What is Payroll Management System?
Payroll is the most important aspect for any organization. Most importantly, payroll administrators help in keeping the companies compliant. In short, they ensure that punctual and accurate compensation goes out. In addition they also safeguard a trust fund of withholdings used for taxes and benefits. Payroll is a time-consuming administrative task however it is an essential one. Administrators should comprehend how payroll works and what it entails. Most importantly, this allows them to treat their employees well and keep the company safeguarded.
How does Payroll Software Work?
It stands for the total amount of finance an organization pays to its employees. EVE Technologies Pvt. Ltd. is one of the most popular payroll software in Mumbai that is packed with lot of handy features. Since it is cloud based CRM software, you can access it from any corner of the country.
What does Payroll Software Actually Do?
To sum up, setting up and processing payment follows some rudimentary plans. Payroll software eliminates many of the rather monotonous tasks. As a result, you do not have to be worried about the taxes, compliances, and regulations. Moreover it ensures timely and accurate tax deductions as per the compliance of India. It automatically adjusts to different rules and regulations depending on the activities. Further during mergers or acquisitions you can easily transfer employee data and handle one-off payments.
The integration and automation of payroll systems are critical as it helps to simplify the tax preparation and audits. As organizations often outsource tax preparation, so it is vital to have integrated payroll software. This provides a view of both in-house and outsourced information. Most importantly employees, auditors, and payroll administrators can easily track any possible discrepancies. Automation ensures that the data used in audits is accurate. As a result this simplifies compliance with tax laws and other regulations.
Cloud-based payroll systems like EVE provide a high level of security. This is certainly necessary for compliance. Manual processes may contain errors but an automated payroll system prevents this. For example an employee might stay on the payroll even after quitting in manual entry but the software restricts access to rules-based and role-based validation.
What is the Blue-print of Successful Payroll Software in India?
Firstly, we have to keep in mind is that we can take care of the payroll by standardizing the practices. Secondly, the payroll team has to remain up-to-date as it involves activities among several teams. To sum up, it has to monitor the employee count, keep track of statutory policies, and deduction rules. Let us understand the process by dividing it into three phases –
Firstly, we have to keep in mind is that we can take care of the payroll by standardizing the practices. Secondly, the payroll team has to remain up-to-date as it involves activities among several teams. To sum up, it has to monitor the employee count, keep track of statutory policies, and deduction rules. Let us understand the process by dividing it into three phases –
Pre-Payroll Phase
Setting up the Organization
Numerous enterprises grow globally on a daily basis. Subsequently, each agency has its own philosophy, approach to employee management, and work culture. Therefore, the initial step is to plan distinct organizational policies. This includes –
- Business profile
Payroll systems rely on registered numbers to send tax forms, pay slips, and more. Consequently, make sure that you have a registered business number associated with your PAN and TAN.
- Work location
Meanwhile if the company has offices in several regions you have to set up distinct policies for each region.
- Leave policy
Employees are entitled to take leave whether it is sick leave or vacation leave. This policy subsequently helps while calculating the paycheck of the employees.
- Attendance policy
Biometric devices and timesheets directly influence the pay balance of an employee. Likewise, a policy should be in place for calculating regular hours, shift hours, half-day permissions, and on-duty requests. In short, this helps to gather the attendance data of the employees.
- Statutory components
Adhering to Indian payroll laws is mandatory so that you keep on a legal footing. In other words, you have to choose the features that you want to offer your employees from the standard list available.
- Salary components
The salary components must be designed so that it can embrace diverse compensation structures. After that, select the appropriate earnings, allowances, deductions, and reimbursements according to the organization’s policies.
- Pay schedule
Most importantly, you have to decide the organization’s payday and pay schedule. Consequently, the employees can plan finances accordingly.
- Employee information
In the same vein, you have to gather integral information like employee’s DOJ, designation, and department.
Payroll Calculation Phase
This process depends on how you do the calculation based on how you process the payroll. After that, the data collected in the pre-payroll phase is now fed into the payroll system to calculate the paycheck. Subsequently, the outcome will be the actual salary of each employee after considering all the deductions.
Post-payroll Phase
- Salary payments
Paying salaries to your employees constitutes the major part of a payroll system. After doing the payment calculation, you instruct the corporate bank to release the disbursements. However you can skip this feature if you have an in-built direct deposit feature.
- Payroll accounting
Salaries paid to the employees are the biggest expense of your business. Consequently you have to keep a record of the salaries paid to maintain the organization’s accounts.
- Payroll reporting and compliance
Statutory deductions like EPF, ESI, and TDS are automatically done at the time of processing payroll. The firm has to remit the withdrawn amounts to the respective government agencies. On the other hand, there are different due dates for each deduction. Above all, once the dues are recorded with the government, it is time to file their return forms.
What are the Payroll Features?
The core payroll features include –
- Automatic payroll and pay slip distribution
- Statutory compliance
- Salary components that can be customized
- Online salary payments
- Employee self-service portal
- Payroll reports
- Attendance and leave handling
- Full and final settlements
- Spreadsheets data import
- Security features
- User roles and permissions
- Cloud security
- Data privacy standards
- Usability features
- User experience
- Accessibility
How does EVE 24hrs help you as HR Payroll Software?
Cloud-based payroll software in Kolkata like EVE Technologies Pvt. Ltd. helps you to mitigate the administrative load of your company. The helpful features offered are live ERP dashboard, 24/7 access from any device, and an all-in-one communication wall. To sum up, EVE is a fine intersection of human resources and IT which facilitates digital HR activities. No matter the industry your business hails from, this top HR payroll software is the complete solution to enhance your sales and service team performance.
