Payroll solutions are useful to efficiently manage the entire payroll procedure that all companies are required to do. In general, most small organizations handle payroll work on their own, but as business grows, it becomes more difficult to manage. Therefore, relying on a payroll solution, that is an automated software application will make the payroll process easier, faster, accurate, less tedious, and highly efficient.
Payroll solutions automate the payment process by the following techniques they gather data on employee time and attendance, calculate tax deductions, generate pay cheques and also produce employee tax reports. Other standard features included in most payroll solutions include bulk data entry facilities, data migration from other payroll solutions if necessary, pay schedules, processing, error check facilities, gratuity payable maintenance, remittance to third parties and integrity checks.
Various reports can also be generated with certain payroll solutions these include accounting reports, third party reports, audit reports, statutory reports, EPF/ETF reports, PAYE reports, management reports and others. These reports allow users to get an overview of their payroll history and pull up records for various dates within the tax year.
There are many advantages of using a payroll solution. It saves a good amount of time and avoids hassles that usually come up in processing. It is faster, more efficient and easier. Also, by having a payroll solution, this will free accounting employees and secretaries from payroll work, enabling them to focus on running the business efficiently rather than spending all of their time on payroll concerns.
When searching for a payroll solution, look for the following features. The solution must have a user friendly interface which will make it simple to navigate through the product. It must also have a flexible way to group employees, so that you can have more freedom to classify employees on various levels. Also, look for a payroll solution that fits most computer operating systems. Certain solutions enable you to define your own customized formulas and validate them, thus improving accuracy. Before purchasing a payroll solution, make sure you get a reference from someone in the same industry as your business, so you can be sure that the solution will cater to your needs.
PAYPAC from ZILLIONe is an excellent payroll solution for all your needs. It is a comprehensive payroll system complete with basic payroll solution features as well as unique complex features that will help you efficiently manage your workforce.
There are many things you can read about Payroll Solutions in Sri Lanka as well as Time Attendance Sri Lanka.