Benefits of Automating Salary Payments
Automating salary payments can save your organization’s payroll and HR professionals a huge amount of time and effort, while greatly reducing the risk of errors in paychecks and other benefits. Here’s a closer look at the benefits of automating payroll and how it will benefit your company and the employees.
Consider this: you have different teams to manage employee payrolls and payment, employee entry and exit, leaves and absence, and human resources. Having these teams to coordinate at the end of the month to process employee salary can be a nightmare.
What if the payroll is embedded with the HRMS tool and automated? It will not only make the job of everyone easy but also be transparent.
Automated payroll systems can make the job easier for the payrolls team as employees use the self-service features to enter personal and banking details in the payroll systems, thereby ensuring that the payrolls team doesn’t err while typing employee’s details. (Read our article on Why you need Salary Payment Gateway as an alternative to Corporate Internet Banking.)
It also helps companies stay in compliance with the local and national laws as automated processes are more likely to perform consistently.
Employees wait for their salary at the end of the month because they work hard for it. Every month, the payroll team pours over employee attendance, checks their leaves, absences, and confirms that with the HR team and the employee’s managers and then deposits money in the employee’s bank account.
This is a lot of work for all of them and if this isn’t difficult and stressful enough, there is a possibility of few employees getting paid less or their salary delayed due to one or the other reason leading to distress not just for the HR and payroll department but also the employee.
So, it’s no surprise that companies want to automate their employees payroll data. Several external vendors offer payroll management which is in the form of a web service that employees log in every month to check for the salary received and taxes cut. The problem here is most companies have an HRMS tool that deals with everything except salary such as employee confirmation, joining and separation, birthdays, work anniversaries, and more. For salaries, they have to go to another portal.
What if you could get an HRMS solution that had a payment gateway included and had every detail of an employee? This could be used to transfer salary or other monetary benefits at the end of the month in an instant without error.
KredPay, part of the Kredily HRMS solution does just that. KredPay acts like any other payment gateway that you see in the market today. And the best part is because it’s included as part of the HRMS solution, employees can see all details about salary, cuts, and more. (Read our article on What is a Payment Gateway and How Does it Work?)
If you have been thinking about automating your payroll and HR function, now is the time to get ahead. The current pandemic situation has brought unimaginable changes to the way we all work and with most companies still not fully functional and their employees working from home, one must ensure that your employees remain productive while making processes transparent.
If you want your business to transition to digital, then you must choose the best payroll automation system. Kredily HRMS with integrated KredPay payment gateway will help you to drive on the payroll automation highway. Get in touch with us now.