Managing Payroll: Why HRMS Software Is Better Than Excel?
Why is HRMS software superior to Excel?
Introduction: HRMS software is a platform for integrating, managing, and automating many of an organization’s normal HR functions. It may organize staff details as well as company records for a company, making it conveniently accessible.
When managing payroll processes, HR professionals have always used Excel to calculate the employees’ records. However, many organizations have experienced difficulties when they’re using Excel for tasks that are beyond their capacity.
Payroll is more than just a process full of complex calculations. It’s a time-intensive process that also involves keeping track of attendance, leave and claims, performance reviews, and most importantly, regulatory compliance.
To successfully run a business, companies need structured payroll software that’ll assist HR professionals in managing deadline-driven payroll processes.
Fortunately, QuickHR, a fully integrated cloud-based Human Resource Management System (HRMS), provides a centralized platform that helps HR professionals to fulfill all the payroll obligations with precision and timeliness.
Let me take you through the reasons why automated payroll software is better than manual-based payroll systems like Excel.
In-Depth Integration With Every Employee and Business Records
With Excel, HR teams need to manually collect and update the required records, making the payroll process even more time-consuming. On the other hand, automated payroll software can automatically gather and update all necessary records from every department.
QuickHR’s payroll software is built with constant interaction across employee data, leave, claims, timesheets, reports, and cost settings, ensuring that every employee will be paid fairly and punctually.
The all-encompassing software provides optimized payroll processes with automated and accurate calculation of wages according to varied shift plans, flexible overtime computation, and incentives for punctuality. All that’s left to do is to approve them, saving time for higher productivity.
Integrated with QuickBooks Online and Xero, QuickHR ensures that monthly payroll numbers stream right onto accounting charts, enhancing workflow efficiency.
Carry Out Pay Runs With Greater Speed
With automated payroll software, there’s no need to manually calculate every employee record. Reducing manual tabulations allows more time for HR professionals to focus on other HR tasks like recruiting, hiring, and training.
QuickHR’s payroll module helps ease hectic payroll periods by holding constant communication with every HR process such as salary prorations, leave applications, timesheet incentives, claims, and more. These modules are interconnected within the platform where HR departments can access and process real-time records all in one place.
With QuickHR’s solid integration framework, there’s no need to purchase separate HR software solutions and switch from one system to another, preventing delayed salary distributions and heavy workload.
Generate Accurate Payslips
Traditional payroll systems hold a high risk of calculation errors. To avoid costly errors and boost employee morale, payroll software helps keep track of work hours and facilitates timely paychecks with great precision.
The all-inclusive payroll management software of QuickHR enables simplified and streamlined payroll runs with more detailed analysis and better accuracy. It’ll be easier to guarantee error-free calculations of benefits, claims, leave, business expenses, and more.
Cross-Cultural Compensation Management
- For companies who manage multicultural teams, QuickHR offers multilingual itemized features to clarify the breakdown and categorization of pay, encouraging better understanding for the HR departments and employees as well.
- With QuickHR’s smarter workflow, HR professionals will be able to secure maximum clarity and accountability despite the diversity in payroll runs.
Dynamic Payroll Generation
- QuickHR’s versatile payroll software is capable of generating multiple pay runs for full-time, part-time, and freelance employees with different pay periods. With flexible and customizable settings, QuickHR will be fully compatible and suitable for a business’ growing needs.
Ensure Regulatory Compliance
With Excel, HR teams need to constantly manage and update compliances. But with payroll software’s auto-inclusion and full regulatory compliance features, businesses will be able to prevent fines and penalties which may lead to great financial loss.
QuickHR’s payroll module allows automatic calculations and deductions in adherence to the government compliances. These include tailored CPF formulations, auto SDL deductions, Bank GIRO and CPF submission features, and MOM itemized payslips.
Being an IRAS-approved software solution, QuickHR guarantees smooth monthly submission by handling IRAS season with direct AIS linkage of payroll information captured on the system.
Detail-Oriented Reports and Analytics
Creating reports is also one of the most time-consuming tasks of HR and Excel doesn’t offer an automated report generation feature.
Thankfully, payroll software offers an extensive analysis of the overall salary structure and staff costs across departments and even individual jobs and contracts. It’ll be easier to execute smart decision-making for future business plans.
QuickHR’s payroll software has the ability to analyze employee data and create customized analytics on HR matters such as attendance, payroll, leave, and claims, providing a wealth of meaningful reports.
Secure Backup and Maximised Data Storage
Unlike Excel, automated payroll software solutions offer heightened data security, ensuring that all employee and business records are stored securely on its servers.
QuickHR is built with improved data security, featuring a cloud infrastructure with multi-tier encryption. This means that data in the underlying storage is encrypted, as are the automated backups, snapshots, and replicas.
Ease of Use
Payroll software can be easily configured with different features, options, rules, and policies, depending on the business needs. These simplified configurations allow increased work efficiency and productivity.
QuickHR’s full-spectrum payroll module allows instant and easy modifications on all necessary payroll account entries such as attendance data, salary structure, timesheets, leave, claims, and more.
If you want to know more about it, feel free to request a free demo at QuickHR Singapore HR Software with absolutely no terms and conditions!
