Payroll software is a software that helps to manage and streamline the process of paying salaries to employees. It can automate the process of payment by calculating payments of each, depositing monthly payments of each employees in their bank account and employee. It can also perform statutory compliance duties, filing taxes, leaves, attendance management, full & final settlements, expenses, loans, managing paycheck deductions and many other processes. All these activities are integrated in a single page interface making the job so much easier that you can do any task with just a single click. The payroll software includes various features to support different stages of payroll that makes the whole process error free, easier and quicker.
Benefits of Using Payroll Software:
- The payroll software help to manage all things related to human resources management.
- Employees can upload, access and edit their personal details on the employee service. Employees can also apply leaves, check leave balance, salary details. The payroll software is a easy way to manage sick leave, absences and overtime.
- All tax related concerns pertaining to employment such as tax filling, tax deductions including TDS, PF, insurance can be automated by this software. As it can avoid any mistakes or miscalculations which is usually possible by manual process, it can provide a error-free, timely and accurate tax and salary computations.
- Statutory compliance are also taken care by this software.
- Payroll software can quickly and easily generate payslips for all your employees.
- Proper classification of employees in a company can be done using a payroll software that helps to determine which employees are eligible for tax exemptions and who are not.
- The salary of a particular employee is calculated by taking in to consideration some important parameters such as loss of pay (LOP), approved leaves, unapproved leaves, reimbursements and compensatory amount if any.
- Benefits and deductions such as provident fund (PF), employees' state insurance (ESIC) and professional tax (PTAX) can be calculated very easily.
- Payroll software will help you by notifying the latest updates regarding tax.
- Tax submissions becomes easier and on time as you will get regular reminder when you sign in the software.
- With so many automated features, payroll software helps to speed and make easier every aspect of the payroll process.
- eTDS Form 24Q quarterly along with Form 27 can be easily generated keeping into consideration the latest TDS rules and laws. The process of generating Form 24Q becomes simpler as generating challan details for 1st, 2nd, 3rd quarter and other reported incomes can be done with a single click.
- The payroll and other company and employee related data are kept safe and secured on cloud servers with regular backups.
- Anyone having a good knowledge of IT can manage the payroll process of an organization effectively with the help of payroll software. These is no need for any expertise.
- The entire settlement process of employee separation can be made easier with the help of payroll software. This can be done by managing notice period where leave balances can be adjusted, notice period can be extended and shorten. Therefore, the settlement payment can be done accordingly.
- Encashment of leaves during exit process can easily be done with encashment rules decided by the company. The notice period can be adjusted for leave balances.
- The payroll software provide a complete Settlement Statement that summarizes all payables and receivables in an intuitive report.