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Managing employee payrolls is one of the most crucial, complicated and yet, highly critical HR processes. However, since most manual routine tasks are now being automated by payroll software and hardware solutions, payroll management has become more comfortable. It is because of the employees that companies can grow and flourish and reach their goals. The payment system, thus, needs to be an accurate and speedy one. There are a number of ways in which the payroll system may be used apart from calculating the salaries and disbursing them to the employees.
Companies usually hire payroll services from third parties by way of outsourcing which make the process of accounting for payroll and easy and effortless task. Payroll service provider manages multiple tasks such as tax obligations, employee’s time calculation, preparing checks and salary report management. It eventually reduces the operating cost of the business.
Check employee details and ensure all necessary information is current and recorded, including:
Before signing any contracts, ensure you have discussed your business’s payroll needs in depth so you can immediately implement an appropriate solution. Any sort of misunderstanding can result in delays and additional costs.
Determine how the compliance process will be managed when legal, taxation and payroll tax requirements change in future.
Review all your pay policies and procedures to ensure there are no inconsistent applications or outdated/inefficient workflow patterns. For example, shift differentials included in overtime calculations in one department but not another.
Work with your payroll provider to develop a flexible but realistic schedule for implementing your new payroll system. Aim to implement at the start of the year or in the first quarter to ensure there’s plenty of time before the end of financial year to familiarise yourself with any new processes.
There are generally one or more systems that will need to be integrated with your new payroll system. Time and attendance, scheduling and accounting software are some examples.
Determine who, if anyone needs training in relation to the new payroll system and organise that as soon as practical. This mainly applies to in-house payroll software as opposed to an outsourced payroll solution.
Before rolling the software out, you should thoroughly test every aspect of the new system to ensure data is accurate, payrolls are processed accurately, and that the system does improve operational efficiency.
Remember to maintain regular, consistent and transparent communication with your staff throughout the implementation process. Your employees are the key to determining how well the new payroll system is functioning and whether anything can be done to improve it.
Ensure you continually review how the new payroll system is performing with staff, your payroll providers and any other relevant persons.
Companies usually hire payroll services from third parties by outsourcing which makes the process of accounting for payroll an easy and an effortless task. A payroll service provider manages multiple tasks such as tax obligations, employee’s time calculation, preparing checks and salary report management. It eventually reduces the operating cost of the business. However, with the advent of ERP systems such as TallyPrime the process has made a shift. Today the ‘Payroll Module’ in the software is totally integrated with the business management solution and been enabled to manage trouble-free payroll processing along with the accounting processes.
The software provides a remote facility that can be relied upon and is now easy to access, process and manage the payroll information from anywhere and anytime in the world. There is also no requirement of hiring specialised IT/ HR professionals to manage and organise the payroll module from the Tally software. As this module can be managed on its own and provides an impeccable solution, an accountant or any HR personnel of the company can install, organise and manage it.
Best Practices to Evaluate, Purchase and Implement Business Accounting Software