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What Are The Advantages of Payroll Software?

What Are The Advantages of Payroll Software?

Payroll software designed for a company to manage accounts and details of employees’ salary associated with all divisions or branches under the company. Payroll Management Software enables you in managing details of the organisation such as work hours, authorization, etc. System enables you to upload the company’s logo on the salary slips and the reports. Logo appears when you download or print the salary report or slip.

Payroll software empowers the organisation to manage various branches at the same time. It enables organisations to create branches as per the requirement and enables you to maintain all details of branches of the company. Payroll Software manages all divisions and departments of the organisation with all possible details. It competently takes care of the company’s Bank details to run your account professionally. The Payroll System can set holidays and complete details of leaves for the financial year. It enables you to change leaves and holidays settings to update details as per your convenience.

Payroll Software helps you to manage Allowance and Deductions. It gives you freedom to add or delete allowance/deduction for the employees of the company. It mentions employee/employer contribution without error in calculating salary. Advance the payroll accounting of the company with the setting of Tax percentage. Software enables you to set the tax percentage for the employees according to their salary slab.

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Payroll Management Software maintains working employees personal details, contact details and information about identification. You can set increment and loan details of the working employees. You can customize salary settings to ensure smooth functioning and instant updates are the added advantage with the Payroll Software. You can effectively manage the attendance with their login and logout of the employees with the Payroll management system.

Reduce the Headache of tax calculation with the Payroll Management Software because it calculates your tax without any error. You can manage Gross Salary, calculate Total Income and Tax paid by Employer easily with Payroll Management Software. It also calculates Rebate, Deductions and manages the record of EMI efficiently. Software enables the organisation to reduce the calculation headache of Income Tax at the year end. Manage Professional Tax, PF & ESIS Calculation, Payable income tax computation for the month and at the year end. It enables you to calculate TDS automatically as per the projections and enables you to select an option to deduct the TDS from the monthly salary. Payroll Software helps you in the projection of the income tax and print Form-16 and 12BA and Challan 281 online. Software calculates quarterly e-TDS Returns in NSDL format and enables you to email income tax projections in the most acceptable PDF format.

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Benefits of Payroll Software

Payroll software refers to automating the complete set payroll activities involved in calculating the employee’s salary, calculating the statutory deductions, arriving at the amount of payout to be done, and ensuring that the calculated amounts are paid out on time to the employees.

Generally processing payroll in a traditional way is a time-taking recurring process every month. Now, with the help of online payroll software, it calculates the gross salary, deductions, statutory compliance, and net salary with a single click, for each employee and processes it instantly.

Apart from calculating and salary distribution, payroll processing also involves the calculation of all statutory dues (employer and employee contributions), reports generation in the format mandated by law and filing (submitting) these reports along with the amounts to the related government departments. Also, employees need to be informed about the salaries paid to them, tax deducted, reimbursements, etc. This is done via payslips.

  • Cost reduction
  • Ease of use
  • Relief from regulatory aspects
  • Easy and quick payroll reconciliation
  • Generating Accounts Journal Voucher
  • Multiple reports generation
  • Inbuilt leave and attendance data as automated inputs

Some other benefits of payroll software :

Employee calendars

Available with some payroll software solutions, employee calendars give you a super-easy way to manage sick leave, absences, and overtime. In a glimpse, you will be able to see how long employees are away, whether they should be at work, what type of leave they are currently on, how many leaves they are entitled to, etc. It makes planning a lot easier.

Tax updates

You might have missed the recent tax updates, but payroll software will help you by notifying you when these updates arrive.

Create payslips

While free payroll software offers a variety of benefits provided during this list, what it cannot do is create payslips. Commercial payroll software will allow you to quickly and easily generate payslips for all of your employees, and with templates, you will be able to make sure that the statutory minimum amount of data is included.

Added security

By managing payroll in-house with payroll software, a company can remove the uncertainty that comes with the sending of personal employee information to a third party. You may still have to consider the security of your own IT systems, however, though you will be able to make certain with a good payroll solution will accord with the highest IT security standards.

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