Payroll Management Software- Development Time, Cost, Features, and More
As businesses expand, managing employee data and performing operations on this data become indispensably complex and prone to errors. An automated system is a perfect solution for efficiently managing large datasets. A payroll management software that uses a secure cloud database and automated implementation of employee scheduling and compliance alleviates the issues completely. Adopting this software translates into timely, accurate resource allocation in industries ranging from healthcare to retail. A payroll management system aids organizations in retaining employees by maintaining accurate financial data, calculating compensations and processing pays while remaining compliant with tax regulations. Oodles offers custom development services for a quick, accurate, and intelligent payroll management application for organizations of varying size and industry.
Development Time and Cost:
Cloud-based payroll solutions do not incur as much cost as on-premise payroll solutions on hardware, server, and maintenance. The initial investment, cost of implementation, and maintenance come down to a monthly or yearly subscription. With the planning of payroll processes and HR policies in place, the pay-as-you-go model makes implementation much smoother. As the need for setting up IT infrastructure is eliminated by SaaS, development time is significantly reduced. Also once all the payroll data is imported and secured into a cloud database, operations on this data can be programmed onto the payroll management software.
Features:
Let’s take a quick look at the features of payroll management software.
- Cloud Storage
With various encryption tools and authentication processes in place, cloud databases have proven to be secure and cost-effective. Also, they provide a central data resource for all employee data. Any alteration in one application is reflected on all applications across the platform.
- Integrated Accounting
With the integration of HR and accounting data, the scope for miscalculation in payroll is completelyeliminated.Having all employee data profiled and in sync streamlines determining and disbursing pay.
- Tax Management
Computing tax and tax filing is an important automation feature of a payroll management system that helps avoid delays and penalties. A payroll software also calculates pre-tax deductions, exemptions, and benefits along with providing regular updates on tax filing and deposit status.
- Customized to business needs
Organizations may have a weekly, bi-weekly or monthly pay cycle according to norms and company rules. Some may have contract or incentive-based compensation norms. A payroll software can be customized to cater to these requirements without much hassle. Also, its interface is customizable as well to highlight the chief parameters of the payroll system of an organization.
2. On-the-go Updates
SaaS models for payroll management software enable companies to receive automatic updates and maintenance initiated by the vendor. Its much convenient than redeploying the software for installing updates.
Benefits:
1. Anywhere/Anytime access
Payroll management software comprises automated systems that can generate payroll data per day, week, or month without error and provide real-time access to it. Also, employers can make direct salary deposits into employee bank accounts with just a few clicks.
2. Extensive Reporting
Payroll management systems are integrated with time and attendance tracking software as well as scheduling software. By accurately measuring the time an employee spends at work, the payroll management software computes precise payroll, considering time reports and tax deductions. These reports are also at the respective authority’s disposal to view and evaluate.
3. Smooth integration with existing ERP
The easy integration of most payroll management applications into the existing ERP system of a company makes them preferable. Online payroll systems yield error-free, time-sensitive salary data and provide a centralized record keeping structure, ensuring data integrity.
4. Customizable salary structures
Update/alteration of data at one place is reflected across the whole database in a well-integrated payroll and ERP system . Thus, there is no need to reprocess payroll in case salaries change. When an employee leavess or a new employee joins the organization, employee data needs to be modified only once. Payroll management witnesses minimum or zero impact on its smooth functioning when such situations arise.
5. Tax compliance
Compliance tools are an advantage that payroll management applications furnish organizations with. Tax regulations and rules change on a yearly basis but these tools promptly and accurately implement modifications in tax laws into employee payrolls. They also send out notifications for tax returns when filings are due.
6. Advanced Data-Security
An organization’s liquidity and financial data is highly classified. An infringement in this data can turn malicious. An online payroll management software, however, ensures minute surveillance and security of payroll information. Conditional access tools, password protection, and multi-level authorization make this possible. Also, the probability of data loss is minimized through automation.
Thus, it can be inferred that a cloud-based payroll management software is a necessity to maintain the financial well being and transparency of an organization. With advanced technological tools, it not only automates payroll operations but also ensures accurate resource allocation.
Avail Oodles’ Payroll Management Software Development Services
As online payroll management software are exceptionally effective, they put businesses in a favorable position as regards time and resources. We, at Oodles, are an ERP development company with the objective of amplifying the potential of enterprises with cutting edge technologies. Our payroll integration services assist enterprises in successfully employing an online payroll tailored to their organizational framework. Get in touch with us to integrate a payroll management software into your ERP.
