An untold truth about HRs is that all efforts put in from finding the right candidate, interviewing them, selecting, onboarding and finally handling their separation costs money. Hence, it becomes an additional responsibility of the HR to always go the extra mile to find the right candidate for the company who will be a part of the company for a long run and help the company grow.
Usually these expenses are centrally handles by the finance department but, with Pocket HRMS, your HR can not only automate the expense management, but also monitor the ROI behind every spending and aim to be more efficient in the spending. A smart HRMS solution like Pocket HRMS gives you the freedom to choose from varied modules to suit your business needs.
How does an HR software help you automate your expense management?
- Taxation and Standard Deductions
With Pocket HRMS, the employees can file their declaration for the year and the algorithm in the system will help the HR calculate the Income Tax and other deductions for the individual. Seeing everything clearly, helps the employee plan his/her taxes in advance and file for returns without any hiccups eliminating any type any human error.
- Claims Reporting
Either travel expenses or taking the client out for dinner/lunch is an expense that the sales person has to borne to make a potential sales. With the help of a smart HRMS software, you can manage all your claims in one place along with the proper approval system and add that up when the payout is to be made.
- Transparency in approvals:
With integrated HRMS software comes a business card for all types of transactions with automated and streamlined transparent expense management system. Now employees can track all their reimbursements processes with ease along with their approvals avoiding any chances of fraud cases between claimers and approvers.
- Quick operations:
Processing for medical claims is another huge task for the HR wherein they not only have to deal with the employee, but also the TPA of the insurance company. Having one streamlined software makes it easier for all the communication to be logged along with providing transparency to all the parties. Lodging all your claims are now just one click away.
- Easy ROI reporting:
Many businesses, during their procurement period, find reporting on their Return on Investment (ROI) the most tedious and tough task to perform. Doing it manually, does not only arises errors but also consumes tons of minutes which could rather be focused on other productive activities. Switching your accounts’ department to automated expense management gives you an easier way of reporting within no time. Automating expense management and budgeting with a system can eliminate all errors and increase efficiency.
Including an HRMS system into your expense management department can be a beneficial act. It is intelligent enough to manage compliances, deductions, taxations and all other expenses automatically without any error.
Ritik Singh writes about HR (Human Resource) software, cloud and enterprise technology. A dynamic content writer who writes for PocketHRMS, a leading provider of cloud based HR software with inbuilt AI-powered HR chatbot (smHRty) to small and mid-sized businesses across India.