✅ Employees are the assets of any organization. Happy employees deliver better productivity at work.
✅ Create exceptional employee experiences with an HRMS that works all the way from easing HR tasks to employee task monitoring, and everything in between.
✅ A payroll management system is the cornerstone of a successful organization as employees are well taken care of with a good payroll software, and when your employees are looked after, deliverables, outputs, and task performances are stellar, leading to more revenue and growth for the company.
Noticed how everything relies on good payroll software and the impact it has on the growth of the organization?
Your HR’s trusted ally!
▶Payroll software has a lot of benefits for an organization. Move from cumbersome spreadsheets and chaotic data handling – Your HR team deserves better!
▶Automates monthly salaries and calculates reports in no time with a payroll management system.
▶Let your HR team get rid of the manual and outdated methods for calculating payroll. Allow them to focus on business-building initiatives while payroll software takes care of complete employee engagement.
▶Payroll software has a lot of benefits for an organization. Move from cumbersome spreadsheets and chaotic data handling – Your HR team deserves better!
▶Automates monthly salaries and calculates reports in no time with a Payroll management system.
▶Let your HR team get rid of the manual and outdated methods for calculating payroll. Allow them to focus on business-building initiatives while payroll software takes care of complete employee engagement.
▶A modern payroll solution offers everything from learning and training initiatives to a mobile app for faster and smarter workflows!
▶Large businesses have adopted the payroll culture, and it is time for an SMB to look for an affordable, GST-compliant payroll software to manage their employees, people practices, and provide data accuracy through automation.
But what exactly is payroll…?
What is payroll?
✅Employees are paid their due salaries, bonuses, and other compensation by an organization for a pre-defined period, like monthly payments. This is called payroll.
✅This compensation will be paid to employees for contributing to the company. The compensation also includes tax deductions, overtime payments, and remitting dues like TDS and PF to the authorities.
What is payroll management?
The process of handling payroll from start to finish is payroll management. The process includes onboarding, defining pay compensation, managing payslips, processing salaries, tax compliance, reports, and setting payroll policy benchmarks.
A payroll management system for small businesses is a necessity – Explain why?
- SMBs & SMEs need to build their business & focus on similar initiatives
- Payroll calculations, employee salary payments & streamlining HR tasks should be off their list!
- Workforce of an SMB that builds a business needs to be monitored & skills have to be honed
- Workforce planning, employee engagement & initial streamlining are SMBs’ requirements to scale greater
- Automation plays a huge role in speeding up tasks
Step-by-step guidelines to choose the best payroll solution for your small business!
- Identify why your company needs an HRMS
- Jot down the requirements
- Do a comparative study on the options in the market
- Analyse if it suits your business demands
- Check if its scalable
- Check if it is customizable
- Select their Free DEMO option (if there)
- Decide with the team to finalize
Features of a payroll management system for small businesses in India
Usability
Ease of use saves time; automation speeds up tasks and reduces errors, giving an unmatched output. A small business payroll solution should meet its everyday demands, providing easy navigation, and simplicity in software usability. A scalable solution is a must, considering small businesses are looking to thrive more.
ESS, or the Employee Self-Service module gives employees the liberty to access and view their documents including payslips and leave reimbursements. This establishes 100% transparency.
If your payroll software has this feature – consider it the ideal choice for a growing business.
Elixir BACE has a payroll solution that has an ESS within it. Check it out. Talk To TEAM BACE!
Consolidated data
Find employee data, organisational data, and other HR related data for different tasks – all in one place. A single source of truth to view employee performances, attendance tracking, pay cuts and salaries… to other HR tasks. The data for all this is on one platform, making it a breeze for the HR manager who can access information at their fingertips!
Data security
Employee information stored in a centralised repository should be protected and safeguarded. Employee data and statistics should be safe, and this is possible when it is automated and the system automatically saves it in a single place. Payroll data is organisational financial data that is of high importance. Payroll software, unlike manual records, has a safe database to store all the crucial information.
Improved HR workflows
The HR team is the pivot of an organisation as they handle the workforce, retaining the right ones, spotting the ones underperforming, and relieving them. Payroll system for small businesses acts as a friend to the business owner or the HR manager, providing facts and the right data needed to increase business efficiency.
It manages payroll end-to-end and ensures your employees are paid on time and taken care of. HR’s workflows improve, and their payroll calculation month-on-month is no longer tedious!
Regulatory compliance
Payroll software ensures compliance standards for a small business. It complies with labor laws, managing TDS, Tax laws, PF to salary slips, and deductions.
Time & Attendance (TA) Tracking
Manage and regularise employee time and attendance with the Time and Attendance feature. Track login hours, overtime, shifts, leaves, and gather metrics. If the time and attendance feature is integrated with biometrics and barcodes, it makes payroll assessment a breeze and reduces time by 80%
Looking for payroll software for Indian companies? Reach out to team Elixir BACE
Reporting
Reports on payroll software for small businesses helps analyse workflows. They provide better financial insights to help the business drive the right strategies. HR metrics are crucial to measure your employees’ KPIs. A startup or a growing business requires this as the foundation to build the business further.
Employee Self-Service
Employee Self-Service or ESS allows employees to log into the portal and access documents like payslips, reimbursements, leave requests, and more on their own. No HR support is required while they enjoy the liberty of accessing it themselves.
Leave management
Leave management helps both HR managers and employees. The leave management solution makes it easy to apply for leaves, track, and approve them. Get quick access to leave management – simplify calculations, holidays, and leave balances.
Recruitment and applicant tracking
Hire the right candidates with cloud-based payroll software – Starting from job postings to screening through profiles, scheduling interviews to examining the candidates, and finalizing the right ones.
Mobile app
If your payroll software for small businesses can be accessed on a mobile app – employers, HR teams and employees will view important announcements and get hold of their crucial documents while on the go.
This is ideal for a small business as they multitask and wear thinking caps at all times. A small business owner, the HR manager, and the employees in the organisation – all benefit from a mobile app that can be used while they are on the move..
Onboarding and offboarding
Manage employee lifetime journeys from onboarding to offboarding. Recruit, connect, and retain employees, and at the time of exit, facilitate a smooth transition with effective offboarding processes.
Integration capabilities
Basic payroll solution will deliver automated and accurate payroll calculations… But times have changed… The current scenario demands a small business to step up their game. When payroll is integrated with accounting tool, GST and other tax compliance, legal services or a billing tool; it becomes an all-in-one solution, elevating employee management, HR operations, and overall operational efficiencies.
👉 Elixir BACE is a business management suite with a payroll solution built for small to medium-sized businesses.
It has various tools and services to meet business functions’ needs, including invoicing and billing for retail businesses, accounting software to simplify finances and records, and services for tax filings and legalities, ensuring compliance.
Benefits of a payroll software for small businesses
✅ A payroll solution provides meaningful employee experiences. It solves all HR queries like a reliable friend, takes charge of HR tasks, and enables them to focus on other business tasks.
✅ A payroll solution is more than a salary calculator – It creates a happy space for your HR manager and empowers employees.
✅ It helps employees from the time of onboarding to the time of offboarding, manages time and attendance, leave management, delivers dynamic reports with real-time data, and automates all tasks from start to finish.
A summary!
- Accurate payslips
- Hire the right candidates
- Effective transitioning with offboarding
- Review workforce performances
- Employee engagement
- Single source of truth for all information
- Reports with real-time data
- Saves time & costs
- Empowers employees with self-service
- Automates all HR tasks
Step up your game with a Payroll management system & accelerate growth for your small business!