The Only 7 Things You Should Consider When Looking for Payroll Software
Taking the leap of faith and moving your payroll management from manual to automated can feel like a risky decision at the start. Why would it not be? The kind of HRMS software India has come with a variety of benefits and disadvantages. However, if you have chosen the right payroll software for your company, you would not regret your decision again.
Imagine not having to keep a tab on statutory requirements, latest tax rates, and PAN information for employees, you just have to do a few clicks and voila your payroll is processed. Even the verification process becomes wondersome as the drill-down vertical and horizontal view is shown by the software itself to you.
While such a complex process can be simplified by an impeccable Payroll and HR software in India, it can become even more complex if the investment is not made in the right software. Let us help you by clearly stating what the Payroll software must-have.
- Swear by the checklist-
No matter what size your business is of currently, you should select a scalable software that can grow with you. Besides, the business needs are varied for every company when it comes to HRMS software. So, make sure you make a checklist according to your priority. Leave what you don’t need right now. When you will not get enticed entirely by the demo of the HR software vendors and start seeing if they have what you are really looking for.
- Keep employee information handy-
In order to run your payroll smoothly without any hiccups, you need to have the latest employee-related data. For instance, if there is a newborn, you need to know so that the health policy and other things can be amended accordingly. So, make sure you have-
At the time of induction, you can ask the employees to fill this information in the HR software your company is using. Let them know how important it is for them to inform you about any revision or addition to the existing information on the portal.
- Know the Deductibles-
Because the salary of each employee is different, deductions are different as well. This depends on the government norms, the package of the employee and the benefits that he is availing. For instance, if an employee has a mediclaim, LIC scheme or anything like tuition fees, they can claim the same under section 80C deductions.
- Calculate the tax rates-
The HRMS and payroll software India has are not completely viable for doing calculations. If you want to comply with statutory laws then you must start processing using very reliable software that gets updated quickly. Otherwise, you would be required to calculate taxes on your own even after using the software.
- Select the pay period-
Decide the payment period, frequency and other parameters for paying the employees in advance. So, make sure you decide the date you want to pay monthly, weekly or fortnightly. So that your employees and you are clear.
- Adopt a method to pay employees-
You can pay the employees using a check, or depositing the amount directly to their accounts, make payroll cards, give cash or through NEFT. Make sure whatever method you select you to have all the information and means to give salary through that. For instance, if you are doing NEFT, you should have the IFSC code as well.
- Grant access to employees-
You should make sure you start giving access to employees so that they can also download payslip from there, check their leave balances, apply for leaves, fill their personal and professional information. This will help them gain trust in the software and reducing your workload. Not only will this reduce this task but a lot of tasks for a payroll manager. As a bonus, we also suggest you to implement only the HRMS software India has and comes with the feature of report making.