Payroll Accounting is an essential part of every business. Each business needs to take out time and manage payroll records at least once every month. With ERP Payroll, this task is made significantly less time-consuming, easier, and more accurate.
Without a good ERP, companies mostly use various payroll software to do accounting. These software are mostly found to be too tacky, difficult to use, and have no room for customization.
If a business doesn’t have a good payroll accounting system, this will cause delays in payments to employees and make the job harder for management. Plus, the data won’t be of any use to the management.
ERP Payroll Accounting with CISERP
Payroll Accounting is the newest addition to Payroll software all around the world. CISERP initiated this move by adding a Payroll Module to the software. This was added in Core ERP as well as On Premise ERP.
With ERP Payroll, managers are given full control and freedom over the payroll of a company.
As ERP is often used by companies spanning over a large scale, ERP Payroll is capable enough of managing and accounting for thousands of employees under a single head.
The main features of CISERP Payroll include:
Customized Employee Setup
With ERP Payroll, each employee can be set up individually. This gives a more free approach for dealing with each employee. Every employee is coded which follows data including Allowances, Contributions, Leaves, etc.
The easy to use ERP interface enables setup to be created easily. Anyone with basic computer knowledge can understand how to run it.
Payroll Transaction Records
With ERP, you never need to worry about data stored in the ERP Software. One of the main functions of ERP is to create a secure and accessible database. This database can be updated regularly for any transactions made with an employee.
For repeated similar transactions, the ERP can even be automated for time-saving.
The main need for managers in the HR department is reports. Without reports, it is complicated and time consuming to analyse and make decisions regarding employees.
ERP Payroll helps this cause with an efficient Reporting Module. With this, managers can easily generate various reports relating to employees. These include Employment Letters, Salary Reports, Tax Reports, Bank Summaries etc.
Integrated Time Sheets
Most companies use Time Stamp software to punch in employee check-ins and checkouts. This is important to report employee efficiency, calculate wages based on hours worked and overtime.
ERP Payroll provides efficiency to this system by being integrated with the Check In hardware. All check ins and check outs are directly saved in the ERP Database.
If needed, the Payroll Accounting Module can automatically generate wages reports based on these times.
Safe and Secure Payroll
Payroll Accounting deals with sensitive data. This includes all employee details, their contracts, payments etc. A company’s primary concern is to keep this data confidential and safe.
ERP Payroll secures all payroll data by being customizable and safe.
With customization, the Payroll Menu can only be made accessible to authoritative designations which need to access Payroll.
Each user that is authorized will have their own secure login credentials preventing any unauthorized user to access the records.
6 Reasons Why You Need To Switch To ERP Payroll Right Now?
There are several reasons why ERP Payroll is needed for business.
Time Saving: ERP Payroll saves time significantly for the business. With less time wastage, more of this valuable time can be used in other aspects to increase productivity.
No Communication Barriers: For Payroll Accounting, HR and Accounting need to be connected. ERP Payroll helps both these departments to communicate efficiently with the help of Real Time data upload.
Speedy Employee Additions: Adding new employees to the business have an extremely easy setup wizard. This wizard covers all grounds of employee details that will be needed later.
Accurate and Speedy Adjustments: For each salary/wage, ERP Payroll can generate payslips with all necessary deductions and additions. This refers to commissions, bonuses, allowances, contributions, etc. Al these calculations are accurate, leaving no margin for error.
Integrated with GL Accounting: ERP Payroll automatically updates all expenses to employees to the Wages Expenses Chart of Account and tracks all updates to the Accounting records of the company.
Batch Payroll Processing: ERP Payroll can also work towards automating repeated payroll procedures. If your business deals with repeated salaries, the ERP can singlehandedly automatically process all payments, record their data, and remind the authoritative person.
For the above mentioned reasons, it is ERP Payroll is a significant need for businesses to manage payroll accounting easily, efficiently, and securely.
To get a better understanding of ERP Payroll, try the Free ERP Demo and use the ERP yourself.