Enterprise Payroll Management System: Benefits & Key Features

Enterprise Payroll Management System

Enterprise Payroll Management System: Benefits & Key Features

Why Do You Need an Enterprise Payroll Management System?

No doubt, payroll is a tedious, time-consuming and error-prone process but this simple word can bring two different reactions. It triggers happiness for your employees indicating that their paychecks will soon arrive. Meanwhile, mentioning this word in front of accountants and HR teams instantly stirs up emotional distress and headaches. This is because power players of the past now have to combat new competition in the payroll and HR markets due to using outdated procedures and software. Enter Enterprise Payroll Management System to help businesses benefit from technology and reduce the burden of manual payroll processing. Let’s explore how investing in this technology is a worthy decision.

Understanding Payroll System

Manual payroll management can take hours and is also prone to errors but payroll software allows you to complete these tasks within a few clicks. This system empowers your HR teams to manage employee payments and organise taxes efficiently. You can manage everything with a payroll system as it automates everything from your employee attendance to pay and other necessary records. Payroll systems are highly scalable and secure, reduce errors, enhance efficiency and offer valuable insights about your business costs to streamline the process of financial planning. However, you should choose payroll systems that offer reliability and customizability.

Significant Features of the Payroll Management System

1. Automated Payroll Processing

An Enterprise Payroll Management System automates every step of your payroll process from employees’ attendance to calculating their salaries. Businesses can invest in the technology to avoid expensive mistakes caused by manual data entry and calculation issues.

2. Time & Attendance Integration

Companies can integrate payroll systems with time and attendance modules to streamline tracking working hours, overtime calculations and leave balance. This integration reduces human errors, streamlines payroll processes and provides accurate employee returns.

3. Self-Service Portals

This important feature of the payroll system allows your staff members to get accurate information about their tax records and pay information. They can easily manage their payroll-related details to lower the burden on administration and increase satisfaction. 

4. Accounting Integration

Your accounting teams can save valuable time on data entry by integrating their accounting module with a payroll system. Importing data among systems lowers the likelihood of ‘uh-oh’ moments and miscalculations.

5. Mobile Access

It is not surprising why software giants are including mobile functionality to free up the burden on HR staff. A mobile-friendly payroll software brings convenience for companies, managers, employees, and also payroll teams that can access the system and employee information in and out of the office anytime, anywhere. 

6. Reporting Analytics

The system provides useful insights that management staff can use to allocate resources in a better way and manage overtime and budgeting decisions. Almost all payroll software comes with this functionality but you should ensure that reports are available before investing in the system. 

7. Tax Filing

It is much easier for the latest software system to manage your business account, calculate wages, and track tax deductions. Moreover, if your system does not have a built-in feature for tax filing, you can get it as an add-on to streamline financial processes. 

Exploring Different Types of Payroll Software for Your Business

1. HR Integrated Payroll

This software system contains the characteristics of payroll software and HR programs like workforce management software. By accessing all data from multiple services in one application, companies can ensure a smooth data flow and avoid the hassle of managing different software. However, this module does not contain payroll as a core feature but might lack functionalities which specialised payroll management software provides.

2. Mobile App Extensions

Today, mobile payroll options are also available to make management easier. Mobile payroll software extension allows you to organise your payment system efficiently while your employees can access all payment data online. Meanwhile, mobile extensions rely on mobile connections so they offer less reliability than on-premises systems.

3. Payroll Management Software

It is a specialized and standalone system that contains features designed to streamline the payroll processes of your business. You may not need higher costs to set up and install this system and it is available with a lower monthly fee. However, when it comes to the downside of this specialised payroll software, companies may have to spend extra time inputting their important data. Meanwhile, you have to link the system with HR manually.

4. Accounting Integrated Payroll

Companies can link Enterprise Payroll Management Systems with accounting modules to benefit from integrated service. It is the best choice for companies dealing with the filing of tax forms and other tax-related tasks. Meanwhile, the integration of payroll systems with accounting modules can increase the risk of cyber attacks and security breaches.

Benefits of Payroll Management Software

1. Save Time & Resources

Manual handling of payroll processes is a time-consuming process. You can automate this process to save significant time for your employees and avoid costly mistakes. Your teams and employees can spend this time focusing on more strategic projects that boost expansion and increase sales.

2. Increase Accuracy & Compliance 

The main benefit of the payroll management system is that it reduces the errors caused by manual calculations. This is because the payroll system automates the entire process and provides precise data to meet your organisational needs.

3. Enhanced Security Features

The latest payroll systems contain advanced and strong security features to secure sensitive employee information. The system securely maintains all information like tax information, bank account details, and social security numbers reducing the likelihood of data breaches. Only authorised persons with credentials access the system.

4. Increases Your Employee’s Satisfaction

The self-service portal functionality enables your employees to view their payroll information easily. The access to leave balance and tax records increases the feeling of trust and control. Moreover, the right pay processing increases your employee’s trust and raises their confidence.

5. Streamline Employees Monitoring

Tracking all employees, both in-house and remote workers, in a big company can be challenging. Payroll software provides you the facility to track and store employee data easily. You can also track your employees anywhere globally and access information anytime. 

Final Thoughts: Why Choose CherryBerry ERP?

Indeed, the Enterprise Payroll Management System is a huge convenience to make money flow smoother and error-free. Meanwhile, the growing business should invest in a web-based payroll system to manage their payroll tasks in a better way. If you have decided to go ahead with the software, CherryBerry ERP experts can help you get the right system to run your payroll process smoothly. Reach us now to resolve your payroll needs efficiently. 

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