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Payroll software plays a vital role in processing the payouts and other aspects related to employee management. Most businesses that have automated the payroll process using payroll software can process the salary on time. If you are a business looking to automate the payroll process, here are 5 things that you need to consider in evaluating the payroll software.
Organizing Employees and Records
Organize the employees based on different parameters, such as their job function, department, location, cadre/designation, and so on helps in better tracking of employees. Also, it helps you to define salary structures at a group level and apply them across various departments such as Marketing, R&D, Sales, and Accounts. The payroll software that you are looking for should allow you to create multiple employee groups and define the salary structure at the group level.
Flexible Pay calculation
An employee salary consists of different pay Heads. A pay head can be in the form of a benefit or a deduction. It could be fixed or variable for each payroll period or may be fixed for some employees and variable for the rest. For example, basic pay for an employee maybe is a fixed pay component and for some, it may be calculated on the attendance or even maybe on no of hours an employee has worked.
The payroll software should be so flexible that it allows you to calculate the way you defined the salary. It should support fixed pays, a calculation based on attendance and productions, computed based on percentage like 20 % of basic pay and so on.
This becomes a crucial part of the payroll management software. Different businesses process salaries differently. Following are the different types of attendance types that are most used to process the salary.
So, the payroll software should allow you to process and calculate salary considering the different attendance types such as Present, absent, leaves, etc. and production types such as Hrs, prices etc.
Automated salary processing and payment
The payroll software should be inbuilt to process the salary automatically considering the employee pay details and attendance/production details. Once you have set the salary details for employee and have updated the attendance details, at the end of the month, the payroll software should process the employee payouts automatically.
Payslip and payroll other reports.
The Payroll software should help in the auto-generation of payslip, play sheets and other statements. Also, it should provide you with a wide range of payroll reports and registers such as payroll statement, Attendance sheet and registers.
TallyPrime is a complete business management software that helps you manage the growing needs of your business. Among the several modules, TallyPrime comes with powerful payroll management features. Here is the list of things you can do using TallyPrime’s payroll module.
HR and payroll software help manage and provide solutions to simplify the company's payroll process and any other Human Resources related matter such as talent management and/or benefits. This way you and your people can focus on the work you do best and will help save time and money instead of having to worry about any HR.
Payroll software is defined as a computer program that manages a company’s payroll necessities. TallyPrime Accounting and payroll software is simple yet effective software that takes care of all the necessary calculations and takes care that the salaries are paid on time. TallyPrime delivers comprehensive payroll management software with necessary payroll compliances built in it. It provides the facility from simple payslip generation up to complex allied processes which include Salary revision, loans and advances and ad-hoc payments. It also manages the salary of the employees according to statutory norms and processes.
To choose the best payroll management software, you must ensure that it has the following capabilities:
Installing and using TallyPrime is extremely simple.
TallyPrime offers various features that allows you to implement and process payroll. You can use the Payroll Info. menu to create different payroll masters required for computing earnings and deductions for employees.
Read more about how TallyPrime can help you manage payroll seamlessly!
There are a lot more features to manage your payroll needs. Take a free demo and experience yourself.
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