Payroll solutions typically refer to software solutions used by human resource/payroll professionals to manage the end-to-end life cycle of payroll operations effectively.
From enrolling employees on to the company’s payroll, maintaining payroll records to ensuring complete compliance, payroll software solutions do it all.
By using a robust payroll solution available as software, professionals can keep tabs on all these activities effortlessly from one unified platform.
A well-designed payroll solution ensures –
- Simplified onboarding of employees
Payroll software allows you to enrol employees on to your payroll quickly, giving you the complete profile information of your employees in one single place. This includes everything from basic employee information, salary details and payment information to tax-related details and more.
- Online salary payments
Paying employee salaries on-time is one of the most crucial HR functions in any organisation. Payroll software that features active integrations with reputed banks can help you transfer employee salaries securely and on-time every month for all your employees.
- Tax reports
For an organisation to maintain a clean tax compliance record, it is important for the payroll software to automatically generate various reports on all the key statutory requirements such as ESI, PF and LWF. These pre-formatted tax reports allow you to complete the tax filing process easily and quickly, saving you a substantial amount of time.
- Custom salary components for your employees
A good payroll software solution will allow you to customise various salary components, including allowances, deductions, earnings, reimbursements and flexible benefit plans as per your organisation’s policy.
