Human resource is the backbone of any company as they put their best efforts forward to keep up with the deadlines. Hence, it is imperative for a company to take care of all the needs and requirements related to the working staff to run a business in a smooth manner. The human resource management deals with all the areas related to the employees. A crucial component of HR activity of a company is to manage the financial aspects of the staff’s salary. This component is termed as Payroll management, which is the method of administering worker’s salary, deductions, monetary benefits, allowances, gross pay, net pay, etc. in short, it is the basic accounting of financial disbursal to the company staff.
A company requires a whole set of employees for the calculation of the employee’s monthly salary and appropriate disbursal of funds in their accounts. A regular supervision is essential to prevent any deliberate or unintentional inaccuracy. Some smart companies are switching to the third party payroll system to overcome this cumbersome process. This third party system involves the staff salary distribution and allied financial accounting. The system incorporates software technologies that update all the employee data and give them online access to a portal. So that staff can access their salary statement, deduction, benefits and certificate like Form 16 anytime, anywhere.
The third party payroll system has several advantages over a traditional way of keeping the records. It provides an integrated database of all the company’s staff. Apart from online access, it allows the employee to plan their tax savings. Further, it streamlines the leave management system and keeps a detailed record of leave, expense claims, and travel reimbursement claims along with the online leave submission and tracking of a submitted application. This system allows the employees to access the vital information regarding the company HR operations like salary hikes, PF nominations, offer letters, experience letters, etc. It increases the transparency and thus enhances the satisfaction level of the staff. In short, it involves all the aspects of the employee’s profile. In additional words, it provides a comprehensive report and analysis that helps in evaluating the staff performance and yearly appraisal.
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