It was not very long ago that companies started to depend on payroll software to process their payroll tasks. The era before the introduction of payroll software can only be thought of with amazement now. Such have been the changes that it brought to this process.
Earlier, the HR department of companies had to spend weeks completing the payroll of each employee. Even then, there used to be mistakes in the final salary that employees would get. Some would get more and some would get less than their due. The HR team then had to find out the error and correct them.
According to a recent survey report, it is estimated that about 25 to 30 percent of employees request a revision of their W-4 form due to inaccuracies in the paycheck at least once a year. Another survey report says only a little more than half of the employees felt that their paychecks were always error-free.
With the coming of automated payroll systems, the entire process has become accurate, and quicker. So, what is payroll software UAE, and what are its most salient features?
Modern Payroll software UAE is designed to help the HR team quickly process the paychecks of their employees. It automates many of the tasks so the HR team doesn’t have to input information manually to arrive at the due salary for each employee.
Modern payroll management software comes with integrative options which enable the HR team to calculate taxes, bonuses, and other benefits more accurately. Today, an increasing number of organizations, businesses, and companies around the world are migrating to modern payroll management software from conventional frameworks like Excel. If you are thinking about incorporating a payroll system into your company, make sure that it entails the following essential features. If it doesn’t, think of a better system that offers them.
Employees are liable to pay a certain proportion of their salary as tax to the government. Any discrepancies in the tax payment would make the employee responsible for tax defaulting which will lead to legal actions like hefty fines.
Therefore, it is necessary to calculate the tax correctly each month as per the existing tax rate and pay it to the government’s tax department. For all these years, tax filing has been a cumbersome process for companies. When you choose payroll software, ensure that it has a systematic and automated framework for tax filing and generating W-2s.
Do you run a business where employees are paid on both a monthly and hourly basis? Or do you have any plans to employ staff on an hourly basis in the future? Well, it then is essential to have a time-tracking option in your payroll too. Otherwise, you will have to maintain a separate file for those employees working on an hourly basis. This will simply waste your time and resources.
Gone are the days when employees would receive their paychecks from the companies and submit them at banks where their salary accounts are managed. Today companies could directly deposit the salaries of their employees to their incorporated bank accounts. As such, it is necessary that your payroll system should have the direct depositing option which integrates with the official bank account of your organization. So, with just one click, you can deposit the salary of all employees in your organization simultaneously into their bank accounts.
In a conventional environment, an employee would go to the HR manager when he wants to change his bank account or get a salary statement or generate a W-2. An HR employee would then have to do these clerical tasks which would waste much of their productive hours.
What can be done to avoid that? Incorporate a payroll software UAE that equips the employees to do all of these tasks from their user portal. This not only saves your time but also makes it more convenient for your staff to access these data whenever they want.
Most companies would have a policy to reimburse employee expenses such as travel, food, etc when they are incurred from any official trips or engagements. However, these expenses need to be shown in the company’s spending to prepare an accurate balance sheet.
Your payroll software must let you generate payroll reports for the selected period. You need these reports to calculate your yearly budget for salary, and to take important decisions regarding recruitment. Payroll reports are one of the most fundamental metrics for companies in a lot of areas.
Given that an innovative payroll software UAE solution is essential for every business, it is highly advisable to invest in the best one that comes with the aforementioned features. This would not only make your work easier but also will avoid any requirement in the future to migrate to a better system because your current system doesn’t meet all your needs.