Managing a payroll in the hospitality industry could be one of the most difficult tasks especially when your business has a wide range of employee classification like permanent employees or those temporary workers who come in shifts or work over time. Updating taxes, statutory payments, wage levels, superannuation, all need to be accurately classified especially when there is huge staff turn-over.
Looking for a better alternative to your business payroll may be the best and smartest solution to mitigate human error, time, money, and ensure satisfied employees.
Payroll software is a technology that automates and streamlines payment for employees. Many companies have switched to a payroll software as this is easier, offers fewer potential mistakes, and less time consuming in processing a payroll.
Consider five benefits for your industry:
Introducing a payroll software in your business could benefit the both HR team and employees. The HR could easily track employees’ attendance and their work calendar giving them an over view of absence, overtime, leaves and work time of the employees.
Many software packages offer time tracking modules or other feature to check in on the timings. At the end of each month, an integrated time card calculates employee wages. This becomes handy particularly when employees are paid hourly. With payroll software, all calculations and deductions are automated and saves the mammoth task of manual input and burdensome calculations.
Saving time on manual tasks enables employees to focus more on other competencies and allows productivity.
From recruiting and hiring to retirement, this technology enables access on the go with an internet connection. It produces periodic reports. Employees could check and download their payslips, see their salaries, leave balance, and tax details. It allows employees to fill in their personal information as well. It also reduces data duplication and eliminates data redundancy. By going cloud, information is easily accessible, and this saves a lot of paperwork, driving towards paperless operations.
Mobile application to the software enables managers and employees to efficiently manage enquires, concerns, and requests. Managing of workforce does not get better than this!
To prevent any misuse of information, this software also has options that restricts accessibility. There are stringent parameters that allow only nominated users access to sensitive information to prevent any illegal manipulation or exploitation. Most modules come with optimum IT security protocols.
Often, there are statutory changes made by the government. And then there are new IT policies. Payroll software gives notifications when changes are made. There is also an automated reminder which could also be edited along the way. All these features ensure an up to -date notifications, timely tax submission or meeting any other deadlines, along with saving the business from penalties and unnecessary expenditures.
With manual payroll system, human error cannot be avoided despite best efforts and this could hurt the business and employees. With a comprehensive validation and checks, it prevents wrong information and diminishes mistakes.
Payroll software gives accurate information and error free data. This gives detailed insights and aids strategic decision making on talent management, retention, training, and performance appraisal.
Payroll software completely integrates human resource functions. With a single interface, an employer could constructively manage his human resource pool and take strategic decisions to focus more on growth and productivity. If you are looking one for your organisation, try Nomisma payroll solutions for an all-round payroll software. It offers a one-month free trial for your business solution.