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Effortless Payroll Management with Paybooks

In today’s lightning-speed business landscape, staying ahead of the pack and breaking free from the grind demands constant innovation.

David Perry, the Co-founder and CEO of VYRL, understood this all too well when he embarked on a journey to transform his social influencer marketing startup. When Perry encountered the typical payroll management difficulties that many expanding businesses face, he looked for a way to streamline processes and facilitate rapid expansion.

VYRL had several difficulties when managing payroll. These difficulties included dealing with convoluted contractor payment methods, a lack of shared access to crucial data, and an inability to offer competitive benefits—the company’s primary goal—growth—threatened to be compromised by all these issues. The company was able to focus on its primary objective after Perry decided to deploy cutting-edge payroll software, which fixed these problems.

David Perry and VYRL faced several payroll challenges, but they overcame them with the help of payroll software.

Join us to uncover the secret sauce of selecting the perfect payroll solution and discover how cutting-edge software can turbocharge your business’s success.

Why Payroll Software Is Difficult

Before we delve into choosing the right payroll management system for your business, let’s first understand the challenges that can be caused by human error or problems with the software.

Inefficiency and Errors: Inefficiency is one of the most immediate consequences of selecting the wrong payroll software. Manual payroll processing is time-consuming and prone to errors, which can result in over or underpayments to employees. These errors could result in low staff morale, issues with compliance, or even astronomical fines.

Non-Compliance with Regulations: Payroll involves numerous regulations and tax laws that vary by region and change over time. Failure to comply with these rules could result in legal troubles for your business and financial setbacks. In fact, according to a report, 70 per cent of small business owners say payroll taxes are a significant or moderate burden, whereas 77 per cent report income taxes create an extra burden.  Outdated or inadequate payroll software may not have the capacity to adapt to these changing requirements, leaving your business exposed to compliance risks.

Employee Dissatisfaction: Inaccurate or delayed paychecks can lead to dissatisfaction among your employees. One of the reports states that just two payroll errors can have many people looking for a new job. The retention and productivity of employees may suffer from employee disengagement. Employees may lose trust in the company, believing their financial well-being is not a priority.

Wasted Time and Resources: Tedious manual data entry and troubleshooting payroll issues can consume valuable time and resources that could be better allocated to growing your business. Without the right payroll technology, organisations won’t be able to grow or support large-scale changes, such as mass hiring to address new business needs, new compliance updates, or system upgrades. It could be harder for your company to expand and maintain its competitiveness due to this inefficiency.

Limited Insights and Reporting: Many outdated payroll systems lack robust reporting and analytics capabilities. Making informed choices about your workforce and budget can be challenging without access to current data and insights. This can make it more difficult for you to adapt to changing business opportunities and requirements.

Choosing the Ideal Payroll Provider for Your Business

Now that we understand the consequences of choosing the wrong payroll software and the different types of providers available let’s delve into the steps you can take to select the right payroll provider for your business:

Guided Payroll Run: Paybooks simplify payroll management with a few clicks. Our intuitive ‘Run Payroll’ wizard ensures you process payroll efficiently and accurately. No more sifting through spreadsheets or worrying about tax calculations—Paybooks guides you through the process seamlessly.

Auto Sync with Biometric Devices: Gone are the days of manual attendance tracking. Paybooks integrate seamlessly with your biometric devices, capturing real-time attendance, overtime, and leave data. This system guarantees that the information needed to calculate your paycheck is always up to date.

Preview Reports: Before completing payroll, you can rapidly evaluate salary reports, including pay stubs and calculations. This stage helps you to confirm that everything fits your expectations and prevents last-minute surprises as a safety measure.

Auto-Generated Salary Slips: Paybooks automatically generates salary slips once your payroll is confirmed. Your employees can conveniently access them through our mobile app, making the process smoother for your team and HR.

Ready Bank Statements: Simplify salary payments and expense reimbursements with Paybooks. We provide statements prepared for upload and follow the rules set forth by your bank. Leave paperwork and manual transfers behind.

Employee Exit Management: Handling full and final settlements when employees leave your company is often cumbersome. Paybooks streamline this procedure by automatically creating full and final settlement reports, enabling you to send these payments immediately.

Compliance with Payroll Regulations: Following the law is one of the most crucial components of operating a business, and Paybooks ensures you do.

Provident Fund (PF): Make precise PF payments with ease. Paybooks auto-generates the PF electronic challan cum return (ECR), making compliance a breeze.

Professional Tax (PT): PT calculations can be complex, but Paybooks covers you. We support PT calculations for all states in India and auto-generate reports to simplify payment and filing.

Employee State Insurance (ESI): Paybooks simplify ESI payments and compliance, even if your business has multiple ESI codes. Our ready-to-file reports take the guesswork out of ESI management.

Income Tax & TDS: With Paybooks, you can enable employee tax declarations, make optimal tax deductions, and ensure compliance with ready-to-upload 24Q statements. Filing income tax has never been this straightforward.

Digitally Signed Form 16: Facilitate personal income tax filing for your employees by generating digitally signed Form 16s. These forms are easily accessible for download in their self-service portal.

Other Compliance Reports: Paybooks’ custom report creator allows you to configure reports for the Factories Act and Shops Establishments Act, ensuring that your business complies with these regulations.

Enhancing Employee Experience: It’s important to keep your staff happy, and Paybooks helps to create that atmosphere.

Pay Slips & Reports: Give your employees the convenience of accessing their pay slips, salary statements, Flexi benefits reports, Form 16, and other useful reports anytime, anywhere. It is also simple to trace their financial history because they can access historical data.

Leave & Expense Management: Our interactive app streamlines leave and expense management. Employees can easily submit online claims, and managers receive immediate notifications for approvals. Everyone benefits; thus, it’s a win-win situation.

More effective income tax planning: Empower your employees to make informed tax-saving decisions with our inbuilt tax planner. The planner lists all available deductions neatly, ensuring your team knows every tax-saving avenue.

Full Employee Information: The profiles of the employees are available for viewing, and these profiles contain information on the management, past salary, nominations for PF & ESI, and more. Plus, any company-maintained information, like assets given or offer letters, is easily accessible based on HR-defined access rights.

Features You’ll Like Even More

Paybooks goes that extra mile to meet your business needs.

  • MIS Reports: With a range of data, including attrition, increments, attendance, leaves, transfers, loans, birthdays, expenses, and more, you can make educated decisions.
  • Auto Updates in Laws: Paybooks take care of staying updated with statutory changes. Our payroll software instantly reflects the most recent legislative requirements, ensuring that your company stays in compliance.
  • Prompt Support & Tutorials: We provide a selection of help solutions since we realise that inquiries can occur. From online help desk and live chat to phone and email support, our dedicated customer care team is here to assist you with any payroll queries.
  • Advanced-Data Security: Your payroll data is secure with Paybooks. Paybooks use SSL and 128-bit data encryption to ensure the highest level of security for your sensitive information and hosts on Amazon Web Services.
  • Letters & Forms: Create and instantly print letters like joining and relieving letters with our dynamic templates. You can save time and effort by using this practical function.
  • Document Management: Store important employee documents such as experience letters and address proofs online, accessible from anywhere, anytime.
  • Role-Based User Profiles: Customise logins in the payroll system for your HR, auditors, managers, and more. They’ll have access to only the relevant data to their roles.
  • Flexible Benefits Plan: Enable employees to choose their benefits from a basket of allowances and submit claims with proof for online approvals.
  • Shift Management: Effortlessly create and manage multiple shifts and attendance policies. Employees and managers can request and approve shift or timestamp changes online.

Paybooks truly stand out when it comes to finding the right payroll solution, as it offers a user-friendly design, ensures compliance, raises employee satisfaction, and uses multiple tools that make managing payroll easier. Consider Paybooks your partner in streamlining payroll management so you may safely concentrate on growing your company.

Unlock the full potential of your business with Paybooks—your path to efficient, compliant, and employee-centric payroll management.

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