Payroll Software is essentially a technology-based tool that is used to manage and streamline the process of making payments to employees in an organization. It can be used to automate things such as calculation of payments, depositing of monthly payments into the designated bank account of employees, withholding tax, and more.
One of the key advantages of using payroll software is the reduction in manual errors and relieving the HR teams of the burden of administrative tasks associated with making payments to employees, which would otherwise be a very time-consuming exercise.
Apart from this, good payroll software helps to –
- Generate accurate payslips for employees
- Work out payroll calculations and deductions much quicker
- Reduce the burden of compliance
- Calculate bonuses, holiday pay, expenses, etc
- Automate tasks such as year-end reporting
- Eliminates the need to understand complex tax legislation
- Store important employee data such as payslips
