Why Small Firms Should Consider Gen Payroll Software?

Businesses in this competitive era would be required to manage the payroll. Payroll software has multiple operations such as paying employees, following tax laws, managing employee benefits, filing important documents, and keeping accurate records. Businesses that manage tasks manually or with spreadsheets can result in inappropriate compliance and issues, wasting time in doing operations. Gen Payroll software arrives to manage payroll with accuracy and resolve the issues that come therein.

The merits and demerits of Gen Payroll software are mentioned below.

Gen Payroll Software

Gen Payroll is a payroll management software made by SAG Infotech. It eases and automates the process of payroll. The software’s features are tracking employee attendance, calculating salaries, ensuring compliance with laws like PF (Provident Fund), ESI (Employee State Insurance), and TDS (Tax Deducted at Source), as well as generating payslips. Businesses, whether small or large, can use this software. It comprises the required features made particularly for small and medium-sized enterprises (SMEs).

Gen Payroll Advantages for Small Businesses

Saves Time and Reduces Mistakes: Manual payroll management can take much more time and could lead to errors. The calculations for salaries, deductions, and taxes shall be automated by the Gen Payroll software, which lessens the chances of mistakes. Through this, the businesses can focus much more on their operations instead of getting entangled in paperwork.

Keeps You Compliant with Laws: It is important to follow the labour laws and tax norms. Calculations and filings for employee benefits like Provident Fund (PF), Employee State Insurance (ESI), and tax deductions (TDS) are ensured to be performed precisely within time under this software. 

Employee Self-Service Portal: The software furnishes the facility for the employees where they can access their payslips, tax information, leave balances, and other details. It signifies that they are less reliant on HR for information, promoting more significant transparency. 

Affordable Over Time: Cost plays an eminent role in small businesses. The Gen Payroll software is cost-effective, and its desktop version comes with a one-time payment option that contains maintenance. Compared to monthly subscription fees, it is budget-friendly in the long run.

Tailored to Your Needs: Businesses to settle their needs can adjust salary structures, leave policies, and reports. In that way, the Gen Payroll can prove to be appropriate for distinct types of companies.

Gen Payroll Disadvantages

Takes Time to Start at the Beginning: An initial learning period is there similar to any software. Time may be consumed in setting up the payroll, entering employee details, and comprehending the compliance rules, particularly for the new systems.

Desktop-Based Limitations: Gen Payroll’s main version is designed for use on a Desktop computer, which may not be ideal for businesses that desire cloud-based access. While an extra cost is there for the available cloud-based options.

Need for Tech Support: Maintaining desktop software or solving any problems without IT support can be difficult for small businesses. But to assist clients, the company is furnishing customer support and regular updates to help users.

Who is Required to Consider Buying Gen Payroll?

Businesses with 10 to 100 Employees: Businesses with this employee strength discover hurdles in handling payroll. Tasks such as salary distribution, tax filing, and attendance tracking can be facilitated under Gen Payroll.

Companies Needing Help with Compliance: Gen Payroll creates procedures more manageable through automation and reporting, if your business finds it hard to maintain employee benefits and tax filings.

Firms Preferring a One-Time Payment: Gen Payroll's software one-time cost appeal is effective for those businesses who does not wish to incur the monthly fees for payroll services.