Advantages Of Having Tax, Payroll and WFM Software For SMEs
Any organization, small or big may have several business processes that may require lot of manual efforts and workforce. This calls for paying out hefty salaries and other employee benefits. The software developers have come up with handy solutions for this complicated business processes and these solutions are presented as office softwares. Separate softwares are made available for managing workflow, payroll and also for tax planning.
- Taxation Software
- Payroll Software
- Workflow Management Software
Advantages of using these office softwares for SMEs are mentioned here
- Calculates the income tax and TDS automatically
- Preparation of financial and income tax documents with the help of various accounting tools.
- Billing management and preparation of challan in case of advance tax payment.
- TDS deduction and TDS certificate formation..
- This software will also prepare the audit forms for the internal or external audit.
Apart from the above benefits, using this software would also let the companies and individuals store and track the tax documents from time to time without undergoing any lengthy process. This tax software is the one stop solution for all types of tax planning, calculation, filing, and tracking process
Payroll has always remained the key function for any company as there are so many different salary slabs to be maintained and that is again a regular process. The account professionals would come across different challenges in terms of preparing monthly payroll reports and maintaining the records. The payroll management software would offer;
- Classification of payroll in terms of monthly pension, PF and the yearly contribution of the employee.
- Calculation of TDS and preparation of salary statement.
- Preparation of Form 16, 24 and e-filing of the same.
- Summary of various salary and TDS components like PF, professional tax, ESIC, and other yearly contributions.
- Payroll software provides multiple formats for payroll management.
- It will also be the ideal pick for keeping the records about deductions and payouts.
Workflow Management Software
SMEs that are spread across the cities may surely face the challenges pertaining to project handling as the varied tasks are usually assigned to employees stationed at different locations. This can be avoided and can be handled in an efficient manner if the SMEs opt for the effectively developed workflow management software. This workflow management software would make the flow of work smoother across the cities and also within the organization. Some of the advantages of workflow management software include;
- It works offline.
- Creates master data file for the entire company.
- Accessible by the employees.
- Tracking of project at each point of time. Hence, it gives complete control to the manager for tracking the project on different aspects like time taken by the employee and the reasons for delay.
- Workflow software also manages the documents.
- Inward and outward reports.
- My diary option for feedback from both employees as well as the employer.
All these office software together make just any task related to the running of business simple and efficient.