In labour extensive industries, salaries and wages is considered as one of the biggest cost of the company. Management of this cost can enable the company to obtain competitive advantage on a global level
As one observes the global economics, companies with most affordable salaries and expenses are in a high growth as on today. This exhibits the importance of salary management system.
Based on this high demand of salary management system, ERP development companies have been taking a significant interest in this regard. Salaries and benefits consist of various components and salary deductions which have direct connections with various regulatory authorities. While dealing with human resource and regulatory authorities accuracy at all levels is essential. ERP systems have been focused incorporating built in calculations in the system which ensure all salaries are calculated correctly the first time and every time.
Popular payroll systems:
When it comes to payroll management systems, one of the best choices clients make for their business is Oracle financials and HR module. Possible integration with other Oracle ERP modules makes this as one of the top choices for the clients.
- Oracle customization enables the company to customize the rules as per the legal requirements and company policy.
- Simple management of rules can enable the management to shift between rules when circumstances of particular employee change i.e. promotion etc.
- Business diagnostic reporting is one of the best features of ORACLE, as it enables the management to identify the problematic areas and propose solutions as soon as possible
- Employee information is considered as one of the most sensitive information in the company. Oracle enables the company to install unique access security measures to prevent the integrity of the data.
SAP is extensive ERP software which is famous for its in-built reporting. It consolidates HR core module with payroll module. SAP cloud based payroll management enables the management to oversee their workforce and take appropriate decisions to maximize their company value.
- it provide eagle eye view for the organization workforce
- it ensures best HR practices are in place and are being followed
- Ensures that the accuracy in salary calculation is operational at levels.
- Built in business diagnostic enables the organization to oversee their workforce structures and efficiencies. Not only this provides control function over the labor but it is a significant enabler towards better resource utilization
- Contingent workforce function enables, daily wagers to be incorporated in the salary calculation.
QuickBooks is the most used accountancy platform at small and medium size businesses. Customization and affordability are the aspects which makes this a popular choice. QuickBooks payroll module is considered as one of the top choices because of the following features
- It provides hiring tips and tools free with the payroll module, helping the organization to strengthen their human resource.
- Accurate salary calculation enable the company to only pay what they actually owe
- It informs about local compliance enabling the organization to comply with it.
- Salary paychecks are prepared within minutes
4) Peach Tree (SAGE 50) Payroll
Peachtree (SAGE 50) payroll is an extension to the Peachtree accountancy solution. The speedy moment of data between software makes this a top notch choice for the employers.
Following are the features of this payroll software by Weaccountax
- It has clear pricing strategy which saves their client from hidden charges
- Payroll support from professional payroll experts
- 24/7 online access to payroll system
- Accurate and timely tax calculations
5) ezy time station
Ezy time station is a modern day payroll management module which provides attendance module as well. It automatically adds up the working hours and computes the salary payable with utmost accuracy on a timely manner.
- It provides attendance module which accumulates working hours employee wise
- Its integration with attendance module and payment module is one of its best features.
- Mobile accessibility enables the software to be accessed from anywhere.
- Leave management holds record of available paid leaves to the employees
APS payroll and tax compliance services are one of the top choices for the business with multiple locations as their offices. Their GPS feature which indicates where an employee has marked his attendance helps the company to keep a tight control over their human resource work force.
Web based feature enables the accessibility from any device from anywhere around the world. Bamboo HR integration with HR module and payroll is one of a kind as it swiftly in between and processed within minutes.
8) Asure People success
The most distinctive feature apart from general payroll process friendly usability is that it provides business diagnostic reporting like employee life cycle history etc. It enables the organization to assess the value of an employee entire from induction to termination.
The vibe is a human resource, communication and payroll management module. A most significant salient feature of this module is that it is extremely customizable to the business needs of the organization regardless of their size, industry, and nature of the business.
Patriot payroll system apart from offering phenomenal payroll processing system, it also provides employee personalized login. Their employees can verify and view their attendance and salary record on a timely basis and report any discrepancy if found any.
In short, all payroll software mentioned above is one of a kind. Other than the minor advantage of one over others, almost all of the software is great. Usually, ERP software like Oracle and SAP are used in a large organization because of their cost.
Software other than Oracle and sap is more preferable in small business identities. Their affordability makes them as one of the top choices clients can make to revolutionize their payroll experience for their valued employees.