Along with the growing business boom across the globe, several responsibilities also crop up for the organizations. The demands are not only related with the client-front, but in-house necessities also prompt the companies to take certain management steps. They go on recruitment drives to properly handle the burgeoning business size. However, managing earning and deduction details of each employee is by no means a simple task. It involves lots of calculations. Here lies the importance of software solutions. Automated payroll software helps processing employee-wise CTC and calculating gross salary amount along with all the earning and deduction details with pin-point accuracy. Through this system, the whole salary-related calculation is done within limited time and enhances productivity. Art Payroll
Empowered with payroll software the HR department efficiently manages various complicated tasks associated with the salary disbursement, like salary slip generation, leave and loan accounting, tracking employee-wise salary progressions, generating ledger/subsidiary ledger, verifying salary transfer through the bank etc. One of the key benefits of this automated system is that it is very user-friendly and does not need to be installed on the computer as it is browser-based software. The HR manager just needs to properly maintain the database by filling in some master fields to effectively manage it.
In the GCC countries, employees’ social security factor has gained substantial importance. In this regard, Wage Protection System (WPS), Dubai is a grand initiative jointly undertook by the Ministry of Labor, UAE and the Central Bank of this Gulf country. WPS is an automatic salary transfer system that enables the government to minutely keep track of proper salary disbursement of every employee in the private sector. It allows companies in the UAE to transfer employees’ wages through banks or authorized financial institutions and agents. Adhering to this revolutionary system has become compulsory for all private organizations in this GCC nation. Failure to comply with the rule or any laxity to implement this system will invite harsh punishment for the responsible organizations.
Employee satisfaction and job security are crucial to derive the best from the work force. Lack of motivation naturally affects the productivity. Flaws are associated with manual process. HR executives often find it tough to manage huge database of the employees. Automated systems no doubt help them in a big way to manage complicated tasks within a flash. Moreover, several versions of payroll software come with self-service module that enables the employees to perform several tasks on their own without approaching the HR department. This state-of-the-art software is truly a savior for the management wings of the organizations.