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No duplicate data entry Changes made to the common HR and payroll database need to be entered only once. This eliminates errors and the need for duplicate entry of employee, pay rate, benefits and deduction information Less paperwork With payroll and HR data stored in the same database you can reduce unnecessary paperwork. For example, if HR enters a new benefit for an employee, the payroll deduction amount can be automatically established as part of the benefit plan. There is no need to submit another paper document to the payroll department. Integrated Reporting Consolidated reporting is valuable to management, but is virtually impossible without an integrated database and reporting tools. For example, management needs a report outlining each employees total compensation package. This report must contain employee information, benefits data from HR and compensation data including regular, overtime, bonus, commissions from payroll. You can only create this type of consolidated reporting with an integrated solution. Payroll Automation with Employee Self-Service Another notable business trend is the move towards streamlining the payroll process using web-based employee self-service (ESS) technology with integrated workflow features. Automating payroll processes with ESS disperses routine tasks back to the employees. This strategy can lower payroll costs without taking anything away from employees, making it a very attractive cost-containment strategy. The key benefits of payroll with ESS that can contribute to the companys bottom line are: Reduced payroll call volume Employees have direct access to a greater amount of their payroll information, so they can request changes online and answer most of their own routine payroll-oriented questions. Reduced transaction costs Partially or completely replacing paper-based paycheck distribution with direct deposits through bank transfers. ESS eliminates the need to take print copies of paychecks and compliance worksheets as the same is available to employees online. ESS also reduces the costs of copying, routing and filing paper forms. For example, employees can request to change his training requirements or any new academic/professional qualification. Submitting Claims and Requesting Leaves Claims for travel, medical and other expenses can be filed online for managerial approval, defined as per the team hierarchy (managerial) workflow. All accepted bills can be pulled out by finance for disbursal. Similarly, the leave requisitions can also be filed online and submitted to respective managers. The Payroll department need not get into the mundane exercise of collecting the leave records manually as at any point of time they can view reports pertaining to leave registers and ledgers. This improves productivity and reduces errors. When searching for a payroll solution, consider the integrated HR and ESS capabilities the solution offers, and how your company can benefit from the solution now and in the future. To know more visit http://sageindiablogs & http://sagesoftware.co.in
Article Source: http://www.bharatbhasha.net Article Url: http://www.bharatbhasha.net/finance-and-business.php/226273 Article Added on Sunday, March 21, 2010
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