HR Payroll system plays an important role in an organization in managing daily, the weekly and monthly task of the employers and employees. From complex calculations to managing employees’ information, it reduces the entire dependency of HR related work and provides an easy way to manage the real-time task. By using HR Payroll System, you can access contact information, daily attendance of employees, calculate salary, allowance, Income Tax Deduction, Over Time Calculation, Provident Funds and more. Various small and large companies are taking the advantages of this digital platform to make their payroll management and HR work efficient and flexible.
Types of HR Payroll System
Web-based payroll system
This is a web-based application which is commonly used in large organizations. By using a valid Login ID and password, the employees and HR can access their information anywhere and anytime.
Window-based payroll system
The window-based payroll system is designed to increase the productivity and working efficiency of the company. The window-based payroll system for small businesses is cost effective and comes with limited features.
Key Features of HR Payroll System that can help you in many ways-
HR Payroll system provides a lot of benefits to tracking ongoing activities in offices. The following are the key benefits of HR Payroll Software.
HR & Payroll Sheets
This is the core module of HR Payroll System Software, which carries the information of the employees that can be accessed by the Management by using employee ID. It contains employee personal information, Job profiles, employment history, offer letters, promotions, the workflow for transfers and more.
Payroll management system helps admin in keeping all the significant information and relevant documents of the employee. The information like Job profile, Department, Day/Night Shift and more. This information can be accessed by the employees at any time.
Most of the companies maintain the record of the employees on paper and spend countless hours finding it again. By using the HR Payroll Software, you can keep all the records of employees in the Payroll software and can save huge time and money that you spent on paper.
Reduce HR Dependency
The entire responsibilities of a company are on the shoulders of HR that cost huge hours in maintaining them. HR Payroll Software helps to keep all records on fingertips as it reduces the dependency of the work.
The advanced Payroll system can help employees in calculating pre and post-tax wages. They can get relevant information about all taxes and update you with the latest tax regulations. It automatically calculates tax to be levied on Salary.
The HR Payroll Software carries Government forms that the employees can get from their profile. The employees can download forms according to their choice. The software consists of Provident Funds (PF), ESI Forms, Tax Return forms and more.
In the IT industries, maintaining hard copies of data are like an old-fashioned way. Various companies have adopted HR Payroll Software and saving their time by using massive MIS reports. Thus, the employees can download their report and attendance summary in various formats such as Word, Excel, HTML, and PDF.
Time & Attendance Summary
The HR can improve time & attendance tracking accuracy by using HR Payroll software. Various companies are managing employees’ time and attendance by using a variety of fingerprint devices. Thus, the employees can access their time and attendance summary by using their ID. HR can track the working hours of employees to auto-calculate the monthly salary and overtime hours.
HR can deliver a message and announcement to the employees in just a single click. It is easier for businesses to manage their employees.
Various companies have good control over the employees’ data and financial data as it takes less input to manage electronic records. HR Payroll software provides an effective way to manage the entire data of the company. The data management provides several benefits to make your business more productive.
PF & ESIC
As per the government rules, PF & ESIC is the necessity for every business. Using Payroll software, employees can access their information such deducted PF amount summary, credited time & date, etc., of their PF account, whereas the Management can set diverse rates of PF amount for the employees and generate PF & ESIC Challans according to their CTC.
Loan & Bonus
The auto-calculation is an impressive feature of HR Payroll Software. It allows you to manage employee bonus and auto-calculate employee bonuses. It also allows you to generate a separate bonus pay sleep to the employee. Moreover, you can record the loan details for employees.