Features of payroll software when buying software

In this blog, we will discuss the key features of payroll software when buying the software.

Index:

• Introduction
• Things to look for when buying payroll software
• Key features of payroll software
• Benefits of choosing Saral

Introduction

As an HR or Payroll manager, it is your responsibility to ensure that salaries are paid on time and compliances are followed to ensure a smooth payroll process. To achieve this, you need reliable software that meets all your requirements. However, with so many solutions available in the market, it can be difficult to choose the right one. This post will help you understand what to look for in a payroll software when you are buying and make an informed decision.

Things to look for when buying payroll software

Before making an informed decision, you need to see the following points of the software.

1. User-friendly – First and more importantly, software should be easy to use and easy to access, along with the features and functionality that must be easy to understand and implement for everyday use.
2. Integrated – Software should have the flexibility to integrate with other services for HR and payroll processes so that all data can be integrated from hiring to firing and synced at any time.
3. Core features – Ensure that the Payroll Software you are looking at has core features such as statutory compliances, salary processing, attendance and leave management and ESS
4. Support & Service – Only a payroll solution will not be enough. You also need the right service provider who can help you implement the system and is always available to support you.
5. Data Security – Since you will be storing your company and your employees’ data in the software, one of the main things to ensure is options for data security and access security.
6. Payslip and Report – Other than Payslip and statutory forms & returns, many other reports need to be generated for regular payroll processing. Ensure that the software provides these.

To finalise the software, you need to understand the following points, such as –

1. Business Size – Before purchasing the software, you should know about your company size, such as the number of employees/ types of employees like seasonal or temporary/ clients and the number of branches/companies and their requirements. Based on that, it will be easy to choose the type of software you will need.
2. Payroll budget – Another main factor that stops you from having the best payroll solution could be price. This is why it is best to get a specified budget for this. Other than the software itself, make sure you are accounting for additional Charges Such As Taxes, implementation fees, support fees and other miscellaneous fees.
3. Customer Review – One of the main things that can make or break your decision will be reviews from other users, such as Yourself. Before purchasing, make sure to read reviews and reach out to your network to get an opinion so that you can make the best decision.

Key features of payroll software

The following are the key features of payroll software that can help you make a buying decision. Let’s see what features should be available in payroll software.

1. Employee Information –

• Know Your Employee – KYE – Capture more than 400 distinct pieces of information about the employees through built-in functions. Maintain each employee’s personnel data, including classifications, statutory details, and HR details.
• Attendance Management – Easily track and maintain employee attendance, leave, holidays and overtime details. You can also create customised leave policies according to your organisational policies.

2. Statutory Management

• Statutory Compliance – Maintaining statutory compliance is now a breeze. PF and ESI calculations, e-return facility calculations, and state-wise PT calculations are all built within the system. Calculate Bonuses/ex-gratia and gratuities as per Indian labour law and easily generate reports.
• Complete TDS Management – Easily estimate monthly TDS on Salary Income. Automate TDS declarations like Rent paid details and investments by enabling employees to provide their details in ESS and use that for TDS calculations. Generate quarterly return 24 Q and issue Form 16 to all the employees.

3.Benefits Management –

• Salary Management – Saral PayPack has the ability to create and define earnings and deductions for salary as per your industry on a CTC basis. Also, define benefits such as Basic, DA and arrears, which will be calculated automatically using the expression editor—no more manual calculations.
• Reimbursement – Maintain different types of reimbursements such as medical, LTA, attire, petrol, books & periodicals, newspaper & communication as per company policy and in such a way that it complies with the Income Tax Law.
• Standing Instruction – Manage EMIs such as loans, advances, insurance, and group insurance, along with interest calculations wherever applicable. Also, adjust the loan repayment with the receipt entry provision.
• Reports – Generate Payslips in multiple formats. Also, generate reports for salary, increment, arrears, reimbursement and bank statements from the software or create your own report with our report writer with any information you want.

4. Security –

• User Role Management – Create multiple user logins who can access the application as per their permission. Provide permissions for the users, based on hierarchy, so that they have access to selected modules and screens.
• Audit Trail – Maintain security with the audit trail feature, which tracks the user activity from the various logins. Get to know the changes made and the user who has made them.

5. Employee Self Service –

• Employee self-service – The Employee Self-Service (ESS) Portal allows employees to manage their personal records and payroll-related details. Employees can edit or update their personal details, apply for leaves, view their payslips and more.
• Manager self-service – This module of ESS allows supervisors and managers to have current and immediate access to employee information and initiate employment-related actions.
• HR Self-service – The HR module of ESS allows you to post policy documents and announcements from the company and collect TDS proofs and reimbursement bills in an effortless manner, thus improving your productivity.

6. Other Features –

• • Assets tracker
  • Leave policy
  • Leave encashment
  • Manage arrear
  • Date wise increment
  • Attendance integration
  • Query Builder
  • MIS Report
  • Exit management
  • Collect TDS proof In bulk.
  • ESS mobile app
  • Reimbursement claim

Benefits of choosing Saral

Following are the benefits of choosing Saral.

• Cost-effective
• Time-saving
• Error-free
• Increase efficiency
• Improved accuracy
• Easy to use
• Automated payroll process
• Access from anytime, anywhere

This is the end of our discussion on key features of payroll software when buying the software. Let’s know your other questions and opinions on this topic in the comment section below.