Why Timely and Accurate Payroll is Important for SMEs

Every month-end brings conflicting emotions for employers and employees. On one side, it is a time of joy for your employees. But on the other hand, you struggle with processing payroll, especially when the process is not streamlined. 

This is especially difficult for small businesses that may run into payroll management troubles due to compliance issues. If not remedied soon enough, manual payroll could severely damage their efficiency and productivity, demanding hours upon hours of work. Besides, human errors make the job much harder.

Worse still, your business would have to either overwork your existing employees in the process as the business grows or hire more employees for the same job. Your employees who could contribute to the organisation’s productivity in multiple ways may end up getting bogged down with payroll processing.

This is why accurate payroll processing is critical for your business. Learn how an efficient and cost-effective payroll software can make it easy and stress-free to handle your payroll responsibilities.

Reduce the risk of penalties

As an employer, you are required to make accurate tax deductions at source (TDS), deposit those taxes to the government on time, and file TDS returns. If you fail to comply with the latest tax laws, you could run the real risk of being hit with hefty penalties and a government’s tax demand notice. 

The right payroll software will help you avoid penalties, late fees and notice from the tax department. Here’s how. 

• Making accurate tax calculations for employees
• Deducting and depositing appropriate TDS on time
• Filing TDS returns accurately on or before the due date
• Generating Form 16 for employees

Your software should automatically update with the latest tax laws and regulations, so your business is compliant every month. 

Simplify payroll processing

Delayed salary payments, inaccurate reimbursements, and loss of documents throw a spanner in the works, and at the same time, hit employee morale. Before things go wrong, making a timely transition to automated payroll software could possibly be one of the best business decisions you make.

By automating the repetitive processes, payroll software and tools have revolutionised how small companies manage payroll, making the whole operation even more seamless and efficient.

• Calculating accurate salaries after appropriate deductions
• Reducing manual errors and duplication of work
• Making necessary deductions like TDS, PF, etc. 
• Disbursing timely salaries to employees’ bank account 
• Efficient reporting with insights; reports including salary and HR registers, PF/PT/ESI challans, employee documents, etc

Pay your employees anywhere, anytime

Both businesses and employees understand the importance of being paid on time and accurately. Efficient payroll software will make payroll processing much simpler for business owners - especially those on a limited budget. 

By using a payroll management solution, businesses can automate salary payments, compliance payments, and filings. There is no need for payroll personnel to sit and deposit salaries to individual bank accounts at the end of the month. The software will do it all while making you stay compliant with the laws and regulations. 

Automate your payroll now!

Now that we have talked about payroll automation, let us introduce to you the right choice for your business - RazorpayX Payroll.

We, at RazorpayX, have decoded what it means to have an effective payroll process.

RazorpayX Payroll is a top-notch payroll solution that lets you automate every fragment of your payroll process seamlessly. It helps HR, payroll, and finance teams to manage payroll with a comprehensive set of features at affordable pricing, making it an ideal payroll solution for SMEs. 

It also automates compliance payments like TDS, PF, ESI, and PT along with their periodic filings, salary disbursement, reimbursements, leave management, and much more. 

Also, RazorpayX Payroll has recently enabled group health insurance to provide comprehensive policies at affordable premiums, in partnership with Plum and ICICI Lombard, for SMEs and startups. 

Over to you

Behind the success of any organisation are its people and those who manage them. An efficient payroll process can make or break an organisation. 

In the era of automation and software-based management, don’t struggle with payroll processing by employing medieval methods. Automate your payroll now and let RazorpayX Payroll handle everything for you, while you focus on your business growth!