Payroll is a complex process that becomes more challenging with a company’s unique processes, compliance issues, varying allowance and deductions and with constantly changing legislation. This, often puts businesses at a risk as there is so much at stake in terms of penalties, additional scrutiny and reputation of the company. Many organizations manage this process in-house while some look for professional service providers. The goal is to avoid compliance risks and to adapt to the constantly evolving regulations.
According to the 2017 NGA Payroll Complexity Index, payroll complexity is impacted by key factors such as managing payroll and employee data, security and control in an ever more complex tax and legal landscape. Understanding challenges clearly and coming up with the right solution is the best way to overcome risks.
One of the most important concerns of an employer is to meet statutory compliances. Statutory compliance refers to the legal framework which organizations must abide by, with respect to the treatment of their employees. A lot of effort, time and money goes into ensuring that payroll is complaint through statutory audits. Since each company has unique payroll challenges, they need a solution which is reliable, customizable, integrated and meet all their requirements.
Despite numerous software providers, there are very few vendors that offer payroll solutions that are fully integrated with government statutory portals, leave, attendance, travel, loan, expense, timesheet and expense and claim management systems. Empxtrack payroll software has the capability to manage the entire process in an integrated manner – efficiently and smoothly. It supports:
- Computation of accurate taxes, PF, ESI, professional tax, gratuity, Labour Welfare Fund and other deductions.
- Generation of correct reports and challans
- Linking of government statutory portals for filing returns and remittances
Recently, Empxtrack team was approached by an IT company that was looking for a payroll solution that could be easily integrated with their Provident Fund portal. A software that could eliminate complexities in generating ECR file, reduce data upload time and minimize any data errors.
Here’s how Empxtrack provided a solution:
Payroll Solution that Meets Statutory Compliance Requirements
Integrating payroll software with HRIS and employee self-service tools offers multiple benefits.
- No Redundant Data When a payroll system is integrated with time, leave, attendance, employee database and other tools, the data can seamlessly move back and forth without additional workload of double data entry. The information is automatically updated in payroll system once the changes are made in HRIS, or vice versa. It saves time and effort in entering redundant data, thereby reducing chances of any mistakes.
- Faster Reporting It is difficult to manually collect data and generate reports from multiple disparate systems. When it comes to data analysing and reporting, an integrated system is more efficient. There are no challenges in integrating relevant data from two separate systems, and this reduces the complexity in generating reports.
- Better Collaboration Managing payroll, leave, attendance and employee records through a single interface aids in improving communication, collaboration and teamwork. Any changes made in one part of the system updates the entire database and notifies other teams.
- Improved Financial Planning With integrated solutions, financial planning in an organization becomes easier and accurate. All the available information can be used to forecast figures, while considering everything starting from employee wages to cafeteria costs. Quicker, easier access to accurate payroll information means better management reports for improved decision-making on costs and planning.
If you have been looking for an integrated payroll solution that performs all the monotonous, repetitive functions without a glitch and is completely scalable and user friendly, contact Empxtrack team.