Running and maintaining a payroll for each and every employee in an organization can be a tedious task, not to mention difficult, especially if it is a big organization or company.
In fact, it is next to impossible to maintain a payroll for hundreds of employees manually.
Not only is it a cumbersome procedure to follow, it is also more susceptible to errors.
Good Payroll Systems
As a solution to this problem, tech companies created payroll apps enabling a simple way to carry out the function.
A payroll software is automated to process employee payrolls providing a systemized and methodical strategy, structured to best meet all the needs of a business.
While there are various Payroll systems out there, you should always opt for the one that caters best to your business needs. A good payroll system should offer the following:
Accuracy:
A good payroll system should be able to integrate various working hours of various employees.
After a good system is installed, you should be able to have in record the various working hours of your employees, minimizing record errors with an automated system.
Deductions:
Payroll systems are not only meant to simply record work hours and pay; a good payroll system should be able to be set up for more complex functions such as tax deductions and benefit purposes.
It should be able to take into account each employee’s individual Medicare, social security, benefit plans, etc. and make calculations accordingly.
Record – Keeping:
One feature of a good payroll system is that it can be employed to keep a detailed track of information and records; these records can, in turn, be stored in a main database online, on site, in a recordkeeping facility or on cloud.
This is an effective feature to have in a payroll system because it helps you keep track of how much you are paying for overtime and how many of your employees participate in your company’s retirement plan.
These records also ensure your compliance with the laws, and help you prepare for an audit or any other type of investigation if it comes to it.
Streamlining:
A good, automated payroll system can be a useful tool to help eliminate busywork by streamlining the entire process of record-keeping, scheduling, and payment.
Employees will be able to access their records, print and pay, and, in some cases, even ask for time off through an automated process.
Effective payroll systems of all kinds can be standardized and streamlined with advanced directions.
You can also automate systems to inform you when employees are going into overtime pay or when they have passed a certain allocated time off.
Pragmatic Techsoft developed revolutionary software for Payroll Management System.
This Odoo system is not only capable of generating payroll for its employees but also allows employees to find every information they might want in regards to their salary processing, deductions, leave management, etc., faster, with more accuracy.
It also consists of many sub-features including employee details, computation offered salary, employee portal, investment declaration of employees for IT, TDS calculation based on investment, leave, allowances, travel, etc. The software simplifies and makes easier the filing of employee taxes.
This Odoo payroll system is up there with the best systems to digitalize payroll methods and is a smart tool to better your payroll management.
With a wide range of functions, it brings the promise of making your payroll system, smart, effective, efficient, and of course, simple.
The Odoo payroll management system promises to:
- Gather all information concerning each employee at one place.
- Keep track of your employee’s job title and status, salary structure, probation period duration, basic wage, contract type and dates, and their schedules.
- Employee personal document uploads.
- Efficiently calculates all the deductions pertaining to statutory compliances such as Provident Fund and Professional Tax as well as TDS.
- Define salary structure functionality allows you to create salary structure and assign them to employees. A salary structure has major impact on Taxation.
- Declare investment through employee login.
- Contain an employee portal.
- Leave Requests and approvals.
- Provide the employee a contract that gives them hiring date and hour wage or salary, salary structure, working schedule etc.
- Provide pay slip batches that create pay slips for various employees at a time. It’s like a register which holds pay slips of various employees.
- Give salary statements.
The software allows you to control and access employee information, define employee contract, generate pay slip with only a click, review salary slips for both current pay periods and for the pay periods for which the salary has been received, define IT declarations and deductions, create CTC reports, and perform various other tasks, thus making it a great way to create and maintain an exemplary payroll system.