Payroll Management System is a software which solves all the complexities related to payroll. Previously payroll was done manually which includes so many complexities as well as paper-work. Payroll is the process of actually calculating and distributing wages and taxes. Payroll management system, during salary generate contains many pay heads like Basic,DA(daily allowances),HRA(house rent allowances),PT(professional tax),TA(travelling allowances)ESI (employee state insurance),PF (provident fund) and others allowances.
Credibility- the system must have a function by which the user can access all the information, reports and history within a click.
Features of payroll system
There are so many features & characteristics associated with the payroll system and some of them are:
1. Employee Information: A payroll system includes the employee information module in which each and every information about the employees are installed.
2. Working Hours: It includes a module in which the working hour details of every employee are fed.
3. Payroll-taxes: This module contains the tax related information according to the salary of every employee.
4. Net & Gross Pay: This module helps in finding the net gross salary of an employee by debiting all the taxes and adding the respective incentives.
5. Deductions: The payroll system also includes a deduction tab, in this, the deduction information is inserted.
6. Auto-backup of database
7. Unlimited salary structures and heads.
8. Data can be exported to or imported from excel files.
9. Compatible with all swipe card / time attendance machines
NEED OF PAYROLL
• Payroll management system not only minimizes the labor cost & time
• It’s also simplifies the complexities
• Payroll systems are easy to use with a very handy graphical user interface.
• Software eliminate all the errors that rise when things are done manually.
• Payroll system eliminates errors in the payroll process and it also reduces the complex calculations which are involved in finding the hours worked, wages & tax withholdings.
• Payroll system is easy and affordable, as the user can easily run it on the local machine or via any cloud service.
• The payroll system must have a 2-layer authentication as well as authorization.
Human resources managers are employed in nearly every industry, so the job may look different depending on the structure and type of work that is done within the organization. If employees work from home or from many different locations, human resources professionals may travel or have conference calls to recruit and manage employees. Hours and the way that the tasks are performed may vary, as well.
HRMS helps to hr to automatically generate all your necessary statutory reports while you process your payroll system. You also have the flexibility to add multiple statutory groups and modify contribution details based on your requirement.
1. Provident Fund (PF) Reports
2. Employee State Insurance (ESI) Reports
3. Professional Tax (PT) Reports
4. Labor Welfare Fund (LWF) Reports
Payroll accounting software is help in all statutory deductions for PF, ESI, Professional tax, IT, etc., are automatically updated by our payroll system as per the latest laws and amendments.
Payroll management software can be used by companies to perform tasks such as calculating team members’ salaries and deductions, allowances,generating pay heads and tax forms, depositing the salary directly into employees’ bank accounts and more.
Payroll application aids to minimize manual errors. It offers benefits such as efficient management of staff data, secure financial transactions, and detailed reports on employee payroll.
Payroll management software here plays a big role in ensuring smooth processing and payment of employees.payroll software will surely save time, stress,efficient information, satisfaction employee,secure financial transaction. manual calculation sometimes makes costly mistakes and thereby draining out hard earned money for the company.