Payroll Software Market trends – India
Adoption of new liberal policies in India has given birth immense opportunities to its industries. Success story of India’s Software Industry is a step in the same direction. Bolstered with a significant, technically sound resource base, the software industry has grown unimpeded across various functions with the aim to streamline processes within the organization.
The deployment of technology remains at the forefront of the HR effectiveness agenda, given its impact on the bottom line and management’s expectations that it will help streamline the organization and its HR processes. Increased technological efficiencies and options in recent years mean HR professionals now have an opportunity to make greater gains, and realize better results, than they have in the past.
The continued growth of web has enabled Payroll software and systems, including:
- Employee Self Service within Payroll software eg to view personal data, pay history, benefit details, amend bank account details
- Digital pay slips
- Web interfaces eg from time and attendance, absence planning and reporting
- Workflow functionality eg automated time sheet submission and leave requests
- Online tax reporting and filing
Non-web payroll software trends – continued growth of:
- Regulatory compliance
- Integration of Payroll software and Human Resource software
- Integration with Time and Attendance
- Integration with ERP systems, tax reporting systems
- Emphasis on improving payroll efficiency / reducing costs such as by consolidating payroll processing, minimising pay cycles e g weekly to monthly, increasing usage of electronic payments
While most businesses recognize the need and importance of using a professional payroll software to manage the company’s payroll, the question regarding the need for payroll software does come up from time to time. The answer has two parts: firstly, the specific pain points addressed by the software and second, comparison with the alternatives. The payroll software industry is vast and the mushrooming of me-too vendors makes choosing a payroll software a daunting proposition. Companies today generally shortlist a vendor based on various considerations, some of which are
- Cost
- Flexibility
- Functionality
- Implementability
- Stability
- Usability
For Small And Medium Enterprises In India Choosing the right payroll software is very important to the success of business and the current market trends reveal that companies are actively gearing up to choose the best product and the best service provider .
Upcoming Payroll Softwares:
There are various payroll software in Indian market, still there is lack of big players in market, though companies like Sage Software, which is worldwide a leading name in accounting and payroll software has launched Pocket Payroll Software specifically for Indian market which embarks the entry of big players in Payroll Software in India. To know more you can visit http://www.pocket.in
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