Transforming Payroll with Robotic Process Automation (RPA)
Push your automated payroll system processes to new heights with RPA , The main goal of Robotics process automation (RPA) process to replace repetitive and boring clerical task performed by humans, with a virtual workforce.
Automated Daily Calculation
Humanware Payrollworks as real-time payout calculator; hence any given point of time figures can be seen. Automatic daily calculations, level based pay structuring, compliance report and taxcalculations and expense reporting form part of a comprehensive Payroll Management system. Humanware payroll software would let you handle all computations automatically daily and ensure accuracy. Daily calculation may help CFO and Management to checkout and plan for the outflow. In fact attendance cut-off day can be mapped with the employees and HR for normalization and further process.
- 1 . Automatic daily calculation helps the organization cash flow liabilities and helps to plan better
- 2 . Automatic daily calculation helps the Employees projected cash flow and helps to plan future better.
Benefits of Robotics Process Automation :
1. Real-time and Easier Wage Calculation :
Manual payroll involves poring over spreadsheets, calculating various types of payments, then writing out checks by hand. Even with a small number of employees, this task involves a significant time commitment each and every pay period. Even worse, what happens if someone needs an extended leave from the office?
An automated payroll system quickly performs all types of payments, from basic salary and hourly wages, to more complex functions like overtime, double-time, commissions, bonuses, raises, retroactive pay, wage deductions and tuition reimbursements. Automated daily payroll eliminates the need for manual paycheck writing. The system generates paychecks and stubs, and enables direct deposit.
It is important to note that these processes are not absolutely error-proof. Calculations are based on the data the payroll representative inputs. The accuracy of the result depends on the accuracy of this input and based on configuration. System will provide you the monthly variance report.
2. More Accurate Timekeeping :
Manual systems require calculating time clock data and hourly wages by hand, which is time-consuming and offers an opportunity for error. With RPA and timekeeping systems, time clock data can be imported directly into the payroll software. The HR software then calculates the total time worked based on configuration
3. Easier Tax Deduction Calculation with Less Chance of Errors :
RPA systems have tax rates coded into the system, and can calculate the withholding tax for each employee. This reduces the likelihood of errors.
4. Assists in Financial Planning for Both Employer and Employee :
An RPA project funds to go into the payroll account at the same time each pay period, allowing employers to budget more effectively. It also reduces the chance of late pay payment of compliance due to advance projection of deposit of that helps employer and cannot lead to penalties. When making use of direct deposit, employees benefit by knowing exactly when their paycheck will be deposited in their account.
5. Less Stress and More Productivity :
RPA payroll system will save the headache of manual timekeeping and will also eliminate one factor that encourages low productivity and absenteeism.