For a business venture to be successful, it is essential to retain skillful employees. One of the many factors that prove effective for employee retention is smooth payroll management. It determines the maintenance of accurate financial data, and thus permits transparency in resource allocation of an enterprise. Be it calculating wages, processing bonuses, deductions, and net salary or even generating payslips, these processes consume a lot of time and energy. A reliable Payroll Automation Software alleviates the inconvenience by automatically performing these tasks, once programmed to. A payroll management system centralizes employee data, calculates salaries and processes pays while remaining compliant with tax regulations. ERP facilitates real-time management of business processes by integrating business strategy, finance, manufacturing, marketing, and sales in a common database with secure authorization channels. It, therefore, becomes absolutely necessary for an ERP to have a quick, accurate, and intelligent payroll management application. This article highlights the 6 main reasons to integrate your ERP system with efficient payroll management software.
1. Anywhere/Anytime access
The primary benefit of integrating payroll management software into an ERP is real-time access. It comprises automated systems that can generate payroll data per day, week, or month without error and make it easily accessible. Simply put, as long as you have an internet connection, you can access and process your payroll from anywhere, at any time. A direct salary deposit into employee bank accounts takes place at a few clicks.
2. Integration with time reporting systems
Payroll management systems often work closely with time and attendance tracking software which are integrated into ERP as well. Time tracker software and biometric data are put into use to accurately measure the time an employee spends on work. This, in turn, allows the payroll management software to calculate precise payroll, considering time reports and tax deductions.
3. Easy integration with existing ERP
Most payroll management applications can be easily integrated into the existing ERP system of an enterprise. Not only does the online payroll system produce error-free, time-sensitive salary data but it also provides a central record keeping structure. This data conforms with ERP data that the whole enterprise runs its administrative tasks.
4. Completely customizable salary structures
A well-integrated payroll and ERP system guarantees that updation/alteration of data at one place is reflected across the whole management system. It implies that there is no need to reprocess payroll in case salaries change. When an existing employee quits or a new employee comes onboard the organization, employee data needs to be altered only once. There is minimum or zero impact on the functioning of payroll management even when such situations arise.
5. Tax compliance
Compliance tools are an asset to payroll management applications. As tax regulations and rules change every year, these tools ensure that modifications in tax laws are promptly and correctly implemented into employee payrolls. They also schedule reminders for tax returns whenever such filings are due.
6. Advanced Data Security
A business’ financial data is highly confidential. Any breach or compromise in this data can turn malicious. Deploying an online payroll management software, however, enables enterprises to minutely monitor and protect payroll information. It does so by conditional access tools, password protection, and multi-level authorization. At the same time, chances of loss of data are minimized through automation.
Integrate a Custom Payroll Management Software in your ERP with Oodles
As online payroll management systems are extremely efficient, they put businesses in an advantageous position with regard to time and resources. We, at Oodles, are an ERP development company with the objective of maximizing the potential of enterprises with next-gen technologies. Our payroll integration services aid enterprises to successfully employ an online payroll customized to their organizational framework. Talk to our experts to know more about how you can integrate a payroll management software into your ERP to maximize your business potential.