HRMS has been revolutionizing organizational functions by taking a modern approach towards the complexities arising in Human Resource functions. The HR software is created by bringing in state-of-art information technology to the HR processes.
Human Resource Management System helps by automating tasks that were repetitive, time-consuming and prone to errors because of manual data entries. This frees up the organization’s valuable resources: human, money and time also providing them with latest and error-free usable data. The Payroll function, unlike the other HR functions, has always been an important yet arduous task for the HR department.
According to the Payroll Complexity Research of 2014 by NGA, key factors that add to payroll complexity are the management of employee and payroll data, the process of calculating the payable salary, declarations to the government and the impact of geography.
-Seemingly mundane, payroll duties include many intricate activities. It includes deducting taxes, health insurance premiums, EPFs, gratuity and calculating the correct amount payable to relevant government authorities. Additionally, the duties also include calculating the tax liability of the company as per Government and individual State Laws, calculating eligible deductions, medicare etc.
-Missing deadline while filing taxes or filing incorrect return details may cause legal implications for the organization and the department involved, hence managing these tasks efficiently is of utmost importance.
-Besides the above, the HR department has to ensure that the employees are paid correctly and timely. They also have to manage multiple media claims and other benefit plans. Managing leaves, disabilities etc. also fall under their working domain.
-Lastly, they need to maintain and update the various employee records as per current tax laws.
The Current Enterprise Tools
As per the current demand, existing enterprise tools are lagging behind in terms of quality of technology, usability, and scalability. As per a User Experience Survey, only 44% of HR employees have access to their current HR systems. Also, 33% of the HR department feel that their current HR system decreases productivity. Crucially, 80% of employees feel that their current HR applications are complex and slow.
Darwinbox has the Solution
We are in the market to bridge this ‘digital divide’.Our HRMS platform is built with a clear vision of scalability and intuitiveness. Our platform addresses HR complexities with new age enterprise solutions. Our solutions combine the workflow with intelligent insights and smart interfaces.
The Payroll System:
Our Payroll Software in HRMS is used to manage the employee financial package. The payroll software system features audit trail and a high level of security. Besides managing compensation, expenses, local and national statutory compliance, detailed analytics and MIS reporting, loans and advances, the payroll system also handles tax calculations, declarations, and payments. The payroll system automatically updates the latest changes in the tax law and gives the department timely reminders regarding the filing of the various tax forms.
Benefits of Payroll:
Installing a payroll system software removes the possibility of human errors in the payroll process and usually, the departments would be spending innumerable hours calculating employee sign-ins, salaries, tax withholdings etc., which can now be avoided. The HRM systems are affordable and can be easily accessed through cloud service. They eliminate the need for hiring a payroll specialist also. You can maintain greater control over your payroll functions and generate reports and backups as per requirement. HRMS resolves all the payroll and other administrative complexities that an organization faces. Whether a small business or large, it is suitable across all scales.