What to expect from your payroll process in 2020?

By Vinod Gulvady
2 minute read ● January 14, 2020
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What to expect from your payroll process in 2020?

Let us perform a reality check. Is your payroll process partially manual and partially automated? Did you know that bank files and accounting files could be automated? Are you worrying about the upcoming proof of investment or year-end activities? Are you struggling with generating statutory reports or in filing them with government portals? If your answer to any one of these questions is a YES, then read on…..

Automation – It is everywhere around you

Payroll processing has come a very long way from being a mere manual activity. What seemed a mundane, back office activity a few years ago is now a thriving technology-driven race where companies are vying for a piece of the multi-billion-dollar business. Payroll service providers now perform Global payrolls for companies across the continents with ease, using latest technology. So, why feel left behind? Let us look at what some popular softwares provide today.

Right from the time a candidate uploads a resume on a company’s website, the system automatically scans skills and experience of the candidate to check for eligibility. If they match the requirements, HR approves the candidate for interviews and if selected, personal data of candidate is quickly absorbed into various internal systems of the company without any need for further data entry.

Efficiency – A system that won’t let you down

Likewise, payroll will receive its required data automatically, including compensation and other credentials for statutory purpose. Mandatory fields are automatically scanned to ensure data is updated. Authorised input providers from various departments will update the system with any one-time inputs such as incentives, bonuses or any deductions, thereby liberating payroll personnel from data entry tasks.

Post a specified cut-off date, payroll will process the inputs to compute net pay of employees. Statutory deductions are automatically computed based on income earnings of each employee. Relevant compliance reports and links are created for either validation or for further approvals or for remittance or all of the above.

Convenience – Just a click and your work is done

Bank files can be linked to the respective bank accounts of employees for salary disbursement, while statutory remittances and returns are automatically performed without any manual intervention. Thereafter, accounting entries can be generated and posted in books of accounts by linking the payroll system with accounting system of the company

Monthly payroll reports, variance reports, segregation of duties, approval matrix, data providers & recipients, MIS, audit schedules, etc can all be configured to ensure risks and controls are managed.

Earlier, payroll managers used to dread year-end activities due to its complexities, time factor and volumes, such as proof of investment collection, Form-16 issuances, Annual returns filing, etc. But, those days of worrying are long gone.

Modern age payroll

greytHR extensively supports not only the payroll team but even employees in managing the cumbersome proof of investment activity with its online documentation and validation portals.

The generation and issuance of Form-16 (annual income tax statement) to each employee was another major painful activity. It is now a past worry for most companies as the activity is fully automated, including filing of company annual returns or personal returns in government portal.

While some prominent features of automation have been mentioned above, additional good news is that greytHR is hosted on cloud platforms for a “anytime, anywhere” access to users and can be configured to cater to company requirements and bring in more value-addition to the whole process. Payroll processing has seriously become fun now a days!

"greytHR", which has amazing features and truly understands the requirement of a Payroll manager. Ask for a demo today.

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