A Buyer's Guide to Payroll Solution

 

Running a huge conglomerate is not a piece of cake. This job doesn’t get easier when it comes to paying the salaries of the employees. The paycheck needs to be handed over to the employees monthly and to calculate their dues, organizations can either do them manually, which is usually a cumbersome job, or take assistance from an automated and comprehensive payroll solution.

A payroll software facilitates organizations to streamline and manage their payments; while they can concentrate on accomplishing core business objectives. The many advantages of a payroll software include keeping a proper track of every employee’s work hours and calculating salaries, accordingly. Additionally, it regularly updates employee records into the system for enhanced management of human resources.

The Automated Payroll Software

The automated payroll software is gaining rapid popularity. It works with the company’s attendance management system and ensures that every piece of data is uploaded into the centralized cloud-based account. Also called as the “online payroll software”, this software is the best option for companies who lack knowledge about the payroll tax laws. There are two types of payroll softwares, one that is localized and can be operated only from a single desktop, and the other can be accessed online from any location.  

Whichever payroll software a company goes ahead with, they need to be aware of the advantages of each of the automated payroll software.

  • Direct Payroll: It calculates the pay of each employee at the end of every pay period and deposits it directly into the account of the employee.
  • Payroll Taxes: Calculating and paying taxes is a cumbersome responsibility for most organizations. But, with the assistance of the payroll software, tax dues owed by the employees and the company can be easily calculated and the correct tax amount is paid to the government on time. The automated system enables the Human Resources to prepare the quarterly payroll tax reports and issues employee ITR forms. 
  • Filing the Reports: Every important tax/audit report is filed and sent to the concerned government department. Both employees and companies can view these reports online. 
  • Integration: Integrating the accounting database of a company with the payroll software allows proper record and maintenance of all the financial statements and transactions. 

So, with every tedious and complicated task completed for the company by the payroll software, there is no reason why a company should not get one. 

Signs That A Company Needs The Payroll Solution

If your company has still not hired the payroll solution, then here are seven signs that will help you clear your mind and install it, today.

Reason#1: The number of employees is increasing 

If your company is expanding from a small business into a big one, then undoubtedly you will need more employees. When the number of employees has increased to a point where handling the paychecks of each of them becomes a difficult task, you need a payroll solution. 

Reason#2: Your company finds a need to handle the payroll tax 

Any calculation that involves taxes is not only tedious, but needs high precision and accuracy. A slight mistake can cost you several hundred rupees. The more the number of employees, the more excruciating the task of calculating payroll taxes becomes. If your company cannot handle the payroll taxes, then it is time to find a software that will help you with it. 

Reason#3: Everything is concentrated on a single computer

Nothing can be riskier than this. You cannot and SHOULD NOT keep all the data regarding the paycheck of the employees at a single place. With a dedicated payroll software, all your data would be backed up. 

Reason#4: Letters of ‘penalties’ from Income Tax Department    

If you are receiving this a lot in the recent time, then you will have to incur huge losses due to poor or incorrect tax research and reports. This is a big indicator that you need additional help. 

Reason#5: Lack of Growth: 

Instead of charting new methods and ways for your company’s growth, you are busy calculating the payroll wages, taxes and deductions. 

If you are seeing these indicators, then it is time for you to go for that payroll software and if you are thinking how to choose the best one, then we have got you covered for that too. 

Tips To Choose The Best Payroll Software 

  • Payroll Specialist: Opt for the payroll software that is backed by knowledgeable individuals who will answer all your questions related to payroll taxes, business needs, specialized payroll set up and other considerations. Having a human to contact with eases off your burden. 
  • Pioneering Software: There are different types of softwares that you will encounter when you are choosing the payroll software. The one that is best for today’s technological world is the one which has a cloud-hosted program that can be integrated with a smartphone. This will give you the accessibility to work from any part of the world. 
  • Complete Business Integration of the Software: This is an important point. Your payroll software will be handled by different people and for this reason, it should be integrated with different softwares. When you have an integrated payroll software, you spend less time explaining things.
  • Customization is the Key: Not every software will be customizable to your business needs, but you need to go for the software which will.
  • Streamlined Process: Evaluate the workflow before choosing a payroll software. Ask questions like: If payroll an be processed and approved in a few clicks? Can it be easily uploaded by your staff? Does the software have options to automate and streamline the payroll process? Does the payroll offers employee self-service? A comprehensive payroll software solution will meet all these needs and will streamline and make the process simple. 
  • Ease of Use: There should not be too many technical jargons involved just to understand the processing of this payroll software. Get the ones that can easily be installed and can be used efficiently.

Future of Payroll Software

With the payroll softwares taking on the tough task of big corporations, there is no reason why this technology won’t stay and become better in the near future.

 

 

 

Time Attendance System for Mobile, Small and Medium Enterprises

When it comes to time theft, it is a serious problem in all the major conglomerates in India and abroad. The manual method to enter an employee’s records when they enter the company’s premises can be deceiving. Not everyone enters the accurate time and then there is the grave problem of buddy punching - a scenario where employees often punch in for their colleagues.

A recent study reveals that 21% of employees admitted to stealing company’s time. To combat such challenges, the role of time attendance system comes into play. The latest time and attendance software released in the market ensures the employee attendance details entered in the cloud-based system is accurate and everyone gets paid only for the hours they work. Thus, the automated system assists an organization’s finances and operations in the long run. 

Myriad of Time and Attendance Software in the Market

The lasts couple of years have seen a surge in the time and attendance software. Subsequently, today a software for each type of business – small, medium & large has been established. These include:

  • Stratustime: It is an ideal system for small businesses. It has a comprehensive time-tracking option along with internet connected computers, clocks and mobile phones which helps to keep all the data in one place. It also helps in generating the time schedules of the workers along with their payroll. 
  • uAttend: A boon for very small businesses as it needs no expertise to install and works on a cloud-based account. Along with keeping a track of the employees entering and exiting the building, it also keeps a record of the hours worked by an employee on a specific project. 
  • TSheets: If your company works off on mobiles, laptops and is always on the move, then this software is for you. TSheets not only records the time of entry and exit of an employee, but also checks in their location during their working hours. You can clock in with your mobile phone, laptop or twitter account.

Benefits:

A reliable time and attendance system ensures productivity and reduces the cumbersome paperwork and hassle off the Human Resources (HR) department.

  • It helps to completely eradicate the buddy punching problem.
  • All the essential data will be at a centralized repository that can be accessed from anywhere and any system.
  • Every employee detail is automatically updated at regular intervals and this saves time and hassle of the HR department.
  • Precise hours are clocked in.
  • The company’s time and plans can be made accordingly and every process would be completed on time.

The uniqueness of the time and attendance software is that they use identification process that is specific to every individual, such as, fingerprints, retinal scanning or biometrics that makes it tough for any employee to punch in the wrong time.

Biometric Attendance System is the New Fad

Talking about unique identity markers, the best one and the most popular one right now is the Biometric Attendance System. The reason why biometrics has gained popularity is because they use an individual’s distinct physical characteristics to recognize them. Human DNA cannot be faked, and as a result the ideal time and attendance system.

Types of Biometric Attendance System

Since there are many physiological characteristics to a person, there are different types of biometric attendance systems, too. The most popular biometric attendance system that has been in use for quite some time now is the fingerprint. The fingerprint of each person is unique and this is what is used to clock in or clock out an employee.

Another type of biometrics that can be used is the voice recognition. It is being used by some top companies, but not everyone. The different vocal behavior of each individual makes it tough for a person to break in a company’s confidential database.

Apart from the mentioned types, there are biometric attendance systems that use the shape and size of a person’s hand to recognize them. The one type of biometric attendance system which is used in buildings that hold highly confidential information is the retinal scan.

The high level of distinct characteristics of each individual makes it almost next to impossible for anyone to clock in as someone else. This is one of the biggest benefits of the biometric attendance system.

With the extremely low failure rate, this type of attendance system is widely used in big companies and confidential government buildings that need to protect a large database of information.

Arrival in India

The biometric time and attendance software has finally arrived in India and the central government is using it to improve the work culture in its offices. It has been already installed in 148 government offices like the Ministry of External Affairs (MEA), Department of Electronics and Information Technology (DEITY). Tracking the large pool of employees from a single website is surely going to help the Indian government as there are more than 42,941 employees working daily. The time and attendance sheet of each employee is available on the official website for everyone to see.

The Future

With the government of almost every nation taking note and installing the biometric attendance system in their offices, there is no reason why this software won’t grow in the near future. Not only the government offices, but also the big multinational companies are installing the biometric software. They are installing  a highly detailed version because they need the time and attendance software to keep track of not only the hours worked by an employee, but other critical details of the employees, too.

In the future, the biometric attendance software will greatly flourish and there would be many types of biometric systems apart from the fingerprints, voice recognition and retinal scanning. Companies are already working on making this software the best, and ensure that no time theft ever takes place. Every company that wants to keep track of their employee’s whereabouts need to get their hands on this software.

Automating Employee Attendance Timeclock in Organizations

Human Resource (HR) department is a significant vertical of any organization– small or big. The job of the Human Resource department is to manage every type of work under the book that involves employees. Right from hunting the best suited talent for a job to recruiting them. The HR department is the backbone of a company.

A person working in the HR would know about all this. Their job, however, is not limited to this as they must retain the most valuable assets of their company and also give the newly employed proper training and compliance guidelines. They chart the productivity of the company too. Subsequently, the Human resource management system can get tricky with all the tasks they have to perform. The real challenges faced by the HR department are about to be discussed.

Challenges of the HR department

When it comes to the HR department, they are supposed to have all the data record of the company’s employees. This includes the time and attendance of all the employees and interns that go in and go out.

Tracking Time: Manually tracking time of each employee entering the organization can be challenging. Some employees do not enter the correct time of their entry and exit which results is false record and this can be a huge problem for the HR department in case an unfortunate incident takes place as they are accountable to the authorities.

Proxy Attendance: Buddy punching is very common or what we call as proxy. More often than not, employees punch in on the behalf of their colleagues who may have not showed up for work or might come in late. Additionally, the HR department also needs to keep a track of the movement of every employee and which department they frequent during the day apart from their own departments.

Food & Vacation Record: Recording meal timings break also comes under the job description of the HR department. They must keep a track record of the type of work the employees do and the time in which they complete a given task. They also record the vacation time, compensation time, FMLA time and the jury duty of each employee.

Payrolls: The monthly payments of each employee is a critical job of the HR department and this is one of the most risky job as any blunder in numbers can lead to losses.

With so many tasks that require precision and accuracy, there is a greater chance that the HR department might not be able to perform their task, properly. Any tiny mistake can lead to a big glitch that leads to a huge waste of time, resources and money, and that is something a company cannot afford.

Effective Solutions to Battling HR Challenges

If you are working in the Human Resource department and have faced the above challenges, then you are at the right place, as we are about to discuss the solutions applicable to the above-mentioned challenges. The two key factors to work on are the attendance management system of the company and its payroll responsibilities.

The payments of the employees need to be done on time and for this, the HR department should know about the proper number and salary of each employee. For this to happen efficiently, integration between the departments need to be there.

Attendance of the employees need to be automated so that the exact time of entry and exit is known to the company.

Time Tracking Software And Payroll Software

Technological devices have made our job easier and a company should take full advantage of it. Instead of keeping a guard at the gate to check after the attendance of the employees, attendance machines should be installed.

Timeclock are efficient for doing this job in companies that have a large workforce. Several timeclocks can be installed all over the premises of the building to ensure a fast and smooth clocking in and clocking out process. The time tracking software will be accurate and fast and the probability of any erroe is negligible.

The same can be said about the payroll software. The manager won’t have to manually collect any data for transferring the payment of each employee. Any payroll error and thus, loss to the company would be reduced to a great extent.

Another software that will be of huge help is the biometric attendance machine. Every employee will have their unique fingerprint or facial recognition, hence the biometric signature which would prevent buddy punching and unauthorized entry in the building.

Features of Time and Attendance Products

The products that would revolutionize the time and attendance system of every company are out in the market and they have some amazing features that set them apart from anything that one has seen before.

  • Web based Time and Attendance Software: This software helps in integrating with any biometric system and helps in managing employee’s documents, leave management, attendance register with leave and much more.

 

  • Payroll Software: These software are built to automate the payroll process by giving a central access management system.

 

  • Biometric System: They are exclusive to a person’s unique markers like their fingerprint, facial recognition or retina scan. This system will prevent any kind of employee theft and ensure that there are no false records of any employee’s work.

 

The time and attendance software has already been adopted by many big and small corporations. The online time and attendance software is here to say. And it has drastically reduced the errors and glitches that occur due to human intervention. Every detail is accurately fed into the system and this ensures that the payroll is also accurate.

 

Another software that will become popular in the coming years is the biometric time and attendance system. This is by far the most advanced version of time and attendance software. They are expensie but they are they best when it comes to proper security and precision in the functioning of a company and thus, the Human Resource department.

By automating employee attendance timeclock in organizations, now HR personnels can manage their responsibilities with greater efficiency.

Cloud Based Attendance Solution for HR Operational Efficiency

One of the most integral parts of any business or an organization is the Human Resource (HR) department. The key responsibilities of the HR unit include hiring, training, reassignments, position classification and payroll; the challenges are immense, too. A company can certainly not function without a workforce handling branch because HR helps in aligning the staff with the company’ vision and mission.

Among the many problems that the HR department faces, retention of talent, recruitment, productivity, and leadership top the list. Regardless of the organization’s size, the HR finds it challenging to manage a large pool of people and payroll. To combat these problems, automating the HR functions seems a feasible solution.

Challenges faced by HR

  • Complex and cumbersome manual processes to compile and verify employees time and attendance information.
  • With new labor laws introduced regularly, the need to simplify the time and attendance and payroll structure is immense.
  • With emphasis being placed on work-life balance, Flexi-time (flexible work hours) is on the rise. Managing attendance innovatively is the next big challenge for the HR.
  • Health & safety regulations imposed by the government require quick and easy access of the employee data. Managing colossal amounts of data and providing it instantly as per the need is a challenge for HR personnels.

What is the Solution?

The business of managing employee attendance and time is an important job that requires manpower for which the companies must shell out a substantial amount of money. Given the current global economic scenario, organizations today want to reduce their overhead costs even further, and that calls for a system that would help them do just that. But does that mean the system would overburden the HR personnels? The answer is: The system would only ease the workload of the personnels; leaving them time and space to pursue their individual professional or personal goals. Meanwhile, the companies definitely enjoy substantial savings which they could invest in expanding their business. 

Automating Employee Attendance and Time

Today, many organizations are switching their manual and siloed HR processes to automated systems for efficiently managing their workforce. These businesses are experiencing benefits in terms of reduced costs, improved productivity and the ease of switching to an automated time & attendance process.     

Benefits:

Improved Productivity      

Replacing the manual time & attendance processes with an automated, single-system solution boosts the productivity of the employees across the company.

Employees: With time and attendance data online via time clocks, or on their smartphone, employees can keep a tab on their working hours, verify hours worked, apply for a vacation and scheduled leaves, which helps them improve their productivity.   

Managers: Because they can now quickly view, approve, and submit attendance information from their team members from any mobile device or desktop, managers become more productive. 

Payroll Administrators: HR personnels dealing with payroll no longer need to manually collect, check, and transfer data from timesheets. This leads to reduced payroll errors.

Time Savings

Integrated time, attendance and payroll systems automate workflows; which eliminates the use of timesheets and paper time cards. Since, the data are no longer transmitted manually, it reduces the amount of human error that may lead to an increase in the payroll costs.    

The increase in accuracy, reduces modifications, and reduces payroll overpayments; which leads to substantial savings in terms of time and cost for the organizations.

The New Mantra- Cloud Based Attendance & Time Application

Cloud computing is taking the business world by a storm. The SaaS (software as a service) oriented cloud solution is an economical way to conduct business operations, because it is a scalable solution that requires less hardware, consumes fewer IT resources, and converts capital expenses into operating costs.

So how does it work?

Cloud computing involves the use of a third party server that manages applications over a secured network. Thus, companies save on the costs of software installation, managing a server, and hiring a dedicated in-house IT team.

Benefits

Time and Cost Savings: Cloud-based time and attendance software runs on a third party server, so you save time and money in terms of installing the software, configuring the hardware and maintaining the server. What’s more, Tech Support is quickly available; it’s just a phone call or an email away!

Reduce and Simplify HR Activities: By switching to cloud-based Time and Attendance software; organizations can simplify the time consuming and costly manual HR processes. Simply, update or add the clerical details like employee details, attendance and working hours and bingo the payroll details pop up on the screen within a few seconds. Small and medium sized companies are always seeking to reduce their costs and by switching to an automated system can help them achieve their objective, quickly.    

Managing Workforce: A company with a fluctuating workforce needs a constant upgrade on employee details. A cloud-based Time and Attendance software can be stretched in terms of storage space without spending a fortune. The best part of the cloud software is that it can be accessed anywhere and anytime by anyone who has the authority. 

Employee Satisfaction: When the attendance is clocked in, managers and HR personnels can keep a record of their employees working hours. This leads to a congenial environment as the application can inform the managers about employees who are working overtime; enabling them to assign work in a balanced and cost-efficient way through a reduction in overtime costs.    

Biometric Time and Attendance Software

Biometrics is the latest fad in the corporate world. If you are tired of your employees covering up for their colleagues, then you need to install a biometric attendance system in your office.

What is Biometrics?

Biometrics makes use of the physical appearance of the person to record and store information.

Why is Biometrics gaining popularity in HR functions?

Since, the biometric attendance system would use the unique DNA of an individual like fingerprint, iris color, or facial recognition to clock in the office, feeding false information about an employee in the system is impossible. The data is accurate and everything is encrypted to ensure that the employee’s safety and privacy is not tampered with. The biometric attendance system, thus helps HR personnels and managers to keep a track of their staff presence and absence on the company’s premises.  

The biometric attendance system will immediately inform the employer or the manager of a security breach on the company’s premises via e-mail alert or phone call; if an intruder tries to use the biometric card of an employee. This makes this system a great security application. 

Coming to the biometric attendance software, it is capable of:

  • Accessing the attendance record from anywhere in the world
  • 100% secure and accurate employee data fed in each time
  • The data can be easily backed up on the spacious third party servers

There have been many instances in the past where there was theft of information in a company or the data was tampered. All this can be prevented if there is a secure software like the biometric attendance software.

Conclusion

Both the Cloud-based time and attendance software and the biometric attendance software are gaining momentum rapidly due to their ability to streamline the HR functions and helping companies save time and money. In the future, with advancement in their features, these software will provide an enhanced security layer where there will be less data breaches and greater employee satisfaction.