Employees are real asset to any organization. Every organization wants to motivate and engage its employees to ensure progress. To keep them engaged, timely disbursement of salaries and compensation is required. Salary calculation and disbursements is not a simple task as HR and accounts department needs to work together to accomplish this task. In payroll, accuracy and promptness are indispensable. However, at times, some errors occur if the manual process is followed. Listed below some of the common errors.
Inaccurate Calculations:- Apart from full-time office employees, many small and medium-sized businesses have freelance, part-time staff or even hourly contractors. Under such scenario, deductions and bonuses are different, making payroll system more complicated. An unorganized database of employees can create confusion and may lead to mistakes.
Miscalculated Salaries:- Often, it is not easy to track overtime hours. This eventually leads to a miscalculation of salaries.
Noncompliance with Statutory Requirements:- Payroll compliance legislation ensures that employees are treated and compensated fairly. Deductions to standard government taxes are also essential.
Missing Deadlines:- It is not easy to keep tasks on schedule. Once you miss the deadline, the morale of your employees takes a nosedive.
ERP Solution: To Run Payroll Seamlessly
Automating Work-flows:- HR Department has to perform data entry work daily while making payroll. With ERP, organizations can automate payroll processes to ensure accurate results in few clicks. Furthermore, ERP also streamlines processes by bringing data into a centralized system. So no more wasting of time and efforts in collecting information from multiple sources manually.
Attendance and Time Tracking:- ERP enables HR Department to assess the efficiency of an employee in terms of working hours, late arrivals, timely arrivals working overtime etc.
Better Management of Resources:- Getting clear insights about employees are difficult. HR Department needs to look at employees shortcomings such as late entries and double booked holidays etc. ERP for HR enables you to track overtime hours of any staff. Furthermore, the HR team will receive alerts in case overtime is passed a preset threshold.
Business Central for Manage Human Resources
Microsoft Dynamics 365 Business Central helps in keeping detailed records of your employees. Business Central enables you to register and maintain employee information, such as employment contracts, confidential information, qualifications, and employee contacts. Furthermore, you can also analyze absences while reducing reporting complexities and minimizing compliance risks. Business Central also enables you to manage past, present, and future employee data with the flexibility to add or hide fields as per your needs.