Why a smart payroll software should be your Number 1 priority

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IN THIS ARTICLE

Ever stopped to think about why smart payroll software should be your Number 1 priority?

The 2020 outbreak changed our outlook on many things. One of which includes prioritizing the hybrid working style. Given this transformation, good payroll software ought to be an essential part of company culture! 

Your employees are probably feeling tied down by economic uncertainty and financial insecurity. So it’s only natural for them to expect assurance regarding receiving timely paychecks. And perhaps the only constant that’s enabling them to keep the post-pandemic stress at bay is the organizational consistency in payroll processing. 

Furthermore, several pieces of research suggest that employee satisfaction is directly proportional to company growth. But the truth of the matter is that for most small businesses, payroll is an afterthought. 

If you’re a business owner or are from the HR workforce, you know that calculating payroll and rolling out paycheck on time every month isn’t a task anyone should take lightly. Especially when you have a growing workforce spread across multiple cities! On top of which, if your existing payroll management system requires excessive manual intervention, then there’s room for errors — making things seem more chaotic than they ought to be! 

Let’s go down to the nitty-gritty of how the right payroll solution will solve most of your payroll-related problems. But first, know why you must use payroll software for small business.

Why do businesses need smart payroll software? 

Conventionally, processing payroll includes estimating salary and/ or variable pay, taxes, and other deductions as per compliance. And back in the day, it took days, if not weeks, to complete payroll successfully. Not to mention, there can be occurrences wherein there are errors in calculation, etc. However, with the modern-day payroll system in play, small businesses no longer need to worry about any of these inconveniences. 

But let’s address the elephant in this payroll equation!

Most businesses falsely assume that only MNCs need or can opt for payroll software. Or that you need to have a minimum number of employees listed to use a payroll management system. 

 

Here’s when Open’s payroll solution swoops right in to save you from the done and dusted ways of managing payroll. So that in the upcoming financial year, you experience a more systematic and efficient payroll system than the current one.

Why is Open Payroll better for businesses? 

Designed for SMEs and startups, Open Payroll helps businesses streamline payroll processes, so that you move away from managing payroll manually and automate it with 100% compliance.

With Open payroll, you can use a fully-integrated suite to reduce the payroll processing time and tackle the traditional payroll challenges the tech-savvy way while scaling up.

 

Payroll for Small Business

What are the benefits of using smart payroll software like Open Payroll for Small Business?

If you come to think of it, no one likes anticlimactic endings. Be it in films or when it comes to processing payroll! When you’re running your payroll, you don’t want to put in the conscious effort and countless hours into handling payroll operations, only to discover that you may need a do-over. Instead, automate the entire process with the Open Payroll system for small businesses and stop worrying about the payroll blues! 

And irrespective of your industry, implementing a good payroll solution will help your organization move to the next level effortlessly.

 

Open Payroll Software Benefits

1. Track attendance & leaves easily 

As a growing business, time is always of the essence. And with Open Payroll, you can explore an easy attendance management solution.

You receive real-time updates every time your employees clock in and out of work. Applicable for both remote and non-remote working professionals, you can automate salary payouts accordingly instead of going through employee records manually.

Now stay on top of your employee attendance and leave without manual tracking in the picture.

2. Make direct salary & TDS payments 

Rolling out paychecks one after the other or making TDS payments can make for a complex task. Adding to this, if there’s any error whatsoever, it may lead to overpayment or worse. This is an expensive price when you rely on an inadequate payroll system. Integrating a payroll solution like Open Payroll into your workflow allows you to calculate salaries and TDS easily, and send out payments directly from the Open business account.

3. Generate payslips in one click & more

When selecting payroll software for business, you must choose one that’s highly efficient and accessible. So that if you need to make changes before sending out TDS payments, salaries to employees, or other deductions, you can refer to the configured salary structure available on the payroll solution (previously added) and do the needful anywhere, anytime. Further avoiding penalties and auto-generating payslips that are 100% compliant. 

4. Enable to access the employee self service portal

The culture in any given workspace should enable employees to do more than just the basics. With smart payroll software like Open Payroll for Small Business, your employees can use employee self service capabilities to procure their payslip details, apply for leaves, declare taxes, and more — further building a more structured organization. 

5. Get a complete view of all employee data in one place 

Even though most payroll processes are digitized, most small businesses rely on manual paperwork to trace expenses incurred, investments, or track IT declarations. Perhaps because the teams in question worry about losing the data. With software solutions such as Open Payroll, businesses can manage and view important reports such as payroll details, compliance & more  — all in one place. 

This is just a broader view of why smart payroll software should be your number 1 priority this coming financial year. And will further help your HR team save time and resources while ensuring timely payments.

 

If you want to narrow in on how the Open Payroll solution can simplify salary processing for your business, our team of experts can assist you with it. 

 

Related Articles –

How to simplify your salary processing with Open Payroll

Should small businesses outsource their payroll?

How to make salary payments in minutes with Open

How to make instant vendor payments on Open

Bulk Payments, now made smarter with Open’s Payout APIs

How to collect & track payments like a pro with Virtual Account APIs

 

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