Why HR/Payroll/Accounting must be automated
Behind every successful business is an effective Human Resource department. HR ensures that employees’ goals are aligned with organization goals to maximize organization outputs by company’s most important asset – People!
HR is responsible for hiring the right candidate, managing employee details, tracking time, handling employee benefits, measuring employee performance, planning succession and much much more. For a small or medium sized business, deployment of an HR software for these activities might seem expensive. In reality, it’s not! Rather it’s a great accelerator. Automating your HR can help you save time and money in a lot of ways. And helps you focus your energies on your core business activities.
An automated payroll system enables the employer to process its payroll through a computerized system making payroll processing simpler, defect free, and faster.
Accounting involves not just making statutory reports, Ledgers, Trial Balance, P&L Statement or Balance Sheet but also filing all the requisite forms and returns to various authorities, in time.
Human Resource, Payroll and Accounting are automated and integrated software products designed specifically to manage the complex Human Resource and Accounting activities involved in an organization. It takes care of the entire Human Capital Management of the company. It helps in automating all the HRMS and Accounting functions like staffing, tests, induction, training, appraisals, attendance and leave management, payroll, accounting, tax filing and communication with candidates and employees etc.
Get all the employee information on your fingertips. You can query on details like the employee name, address, telephone numbers, email address, branch, department, designation, qualifications, experience, birth date, marital status, blood group, allergies, serious illnesses, and other emergency information. So when you want a particular work done, you know exactly whom to get in touch with, in seconds. It can generate HR & Payroll MIS reports; to keep it simple it has approx. 150 reports that can be easily generated. It has a powerful search engine and report designers in all the modules to be able to create any number of reports.
Managing employee attendance is easy since any report can be made in to a MDB file or a text file. These files can then be imported in to spreadsheets for graphical reports and analysis. Overtime and benefits can be easily calculated. Late comings or early goings can be calculated in the salary.
Employees can see their leaves status and apply online. Leave authorization can be done online. Attendance entry and shift details are totally automated. Manual calculation of leaves is no longer required. All you have to do is to enter from date and to date for the leave taken, and whether it is CL, SL etc. Software will automatically calculate opening balance of the different types of leaves due at the beginning of the period.
Payroll process in easy steps and quite in-depth and capable of handling any kind of complicated conditions. TDS calculation very accurate and in compliance with the statutory requirements. It calculates increments, arrears and all Payroll and Statutory reports like salary slip, salary register; IT Estimation report, Form 16, e-Form 24 Q, PF / PT / ESIC related reports etc. can also be generated.
Customize appraisals to each position any time whenever required. Solution will cut down the time taken for appraisals and save on printing and courier costs. Weightages too can be assigned with the KRA and the recommendations can help in identifying the hotshot professional.
While manual systems are slower, error prone (to keep track of all the data) and tardy, automation not just make the processes much simpler, faster and better managed but also effectively eliminates possibilities of defects. However It’s important to maintain the accuracy of the input. Thus, if a terminated employee is due severance pay but the payroll representative neglects to make the entry, the system will not pay it. Typically, the system is reliable so long as the entries are correct.
You can drive following four major benefits out of automation:
- HR Automation: Automating HR allows you to free up your human resources workers. This doesn’t mean that you won’t need them anymore – automating human resources just means that they will actually be able to do their job much more efficiently. An HR manager who wastes time looking through time-log spreadsheets, files or emails might end up doing nothing else but that! An average manager spends more than 3 hours a week just sorting out employee timesheets. Automation tools help in tracking and calculating employee time, running it through approvals and sending it to payroll or billing. This can also be done in real-time and by configuring multi-level approvals. Time is not just saved, but is made productive. For example, instead of having to spend hours or even full days keying in payroll information, a few simple steps will be all that they have to do in order to complete the payroll process thanks to automating human resources. Instead of mindlessly typing numbers into the system they can focus on other efforts that benefit your company, like designing new HR strategies that can lead your company into the future.
- Productivity Boost: Once you begin automating human resources you’ll see an increase in both productivity and profit. Not only are your HR employees free to get more done thanks to automating human resources, they’ll also be more motivated to work. When people feel like they’re really accomplishing goals, they have more moral. And since they’ll get more done in the same amount of time, you’ll get more for your money. Plus, automating human resources is much more precise.
- Precision: Precision makes a huge difference. If you take the steps for automating human resources you’ll notice big differences in payroll, attendance, and benefit info. And along with precision comes simplicity. Automating human resources like employee benefits, for example, makes the process of managing and checking health insurance or vacation days as simple as making a few clicks with a mouse. No pestering the HR department, no need to pull files or check forms. All of the information is easily accessible to anybody who needs it thanks to automating human resources.
- Make your first impression count: Recent research indicates that an employee decides to stay or leave an organization in the first 90 days. In Fortune 500 companies alone it has been estimated that close to 50% of the outside hires quit in less than 2 years.
- Minimize Attrition: Onboarding ensures minimal attrition. However, it includes many forms, induction programs, salary contracts, IT system allocations and new hire training. With automation, you can structure workflows to trigger multiple actions. For instance, automatically send out requests for IT equipment, ID cards and provide employees access to directly add or edit their personal data. This streamlines new hire onboarding and reduces the time taken to induct a new employee.
- Security: Security is the final benefit of automating processes, and probably the most important. When automating human resources you can choose to back up your data to online servers, ensuring that in a fire or computer failure you won’t lose years of important information. And you’ll also get security for your company, since human resources errors can lead to tax issues, legal troubles, and unnecessary expenses. The rate of error drops tremendously when automating human resources, and you’ll be able to help your company avoid any issues that may arise in the future, in some cases without even realizing it. Obviously automating human resources is one investment that can help lead your company into the future, and one that you shouldn’t ignore. For the best systems for automating human resources you can trust Unicorn HRO. Automating human resources will never be simpler or more effective.
- Employee Empowerment: Every employee has different requirements. Some travel and have to apply for travel requests and submit expense reports. Others may contact the HR constantly to update their personal and professional information. As an organization grows there will be more and more employees that require HR assistance. Managing hundreds of changing employee data and other requests manually can be difficult. Nowadays, HR systems let employees manage all these activities themselves. For instance, an employee applies for an internal training directly on the HR system. HR can create a workflow to automatically add the training details to the employee record when it is completed. This way the employee is empowered and the HR burden is reduced tremendously.
- Interact with any third-party system: Automation is key to third party integration. With the help of APIs (Application Programming Interface) and Webhooks, information can be easily exchanged and communicated to any third party application. For example, when a travel expense record is approved an instant notification will be sent to the accounting software to process the reimbursement. It is also useful in cases where organizations use more than one system to manage their HR activities.
Other then these major direct benefits there are plenty of intangible process benefits, naming a few:
- HR, Payroll & Accounting software are completely web based, thereby giving tremendous cost benefits. Thus there is no headache on client PCs. No reloading of exes when the package is updated
- The Employee / Manager self-service makes the task of approvals quite fast without bothering to go into multiple pages. Some organizations still manage their leave requests through traditional means – emails, word of mouth and sometimes even sticky notes. Now, what if the managerial hierarchy demands approval at multiple levels? Or HR gets left out from the application and approval emails? The entire process becomes time consuming with loads of untraceable requests and approvals.This is why 50% of the global HR workforce today, prefer automated time-offs to update employee records instantly. This can be managed through mobile HR apps as well. Now, that’s automation for you!
- All statutory reports and challans of PF, ESIC, Income tax available with E-TDS integration, all available and fully integrated with e-TDS
- PF Trust, superannuating and gratuity management
- Claim management, very complicated issues of exempted and carry forward able claim heads based on monthly & yearly calculations can be easily done
- Salary processing steps, in very easy steps as it is highly automated.
- Highly automated MIS
Service Providers like PayBooks, PenSoft, Z-Pay, Ultipro and Sage Peachtree calculate gross-to-net earnings based on the data the payroll representative inputs for SME segment while AON Hewitt, KPMG, Accenture, ADP and Mercer gives you total outsourcing options for complete HR and Payroll ops. Preeminent Business Solutions (PBS) offers complete HR, Payroll and Accounting services that goes beyond usual HR & Payroll support and do all your accounting and tax filings as well.
Automating your HR and Accounting department helps reduce the strain on your HR and accounting personnel, increase productivity and improve employee participation. Companies all over the globe are increasingly adopting HR automation tools to keep their employees ticking and bring them closer to the organizational goals. It’s time you do too.