressure for everyone over there. Employees perform a hard search over their old files to look out for bills and receipts.
A proper automated software eliminates this and provide facility to update the IT declarations at any time with proper proof. Once the declarations are submitted it automatically calculates IT and delivers the Form 16 which is a form used for filing the tax to the government. They indicate how much tax you can save using exemptions that will help employees to save more of their taxes.
No need to follow the Govt. for Updates.
Government changes the regulations and release new updates overnight. What if you're unaware?
If you're using a software which updates its properly and adapts to the Govt. regulations automatically, you no longer have to Worry about regulations and updates.
Whenever choosing a software automation package (HR & payroll), you must have to be cautious in the Updates & Product Team. Check whether they're providing Govt updates properly and whether the team is tech and legal based. Because technology and employment related things must be taken care in Payroll.
Concentrate on your core business
Using an automated software for your HR / Payroll Operations will save you a lot of time which,
- A small business owner can focus and concentrate on the core business activities.
- A HR can develop good work practices in organization and think about retaining employees
- A finance team can concentrate on the business valuations rather than doing employment operations
We at HRLabz offer PRIS- An Online Payroll Software which takes care of your everything about employees. It tells you what to pay for the month. It makes you work less online and offline.
HRLabz provides payroll as end to end solution with Tax filing consultation & support. Whenever employees get their Form 16 downloaded from our application we're ready to support them for their individual tax filing. We can provide consulting on the taxation for saving taxes too.