The advantages of applying the Payroll Management software for the business companies in Bangladesh are as follows.
Generation of Employee calendars
Employee calendar is an amazing and innovative feature of the payroll management software. Using this option the company managers can easily keep records of the sick leaves, leave of absences, casual leaves, overtimes, etc. for the staffs working under different departments under a single company or a group of companies. In other words, this software allows the executives to check the working status of any employee, for instance: how long s/he is away from office; what kind of leave s/he has taken currently; how much leave s/he is entitled to; whether s/he should be at office; etc. This inventory assists in the payroll management task.
Cost Effective Solution
If a business entity hires a professional company to handle their payroll management related tasks, then that company is bound to bear a huge amount of cost-burden in this purpose. An up-to-date and efficient payroll management software can help a company in this matter. For instance, the Tally.ERP9 software offers amazing features for payroll management. However, the staffs of the company need to learn about how to handle the payroll management software efficiently in order to get this benefit. Therefore, payroll management software can serve as an alternative to hiring a payroll expert.
Tax Update Notifications
To prepare and manage the inventory of payroll database, it is essential for the company staffs to keep the regular updates of tax. Otherwise, it will create huge burden, when the deadlines are impending. However, due to immense work load or any other reason the company staffs might miss the most recent tax updates. Interestingly, the payroll management software can offer a nice solution to this issue. Generally, an effective payroll management software include a feature that can send notifications, whenever any update notifications arrives.
Generation of Payslips
You might consider using a free version of payroll management software for your company in order to save cost. A free version of payroll software can provide a bunch of features. However, it has also some limitations, like the generation of the payslips. If you are running a group of companies or your company is involved with multi-dimensional business, then your company would obviously require an automate payslip generator system. Because, creating payslips manually or using an analog system would cost you huge amount of time and labor-cost. Among the commercial and paid versions of payroll management software, the Tally.ERP9 offers the feature of generating payslips along with required legislative information quickly.
Many companies hire hourly workers and pay them according to the number of working-hours. These companies need a special system for keeping the time-record in order to pay their hourly employees. However, each employee might have different working-hours, so keeping record is quite a tough issue. Many companies use a manual payroll management system that needs the staffs to calculate the data manually. A manual system takes huge time and often creates errors. However, the Tally.ERP9 payroll management software can do this task in an automate and error-free way. The system requires the employees to use fingerprint or swipe card or hand print or badge, when they start and stop working. Then, the software can automatically import data from the ‘Time Clock’ and make the calculations.
An automated payroll management software can compute the wages of the employees accurately and quickly. This system can also reckon gross-to-net earnings on the basis of data that is inserted into the software. For instance, the Tally.ERP9 payroll management software can calculate the monthly salaries, hourly payments, overtime payments, double-time payments, commissions, bonus payments, pay raises, retroactive payments, auto payments, tuition reimbursements, etc. The most amazing feature of an efficient payroll management software is, it eliminates the necessity of paycheck writing by human interventions. The payroll management software can generate the paychecks automatically. Moreover, the system can perform stumps.
A payroll management software performs salary deductions as well as wage deductions, as part of the payroll management processing. Moreover, the company can use a payroll management software to deduct income taxes from the paychecks of their regular employees. However, taxes can be calculated manually, but this process is time-consuming and complex. Moreover, this software can perform tax calculations according to the associated legislative rules. For instance, the Tally.ERP9 payroll management software can include the tax rates in it’s core system. This cuts the probability of errors in the payroll tax calculation.