Payroll software isn’t exactly the most exciting aspect of running a business, but it is vital for the smooth operation of a business. Without it, your temporary and permanent employees may not be paid on time or in the exact amount. The more staff you have, the more complicated wage payments become. It is easier to do this in-house than to outsource this service. Goodbooks ERP, with its payroll software solutions, can help with this.
You can pay your employees faster and more efficiently by using our payroll processing software, enabling your team to focus on other core business objectives and operational goals. But what exactly is payroll software, and what does it do for your company? And, perhaps most notably, what are the advantages of using Goodbooks ERP with the payroll software over traditional payroll methods?
Let’s look at what payroll software is, how it works within your staffing firm, and what sort of advantages you can expect from using a payroll software system in this blog.
- Integrated payroll software
- Goodbooks has created an integrated payroll system that can assist organisations with payroll management.
- Data is collected and analysed in real-time, allowing firms to accurately evaluate and approve work hours in order to approve employee wages.
- Payroll software is convenient and simple to use, removing the stress of dealing with redundant paperwork or documents.
- This effectively saves companies both money and time while also lowering liabilities.
- Periodic pay processing
- The key to successful manpower management is periodic payroll processing.
- This means that wages are processed regularly, typically once a month.
- This allows for accurate and up-to-date records of employee hours worked, vacation days taken, and other important information.
- It also ensures that employees are paid on time and correctly.
- Multiple or consolidated payouts
- Consolidated payments are based on payment rules, which are pre-defined and applied to each employee when wages are paid.
- Our consolidated payout system helps organisations pay the aggregate salary to the employees by automatically calculating the applicable deductions, such as leaves taken, and delayed punch-ins, using the available data from the Goodbooks ERP.
- This alleviates the burden on the HR department of having to calculate all of the minuscule data required.
- Goodbooks ERP also allows organisations to pay employees on a weekly or monthly basis based on their requirements.
- Integrated Employee Self-Service Portal
- Enhancing organisational cohesiveness, streamlining operations, and raising employee engagement will have a positive impact on a company.
- These outcomes are exactly what HR digital transformation software and employee self-service portals aim to achieve.
- It provides employees with universal access to company information, thereby bridging the gap between HR and employees.
- Leave management
- The use of paper forms, emails, or excel sheets to record employee leaves is a recipe for disaster.
- A payroll processing error, a legal compliance issue, or an employee crunch can cause these errors.
- The purpose of leave management in Goodbooks Manpower Management is to record, manage, and track employee’s time-off requests.
- In addition to handling employee leave requests impartially, it ensures that the business is not adversely affected by the employee’s absence.
- Compliances & Statutory requirements
- There are certain rules and regulations that all organisations must follow, regardless of their size or stature, and these rules and regulations may differ depending on where the company is located, so it is imperative that firms adhere to the regional laws as well, failing which strict legal action can be taken.
- The purpose of these laws is to ensure the welfare of all parties involved, including employees, employers, and organisations.
- The extensive list of laws requires a great deal of time, effort, and money to comply with.
- Any organisation must operate within this predefined legal framework.
- The organisation must treat its employees in a manner that adheres to the various laws governing workplaces, both centrally and state-wise.
Goodbooks ERP’s Manpower Management provides its clients with other features within this module, such as:
- Staged pay processing and payout
- Claims and reimbursements
- Periodic Additional Deductions
- AI/ML-based Bot
Human resources professionals cannot handle wage processing manually without hassles. Several challenges can impact data accuracy and compliance structure. Streamline your payroll management with Goodbooks ERP.