What is payroll software and how does it help your business?
As the name goes, payroll software automates the process of paying a company’s employees. A payroll software processes payroll accurately and on time. It encompasses the entire gamut of work involved in calculating the salary of the employee, calculating the statutory deductions, arriving at the amount of payout to be done and ensuring that the calculated amounts are paid out to employees.
Functions of a Payroll Management Software
Automatically takes care of calculating income, deductions, reimbursements, generating tax forms and other HR related reports on a weekly and monthly basis.
- Comprehensive coverage of every single aspect of payroll management including statutory compliance.
- Equipped with powerful reconciliation tools & reports to audit and review before payroll release.
- Provides ready-to-print payslips, reports, statements, etc..
Advantages of a payroll management software
- Flexibility and power to handle any type of salary structure.
- Employers can release accurate payslips instantly without any slip-ups and email them directly to the employees.
- Automatically handles all the statutory deductions for PF, ESI, PT, TDS, etc. and also generates the required reports.
- Income Tax (TDS) management with accurate monthly tax statements, Form 16 & 12BA, eTDS, Form 24Q, etc.
- Full accountability of payroll processing and other reports like employee headcount reconciliation and payroll transfer type reconciliation (cash/ bank) as well.
How does a payroll management software help your business?
An effective payroll software takes away all payroll related pains, saves precious time and gives a considerable ROI as it requires a low upfront investment. Most of the payroll software companies provide a free trial of almost a month to get a hands-on feel about the software before committing.
Want to know more? Let's understand why SMEs require a HR and Payroll Software