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Payroll Processing: Challenges & Solutions

6 Critical Challenges of Payroll Processing

·         Coordination with multiple teams

The time office team spend endless hours providing information to the payroll and subsequently to finance departments. Even employees give tax-saving records, also expense details for reimbursement. Compiling everything on time, every time takes a lot of work. If the task appears daunting, especially while multitasking, that is to be expected.

·         Staying compliant with payroll laws

Businesses are required to handle all required paperwork and remittances on schedule. Central and State government laws including the Provident Fund, Professional Tax, Labour Welfare Fund, and Shops and Establishment Act, factories act must be considered while calculating taxes for Indian firms. These businesses could suffer a significant disadvantage if there is a problem with tax remittance or if the components are calculated incorrectly.

·         Caring for employee morale

Employees expect to get paid on time for their time and work. Indian payroll teams must collect investment declarations and proof accurately to avert tax-related issues. Sometimes, even a small paycheck error can demoralize people and diminish their trust in the company. As per a survey, almost 44% of the employees considered leaving their employers because of incorrect payments due to manual errors of the payroll team. Paychecks made using spreadsheet can leads to manual errors if not watched carefully while preparing.

·         Dependence on legacy methods

Calculating labour hours manually either using paper and a pen or even spreadsheets leaves room for error and wastes a lot of time. Physical documents could get lost. Every type of organization has issues that are not entirely solved by the spreadsheet-based payroll system. This is due to the fact that not all businesses employ personnel who are spreadsheet experts.

·         Maintaining data confidentiality

Payroll information includes incredibly private information about businesses and their employees. Since data is now a valuable resource, its confidentiality is under greater threat than ever. How is complete confidentiality feasible to guarantee? What happens if the incorrect endpoints receive this data? In addition to costing businesses a lot, it puts tremendous stress on management and personnel.

·         On-time payroll processing

Processing payroll on time and paying employees on the due date every month can be stressful for the time office as well as the payroll team if the process is manual or even semi-automatic.

 Top 2 Solutions to Minimize Payroll Challenges.

1. Payroll outsourcing

Payroll's rise from eighth to third place on a list of HR areas best suited for outsourcing was one of the survey's most striking findings. Most businesses rely on third parties in some capacity or are willing to do so. Improves team spirit by outsourcing payroll, you spare your employees the stress that comes with dealing with unforeseen circumstances. The opportunity that outsourcing affords them to add additional value while performing routine HR functions is equally essential.

Enables a fresh method of operation Cloud-based solutions can let decentralized HR teams manage payroll data from any location. Integration capabilities with other modules can promote greater efficiency throughout the HR department.

Ensures strict compliance Companies may find themselves in a bind if they lack sufficient legal knowledge or a subject matter expert is unavailable. Accessing professionals that can advise the business on the procedures and best practices to be followed through payroll outsourcing.

Reduces expenses although having a team of payroll officers on staff is convenient, there is a monthly wage cost commitment. A hard decision to make. Paying a monthly fee to a payroll company and outsourcing your duties is a wise choice!

Outsourcing payroll frees up team members to work on more strategic initiatives like hiring, training, development, and HR data analytics. This not only makes it possible for them to produce long-term value but also gives them chances to excel.

2. Payroll automation

Spreadsheets may be used by smaller businesses to handle payroll. However, because of the advantages listed below, businesses of all sizes should think about a payroll automation solution. Increased effectiveness Payroll is a continuous operation, thus processing speed and accuracy are crucial. Automation eliminates human effort, which saves time. It also lowers costly errors while protecting sensitive data.

Staff self-service when payroll is automated, employees can do a lot more things on their own, including mark attendance remotely, apply and approve leaves, download their pay slips, and submit investment declarations…. etc. and many more.  As a result, the HR/payroll team has more time to devote to duties that have more added value. Easier adherence Payroll solutions are frequently coded with the current laws that must be adhered to. Otherwise, businesses that use them would develop non-compliance problems and the potential for fines.

In Conclusion

The payroll administrator must plan the payroll process step by step in order to guarantee an effective payroll administration procedure. However, given the complexity of the overall process, difficulties are unavoidable.

Either hiring a payroll specialist or outsourcing the procedure is the answer. If the latter is the desired option, the person needs access to the appropriate payroll solution. When selecting a payroll system, it's important to take compatibility, usability, and accessibility into account.

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What is Attendance Management?

Your employees' working hours are tracked using attendance management. It is the technique you apply to keep track of the time your employees punch in / out and the time they spend on vacation. You can manage attendance by punching time cards, keeping track of employee hours on paper, utilizing spreadsheets, or by using cloud attendance software for your business.

Why is attendance management important?

An employee attendance management system should be included in every company. Regardless of how you implement it, your system must adhere to the Fair Labor Standards Act's timekeeping requirements.

Using attendance management software, you can precisely determine the number of hours that each person works. This is particularly helpful if you have staff that are paid hourly. You must be able to determine the precise amount of compensation you owe your employees. Additionally, you must be aware of any employees to whom you owe overtime pay.

You can always observe how frequently people are working if you have salaried personnel. Employees can keep track of their time spent at work and away from the office. Even when you are unable to see them, you can still maintain tabs on how much work they are doing. You can determine if employees are punctual by tracking their time. This only works if you demand that workers keep a record of the precise time they enter and exit. If a worker frequently arrives late or leaves early from work, you can observe this. You can monitor how many sick days employees take by using attendance management. This is essential if your company has a rule allowing employees to take a set number of sick or vacation days.

What are the types of Attendance Management System (AMS)?

There are many software programmers that have the ability to control attendance. The software for attendance management systems is, however, accessible in a variety of forms, each of which varies slightly from the others.

A leave management system may also be used in conjunction with an attendance management system, which coupled with an attendance management programmer provides the inputs for a company's payroll requirements. Returning to the numerous attendance management software now on the market, the following is a brief summary:

With the help of these software packages, the staff of your company can increase their productivity.

1. Biometric attendance software

In essence, a biometric attendance system uses a person's face or fingerprint to confirm their identification and record their times of arrival and exit. These systems are quite well-liked right now, and for good reason. This eliminates the possibility of buddy punching, which causes time leaks and may lower an organization's productivity overall.

In order to transform the data into clear reports, biometric systems are typically connected with other systems. This is simple to accomplish. Because there are other heads outside the biometric machine itself that are free, such systems have also been found to be quite cost-effective.

Additionally, it is simple, quick, and causes the least amount of inconvenience to add or remove staff.

2. Cloud attendance management software

Cloud attendance management software is the general term for a timekeeping system with a web login feature. These features make advantage of cloud technology to make it possible to obtain attendance information and log in and out from just about any place with an internet connection.

With just one click, it's also straightforward to log in and out, which is a convenience that many workers have come to expect in the digital age. Such systems are also useful if a significant portion of your personnel performs outbound sales, works remotely, or at client premises.

Having a basic understanding of the various types of attendance management systems available and their distinguishing characteristics, Why not choose an attendance management system that satisfies your needs right away now that you have a basic overview of the different types of systems available and their distinguishing characteristics? Compared to older systems like attendance musters, attendance management software is significantly more efficient. Additionally, keep in mind that integrated attendance management software produces significantly higher synergy than standalone attendance management software when used with other HR systems like leave and payroll (AMS).

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Attendance Management Time Attendance Tracking The automated time and attendance management system effectively reduces the workload of your HR team in manually updating employee log-in and log-out time, and allows them to increase focus on improving people management. The advanced HR management system features help to: Customize your time and attendance sheets and policies effectively regularize the time and attendance Schedule shifts and get work done within a specified time.

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ORIOLEPay HRMS Software

HRMS can successfully manage the payroll of all of the company's employees. The payment of wages is no longer the exclusive purpose of payroll management. It encompasses a wide range of tasks that must be completed as part of the administration of employee pay.

HRMS can help you keep track of critical HR tasks including salary payments, tax deductions, and leave encashments. HRMS automates these processes, reducing the risk of human error and data gathering malpractice. HRMS can combine payroll administration for all employees in the company across all of its sites, not just one.

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Time & Attendance. Cloud-based SaaS (Software as a Service Model) Mobile & GIS-enabled enterprise-grade HRM Solution

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An integrated application to manage employees (staff) and contractual workforce in a centralized cloud solution

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Best HRMS & contract labor management software

HRMS can effectively manage all of the company's employees' payroll. Payroll administration is no longer restricted to the payment of wages. It covers a wide range of tasks that must be addressed as part of employee pay administration.

HRMS can assist with important HR functions such as salary payments, tax deductions, and leave encashments in a timely manner. HRMS automates these procedures, lowering the risk of human mistake and malpractice in data collection. HRMS can integrate the payroll administration of all workers of the organization across all geographical locations, not only in one.

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Best HR And Payroll management Software

ORIOLEPay is cloud-based SaaS (Software as a Service) based Mobile &

GIS Enabled Enterprise-grade complete HRMS Solution with a core focus on Time Attendance & Payroll. You don’t have to worry about installations or version control. We manage the technology for you, so you can focus on your business. ORIOLEPay adapts to the organization's business rules and contributes to improved staff productivity. The data is captured from biometric/mobile device and sent to ORIOLEPay. This is observed in real-time from anywhere. Backend supported by ORIOLE Team.

Philosophy • This software is licensed to use for a company and based on employees per company. • Each branch can have multiple biometric devices • Employees can mark attendance from any configured biometric device or mobile device whatever convenient • Approval based system

Mobile App • Attendance Captured using GPS enabled SMART phone. Employee can mark his/her attendance (Check-In / Check-Out) using Mobile App. • Regularize attendance / Mispunch • Real-time data sync with Server • Check Available Leave(s) and Approved / Rejected Leave(s) Status • Apply and Approve Leave(s) • Instantly manager can view the details on his DASHBOARD. management can track

employee’s (Check-In / Check-Out) on the field on real-time basis • Apply and Approve Outdoor Duty(s) (OD) • Ability to mark Attendance within Geofenced location(s) only

About Us ORIOLE is an IT company providing specialized web based information management solution and services for Mainly Three Verticals – Utilities, Infrastructure & eGovernance. ORIOLE also provides turnkey software and delivers creative and affordable technology solutions for medium to large organizations For more information please logon to http://www.ORIOLEPay.com Or e-Mail: sales@ORIOLE.co.in

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contract labour management software

ORIOLEPay is a cloud-based SaaS  (Software as a Service) based Mobile &  GIS-Enabled Enterprise-grade complete  HRMS Solution with a core focus on Time  Attendance & Payroll. You don’t have to worry about installations or version control. We manage the technology for you, so you can focus on your business.

ORIOLEPay adapts to the organization's business rules and contributes to improved staff productivity. The data is captured from biometric/mobile device and sent to ORIOLEPay. This is observed in real-time from anywhere. Backend supported by ORIOLE Team.

Philosophy

This software is licensed to use for a company and based on employees per company. Each branch can have multiple biometric devices Employees can mark attendance from any configured biometric device or mobile device whatever convenient Approval based system

Mobile App

Attendance Captured using GPS enabled SMART phone. The employee can mark his/her attendance (Check-In / Check-Out) using Mobile App.

Regularize attendance / Mispunch Real-time data sync with Server Check Available Leave(s) and Approved / Rejected Leave(s) Status Apply and Approve Leave(s) Instantly manager can view the details on his DASHBOARD. Management can track employee’s (Check-In / Check-Out) on the field on a real-time basis Apply and Approve Outdoor Duty(s) (OD) Ability to mark Attendance within Geofenced location(s) only

ORIOLEPay Features

Attendance Management

✓Employee attendance thru any biometric system, smartphones ✓Create Flexi Shifts with any possible grouping of Weekly offs & public Holidays ✓Define OT / Extra Worked Hours / Comp OFF according to individual company policy ✓Set different policies e.g. late coming, early going, absenteeism, etc. ✓Create multiple policies like Working Time, Attendance, Holidays, Weekly Offs, and Shifts ...etc. ✓Record attendance from the remote biometric device ✓Complete dynamic multiple Shifts combination ✓Geo fence large offices/factories

Leave Status Management

✓ Define multiple leaves policies for all your globally or location-based ✓ Use formulae to define as on date balance, carry forward or leave reimbursement or lapse policies ✓ User-Friendly UI Task Management ✓ Built-in employee timesheet where each task/project can be managed from a single solution. ✓ Analytical reports are available based on employee time and cost spent on a project ✓ Simplified timesheet for employee

Payroll

Define multiple salary components (Earnings / Deductions) based on organization policies Dynamic yearly gross and monthly gross salary calculation based on CTC. Further customization and saving is available

Reports

Comprehensive reports and a combination of reports based on filters

ORIOLEPay Benefits

✓ Rapid deployment ✓ No software/hardware to maintain ✓ No massive capital investment ✓ Instant access to new features ✓ Pay-as-you-go cash flow benefits ✓ Managed by ORIOLE’s world-class Operations and Support teams, freeing customers from system and capacity management complexities ✓ The lower total cost of ownership (TCO)

About Us

ORIOLE is an IT company providing specialized web-based information management solutions and services for Mainly Three Verticals – Utilities, Infrastructure & eGovernance. ORIOLE also provides turnkey software and delivers creative and affordable technology solutions for medium to large organizations

For more information please log on to http://www.ORIOLEPay.com or e-Mail: sales@ORIOLE.co.in

[oriolepay]

ORIOLEPay is a cloud-based SaaS (Software as a Service) based Mobile & GIS-Enabled Enterprise-grade complete HRMS Solution with a core focus on Time Attendance & Payroll. You don’t have to worry about installations or version control. We manage the technology for you, so you can focus on your business. ORIOLEPay adapts to the organization’s business […]

[oriolepay]

ORIOLEPay is a cloud-based SaaS (Software as a Service) based Mobile & GIS-Enabled Enterprise-grade complete HRMS Solution with a core focus on Time Attendance & Payroll. You don’t have to …

[oriolepay]

ORIOLEPay is a cloud-based SaaS (Software as a Service) based Mobile & GIS-Enabled Enterprise-grade complete HRMS Solution with a core focus on Time Attendance & Payroll. You don’t have to worry about installations or version control. We manage the technology for you, so you can focus on your business. ORIOLEPay adapts to the organization’s business […]

[oriolepay]

ORIOLEPay is a cloud-based SaaS (Software as a Service) based Mobile & GIS-Enabled Enterprise-grade complete HRMS Solution with a core focus on Time Attendance & Payroll. You don’t have to worry about installations or version control. We manage the technology for you, so you can focus on your business. ORIOLEPay adapts to the organization’s business […]

[oriolepay]

ORIOLEPay is a cloud-based SaaS (Software as a Service) based Mobile & GIS-Enabled Enterprise-grade complete HRMS Solution with a core focus on Time Attendance & Payroll. You don’t have to worry about installations or version control. We manage the technology for you, so you can focus on your business. ORIOLEPay adapts to the organization’s business […]

[oriolepay]

ORIOLEPay is a cloud-based SaaS (Software as a Service) based Mobile & GIS-Enabled Enterprise-grade complete HRMS Solution with a core focus on Time Attendance & Payroll. You don’t have to worry about installations or version control. We manage the technology for you, so you can focus on your business. ORIOLEPay adapts to the organization’s business […]