Payroll Software ROI - Is it Worth it For Your Business/Small Business?
Payroll software is the need of the hour for both big and small business organisations. If you’re growing your team, you definitely need good payroll software to meet your business’s increasing needs.
But hold on, wait a minute and think again whether this investment will bring you the desired results? New talent will surely elevate the overall efficiency and productivity of your teams and daily operations. Still, it will be worth it, given the cost of acquiring talent, especially if you have just started up or already running a small business?
Organisations may gain a higher return on investment (ROI) by using the available technological tools like payroll software. It reduces errors in the payroll and enhances the team’s overall efficiency by distributing bonuses, generating HR reports, submitting taxes, and more. Plus, the time spent on entering and documenting these entries is also saved while reducing the employees’ manual efforts.
Moreover, having info of important stuff like employees account numbers, salary, working hours, and others in the applications, there are fewer probabilities of committing mistakes when entering or transferring some info or data.
Read on to understand why having payroll software is a good staff management system and how you can increase your business’ employee management productively:
1. It Helps Payroll Managers Relieve Them Of Their Excessive Responsibilities
The job of payroll managers isn’t limited to managing paychecks and taxes. They are responsible for many more tasks, such as hiring and recruiting, managing employee responsibilities and relations, employee training, management, and development. Additionally, they also handle offboarding, onboarding, and performance reviews of the existing employees.
They can’t afford to miss any of their duties as everything on the list is of prime importance. Payroll software handles the jobs mentioned above and so much more. The entire thing that the payroll managers are required to look after is time-consuming, and there are high chances of possible errors in the process. With payroll software in place, managers need not worry about mistakes. Plus, they will have much of their time saved which otherwise would go into managing the payroll.
2. Automation of Manual Payroll Processing
Just translate the number of hours invested in maintaining the salary system to real money. On calculating the time spent on payroll calculation, job description update, employee info updating, onboarding, and other similar tasks, convert that period into actual money amounts. Automation of the functions will help you save that much amount of money. Plus, it will also protect your efforts which would otherwise be wasted in maintaining the records.
3. Payroll system increases the efficiency of the managers
Mapping the actual cost of errors isn't easy to measure, but something can be made more accessible with the implementation of Payroll System ROI. It increases the accuracy of deductions, tax withholdings, timesheets, overtime/holiday pay, and other calculations otherwise done by the business's employee-manager.
Payroll software features Human Resource Information System (HRIS) – a system responsible for employee time off, sharing attendance and time, including other important information related to employees. This information sharing helps in reducing administration. Plus, it also updates the data accurately and automatically when the business uses the payroll ROI system.
4. Customised Payroll Reporting
Advanced payroll reporting systems have the power of calculating the ROI of the business. It comes with extensive reporting capabilities, saving efforts and time for the payroll manager. However, it is to be noted that a high-end staff management system also facilitates the users with customised reporting to charge some price. So make sure to consider the features and pricing system of the application before signing up for it.
The software allows the users to generate their reports using the system or activate the report generation's automation mode. You can create any number of customised reports using the software. It eases employee management and reduces payroll system management for all the business incurs’ essential expenses.
5. Payroll System Allows Businesses to Measure Their Progress From Time to Time
The payroll software maintains a record of all the reports. Users can check information on the previous dates as and when needed. The software also comes with a tracking feature that can be used to compare different features. Additionally, it also helps in measuring the progress of the business.
The payroll system makes it easier for the managers to access the information in real-time to measure the business's performance and make the necessary improvements accordingly.
6. The System Tracks The Activities That Need Special Attention
Most of the payroll software has advanced HRIS, making it easier for managers to track particular tasks. It helps in generating reports in real-time while reducing the waiting period. Moreover, users can follow specific features to improve the parts of the system.
Continuous tracking of business performance saves the employees' time and efforts and enhances their efficiency and productivity. Eventually, it enhances the overall progress of the team and helps in making calculative moves.
7. Offers A Better Understanding Of The Business's Existing Payroll Process
ROI assessment requires an in-depth understanding of the current business scenario. The performance of all the employees determines the actual cost of the organisation’s payroll process.
All the expenses get summed up in payroll calculation from hardware and software to payroll and printing service charges. The HRIS systems help compare the company's pricing schemes with other cloud-based systems. It also elevates the efficiency of the organisation’s staff management system.
Payroll software offers more simplified and transparent pricing in comparison to traditional ROI systems. The system makes it easier for the managers to understand every element's cost, further forecasting the future.
Final Takeaway
Your business's current salary management process or system may generate the risk of non-compliance. Resultantly, you may end up bearing penalties or fees for incorrect or misinformation of tax withholdings. Plus, if your attendance and time system aren't integrated seamlessly with the current payroll system, misclassifications and mistakes can cause significant damage to your business and increase your work cost.
With payroll software like OkStaff, you can perform a complete analysis of the process. It allows the users to set real-time records of employees' attendance, salary and leaves while offering the benefit of downloadable payslips. OkStaff Attendance & Pagar Manager app has everything needed to manage the business and its funds effectively.
Also read:
1) 25+ Most Successful Small-Town Business Ideas
2) Top-15 New Business Ideas for Beginners
3) OkStaff: Your one-stop solution for Staff & Attendance management
4) OkStaff: Here's your ultimate FAQ guide on OkStaff & how it works
5) OkStaff: Benefits, Better Staff Management & More!
FAQs
Q. What are the core features of the OkStaff application?
Ans. OkStaff app comes with multiple features depending on the unique aims, visions, strategies, and business processes of a business. The app's advanced features allow users to maintain timely records of attendance, salary, and leaves while offering the benefit of downloading the salary slips. It is an ideal app for small businesses to record the daily tasks track and ensure better money management. We aim to provide engaging solutions fitting the business's workforce.
Q. What are the components of OkStaff's app?
Ans. OkStaff's payroll solution facilitates the businesses with various advanced components such as Time, Reward and Payroll, leave, Expenses, Onboarding, Reporting, and more.
Q. How does OkStaff make it easy to calculate salary payment and employee attendance for the employees?
Ans. OkCredit’s OkStaff calculates both the salary and attendance of employees. Users need to add and register their employees' profiles and their attendance count in the app, and it will automatically calculate the exact figures of payment and attendance in a go.
Q. How is OkStaff different from other vyapaar apps?
Ans. Unlike other salaries and calculating attendance applications, OkStaff maintains a record of attendance details accurately while administering the small businesses' payroll track. There are no chances of errors with OkStaff in use.
Q. Is it possible to manage Salary, employee leave, and attendance of employees with the OkStaff app?
Ans. Yes, you can easily maintain and track the attendance, leave count, and salary payment of your employees online. This app reduces the considerable amount of time and effort to manage all this and so much more.