2020 has been a grotesque year in the history of mankind posing a huge challenge to everyone including the corporate fraternity. In alliance with the new normal, working from home for the safety of employees began materialising, a lot of standard practices following a conventional approach got disrupted and has been flagged up as a priority area that needs urgent re-engineering.
While the entire world continues to fight the pandemic, there’s an urge for the businesses to keep afloat without compromising on the day-to-day functions. A strong inclination towards a shift to a technology-driven payroll system has seen to have surfaced in the reports. Are you too looking out for a constructive change? You can answer this for your self by answering a few questions below.
? In this phase of constantly evolving legislations under every jurisdiction, do you have the adequate staff to comply with the need for policy changes and proper functioning of the payroll system of your businesses?
? Is your in-house team cautious enough for on-time tax filings and processing?
? Is your payroll system resilient and flexible enough to endure through times of crisis?
? Can you access your payroll system remotely such that employees are compensated promptly and accurately without delays?
? In these times of serious health crisis, do you have a backup staff to meet any kind of short-comings?
If for most of the answers you came up with an uncertain reply then you must surely consider remodelling your payroll process for the greater good. Hoping to help you decode some of your biggest concerns further down in the blog.
Changes relating to leaves, working hours, overtime are evident to keep recurring during this time and immediate execution of the same is indispensable. A seasoned payroll service provider can help you easily walk through these uncertainties. A clear communication flow needs to be configured between you and your service provider to eliminate any kind of ambiguity whilst the process.
Online portals and digital documentations will free you from the cumbersome process of investment activity, the automated payroll system will issue a Form 16 to each and every employee and also file annual company returns and personal returns in the e-portals automatically. The cloud-based SAAS platform that these payroll providers offer, enables data to be accessed from anywhere and everywhere, therefore augmenting the utility of having an automated payroll system during the work-from-home scenario manifold.
Post a specified cut-off date, the payroll system processes the required inputs to calculate the net salary of the employee with statutory deductions made automatically based on the earnings of each individual. Relevant reports or links are generated for approvals, remittances or validation purposes. Salary slips are then generated for each individual employee with the ease of having them downloaded with just a single click from their self-service portal. Accordingly, monthly payroll reports, variance reports, variance reports, MIS reports, audit schedules, etc are configured so as to ensure proactive measures are handy and your business is risk-free.