What are the key features of payroll software?
Payroll management software is a great innovation that has been around for a while and has helped organizations and HR teams to function far more efficiently than the traditional paper-based payroll process. Payroll software however, need to have the below mentioned features to be the best-in-class solution:
- Integrated Payroll Software– works in collaboration with other HR system like attendance management, bio-metric system, rosters, performance, etc.
- Dedicated Payroll Software– works separately as a standalone application and does all the functioning and even beyond. But they can also integrate with HRMS due to customization abilities.
- Deployment specific– based on-cloud or on-premises.
- Business size specific– varies from organization size, whether SME or a large enterprise.
- Target Market specific– based on the industry the organization belongs to.
- Payroll management– calculates wages on predefined parameters and schedules.
- Leaves management– calculates wages based on approved leaves while in association with attendance as well.
- Expense management– calculates wages based on loans, advances, deductions, etc.
- Bonus and perks management– for all the additional benefits employees are subjected to.
- Income Tax and Deductions– does pre- and post-income tax deductions such as TDS.
- Regulatory Compliance– tax deductions made in compliance to the state or central regulatory laws.
- Reports, pay slips & forms– creates payroll based reports, employee salary-slips and offers regulatory forms like Form-16, Form 12BA, 12C, etc.
- Records– centrally maintains all employee records and documents.
- Notifications and Alerts– sends real-time and scheduled messages to the employees via SMSes, dashboard notifications, etc.
- Mobility– modern payroll software also offers mobile version for its users for better connectivity and easy access.
- ESS– are meant for easy access of all payroll related information for every employee’s use individually.
- Employee organization by pay-grade– this is to distinguish employees based on their pay scale and position in the organization for efficient payroll processing.
- Supports how employees are paid– the software should be designed to the variety of how employees are paid, it could be directly to account salaries, through cheque or cash. Paid on monthly basis weekly wages, etc.
- Scalability of employee size
- Data Security
- Accuracy with no scope for errors
- Easy implementation both on-cloud and on-premise
- Short learning curve
- Fully directive of the parameters
- Smart Upgrades
- Easy maintenance and low costs
- Managed support from the back-end
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