How to make seamless salary payments with Open
I remember my initial days as an entrepreneur when I was all pumped up about my business idea and how it would help me change the world for the better. It’s funny how first-time entrepreneurs don’t get into the nitty-gritty of things related to their business, which are equally important for them to succeed. Some tasks that you undertake are a challenge at the beginning of your entrepreneurship journey. One such task is managing salary payments for employees.
The payroll loop
The constant back & forth loop between the HR & finance teams can be very daunting. When your business is still small and growing, you need to overlook the complete process of salary payment as your employees are your organisation’s most indispensable resource.
However, making salary payments comes with a new set of challenges that you are seldom prepared for.
In case your total no. of employees is over 25, as per the policy of most traditional banks, you’ll have to submit the encrypted payroll sheets to them before the 20th of every month. For this, you need to calculate the payroll expense, add all new employees as beneficiaries, which are all time-consuming tasks. Apart from this, the bank will require a signed & sealed copy of the indemnity clause for legal events. There are other documents that you need to submit, including a cheque equivalent of the total salary amount and other business-related documents.
Your trouble with the traditional banking systems for salary disbursements doesn’t just end here. You will have to fill in individual details for each employee section. Imagine filling around 18 fields for each employee, all by yourself, especially when you don’t have a dedicated team at the start — it can be really exhausting!
Making random errors is only human, but here you will have to pay a hefty price. If you miss filling even a single entry or input something incorrectly, you will have to repeat the whole process. No entrepreneur will have extra hours to do this. And none of the dedicated entrepreneurs would like to shift their focus from their core operations either.
The Open remedy
Are you still wondering how you will manage all of this?
You can simplify the salary payment process using Open’s bulk payout feature. With Open’s bulk payout, you just have to enter relevant employee details such as the name, account number, IFSC code and amount due, in an Excel sheet. That’s it! Just 4 fields instead of some 18 odd fields!
You don’t need to wait for the cooling period to add new beneficiaries, which is usually in the range of 30 minutes to 24 hours, depending on the bank. You can instantly add a new employee to your payroll within a few minutes.
With Open’s solution, you don’t need to provide an indemnity bond document.
The other best part about Open is you can process salary payments without using physical cheques. You can also make use of the API integration that allows you to automate salary payments and process them in real-time.
Make salary payments easily with Open
Using Open’s solution for salary payment has been one of the best decisions for my small business. It helped me easily manage my company’s payroll that currently employs around 30 people.
To experience the wonders of a hassle-free payout mechanism, sign up on Open today!