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Benefits Of Automating Payroll Accounting

<p style&equals;"text-align&colon; justify"><strong>The American Payroll Association <&sol;strong>&lpar;APA&rpar; estimates that automating payroll accounting reduces payroll processing costs by as much as 80 percent&comma; much of that from reducing errors in invoices and payslips&period;<&sol;p>&NewLine;<p style&equals;"text-align&colon; justify">A 2009 study commissioned for APA by the Hackett Group found that 90 percent of organizations now have paperless payroll distribution because of the advent of direct deposit&period; In addition&comma; the study found that 58 percent of employees nationwide were taking advantage of self-service features to enter personal data into automated payroll systems&period;<&sol;p>&NewLine;<p style&equals;"text-align&colon; justify">One of the reasons businesses have been moving to automate payroll accounting is compliance with stricter financial and government regulations&period; Such regulations are critical to the future of payroll&semi; however&comma; it can make life a lot more easy for companies&period; If a payroll professional allows payslips to be calculated incorrectly&comma; affecting the company&&num;8217&semi;s financial statements and confusing stakeholders&comma; it may mean the company will have to pay penalties&period;  Automating payroll accounting&comma; however&comma; are more likely to be consistently performed&period;<&sol;p>&NewLine;<p style&equals;"text-align&colon; justify"><strong>When should a small business adopt an integrated online salary management system&quest; <&sol;strong><&sol;p>&NewLine;<p style&equals;"text-align&colon; justify">&OpenCurlyDoubleQuote;As soon as you have more than 20 employees in your organization because as per current regulations regarding statutory compliance&comma; when you have more than 20 employees&comma; you must start filing PF&comma; ESI&comma; etc&period;&comma; returns for your employees&excl; And having a cloud-based HR and payroll software definitely makes your life easy&comma;” said Girish Rowjee&comma; CEO of greytHR&comma; India’s first HR &amp&semi; payroll software to migrate to the cloud&period;<&sol;p>&NewLine;<p style&equals;"text-align&colon; justify"><strong>Benefits of an integrated online salary management system<&sol;strong><&sol;p>&NewLine;<p style&equals;"text-align&colon; justify">Payroll is a boon to employees but an area of concern for many a small business owner&period; On a weekly or monthly basis&comma; business owners or their accountants personnel must look at Excel sheets&comma; making calculations&comma; filling out various regulatory forms&comma; and sign cheques and forms for various taxes and payments and then often deposit those payments into various accounts&period; If that weren&&num;8217&semi;t tedious and stressful enough&comma; there are potential legal ramifications that they must worry about if payroll is delayed or if the calculations are incorrect&period;<&sol;p>&NewLine;<p style&equals;"text-align&colon; justify">So it&&num;8217&semi;s no surprise that many businesses opt to use India’s best payroll software to gather and aggregate payroll data&period; The benefits of payroll automation are that you know you&&num;8217&semi;re paying people accurately&comma; you know that you&&num;8217&semi;re in compliance with the law in paying overtime correctly&comma; etc&period;<&sol;p>&NewLine;<p style&equals;"text-align&colon; justify">Using India’s <a href&equals;"https&colon;&sol;&sol;www&period;greythr&period;com&sol;in&sol;">best payroll software<&sol;a> on the cloud offers organizations a variety of other benefits&comma; too&period; It can cut down on the process of data gathering&comma; information processing&comma; and disbursement and reporting&period; Automation can cut down on printing costs&comma; such as payslips&comma; which with a number of solutions can be checked by employees online&period; It&&num;8217&semi;s easier to add new employees and make salary adjustments or record when an employee quits or is terminated&period; If tax rates or <a href&equals;"https&colon;&sol;&sol;www&period;greythr&period;com&sol;in&sol;features&sol;statutory-compliances&sol;">statutory compliances<&sol;a> change&comma; your HR and payroll software will automatically update the new information at the backend&period;<&sol;p>&NewLine;<p style&equals;"text-align&colon; justify"><strong>India<&sol;strong><strong>’<&sol;strong><strong>s best payroll software on the cloud<&sol;strong><&sol;p>&NewLine;<p style&equals;"text-align&colon; justify">A staple among small and medium businesses&comma; greyHR offers an <strong>integrated online salary management system <&sol;strong>along with other modules&comma; such as Core HR&comma; Leave &amp&semi; Attendance modules&comma; <a href&equals;"https&colon;&sol;&sol;www&period;greythr&period;com&sol;in&sol;features&sol;employee-self-service-portal&sol;">Employee Self Service portal<&sol;a> and app&comma; etc&period;<&sol;p>&NewLine;

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