payroll software

How a Future-Ready Payroll Software can help Indian SMEs?

The last few years have witnessed many changes in the Indian Payroll Processing due to changes in employment patterns such as freelancers, part-time employees, hiring temporary workforces, casual labor, and consultants.

This emerging scenario has pushed Human Capital Management software vendors to develop technology-driven modern solutions and the Payroll Software is expected to deliver an intuitive and objective-oriented approach.

The HR departments are expected to be agile, responsive and predictive when dealing with the current horizon. A SaaS-based Payroll Software can work wonders provided it has the following features:

AI Chat-Bot Integration:

Dealing with a large workforce which may have a temporary and permanent staff of various age groups, an AI-powered Chat-Bot can be used for Q & A to enhance engagement without spending HR’s time. Replacing the help centers by BOTs who act as digital assistants will lead to cost-effective grievance solving with the help of rich databases. They also help employees to get straight forward answers on-time rather than delayed opinions.

Cognitive RPA Technologies:

The RPA (Robotic Process Automation) has the capability to impact businesses profoundly and they truly fall under the “disruptive technology” tag. The cognitive RPA refers to the software being able to view human interaction with it, analyze it and devise its own processes. For instance, if a vendor mails you an invoice, it would download the attachment, extract relevant data and directly enter the details in accounting software.

Enhanced Accessibility:

The employees are now operating from multiple locations and they need to avail the HR services from their own devices. The employees can manage their timesheets, plan and report their travel expenses along with empowering HR and approving managers to approve their subordinates’ applications from their convenient place and time through mobile ESS applications.

Tailored Experience:

Every firm is operating in a different field and its employees have their specific requirements. Payroll Software shall be able to provide a tailor-made approach to assist each organization by making the process more and more intuitive. It may provide a customized user interface for all of the employees enabling only the functionalities meant for them.

Automated Statutory Reporting:

As per one of the reports by Deloitte, India is the second complex taxation structure in the world. And in order to deal with it, a talented and seasoned workforce is required. Yet the possibility of human error can’t be denied and it potentially invites legal actions and penalties as well. It may provide automation in UAN generation, issuing TIC, generating and submitting ECR files, and for maintaining return files. Applying automation in filing statutory compliances such as PF Reports and other Challans will lead to shorter processing time, security and transparency along with making firms confident about legalities involved in Payroll.

Enhanced Business Intelligence:

More and more business will be demanding reports with deep analytical insights for all their decisions including the HR decisions. Compiling such reports for analytical purposes on daily purposes or immediately is a very effective functionality for a SaaS-based Payroll Software as it can use real-time inputs from all the other modules of the Human Capital Management system.

Reduce Input Redundancy:

As a common practice, companies are buying dedicated software for most of their departments with some of them being legacy software while the modern ones being over-the-cloud. The traditional approach required extensive redundant input of the same in various modules and then maintaining them over a long period of time only to re-enter the modified data.

This costs a lot as entering and validating the data over and again requires dedicated employees and their overheads may be significantly higher than the amount of productive work done by them. Also, the cost of error may remain a major concern as it has been evident in many Payroll errors (many cases are available on the Internet) caused while using Spreadsheet tools which have cost a fortune to many companies.

Apart from these, the use of OCR technology is also highly appreciable for processing bills. The use of cognitive computing in the HR domain is going to revolutionize the HR job profile in its every aspect and help Indian companies to realize their potential.