What do these self-driven businesses have in common that makes their payroll processes efficient and smooth, even during difficult times? Payroll Software is a solution that automates more than half the tasks of payroll management.
Even though they know the answer, employers aren’t sure what they’re missing by not investing in a payroll program.
This blog will discuss the 7 most important features a payroll program should have for the Indian market.
- Time & Attendance
- Calculations and Accounting
- Salary Structure and Validation
- Single-Click Payroll
- Tax & Compliance
- Direct deposit
- Employee Self Service
- Let’s now take a look at each feature in more detail.
- Time & Attendance Integration
Payroll processing is indirectly linked to attendance, time, leave, and attendance. The number of paydays can be accurately recorded and calculated only if the T&A system and the payroll solution are well integrated. Online payroll software in India often includes this feature, which is one of the most fundamental characteristics. Only fair and timely payouts can be made when attendance and payroll are combined.
Payroll Calculations & Accounting
Payroll is not just the calculation and release of the salary. Automated payroll systems are designed to calculate and display each component accurately. Therefore, ensuring that the system can handle payroll accounting is important. This includes tracking and filing employee compensation data as well as taxes and benefits received by employees.
Salary Verification and Structure
After the salary has been correctly assessed, it is important to verify that the data can be validated and provide a clear breakdown of the total salary. Perfect payroll processing is something that the Indian workforce values and expects, as evidenced by sources. Therefore, payroll software should have algorithms that verify and produce the correct pay and provide detailed reports so employees can easily review them later.
Once you have completed all pre-payroll functions, ensure that the rest of this process takes very little of your time. Automated payroll systems allow for single-click operations. With a payroll solution, you can do everything, from tax calculation and salary computation to generating payslips.
Taxes & Compliants
Payroll is much more than simply calculating and depositing salary. Online payroll management software must accurately assess and file taxes for each employee. EPF, ESI, and professional taxes must all be complied with according to the government’s latest guidelines. This function of auto-updates in modern payroll systems is automatic.
Direct Online Salary Deposit
You are investing in the best HR software. Why not make the most of it? Inefficient products can lead to delayed salary releases and problems with post-salary processing. These problems can easily be solved by searching for software that allows direct deposit. It wouldn’t take long to find one, given the amount of competition on the market.
Employee Self Service
Your payroll software must also streamline the payroll process. It should also ensure employee satisfaction and engagement. Therefore, these systems have an ESS (Employee Self-Service) feature. This feature allows users to complete various payroll-related tasks by themselves, saving time and energy. It also allows HR and admin professionals to save time and concentrate on the important stuff.