The Importance of HRMS Salary Slip For Employers and Employees

Any organization that employs 50 or more people must be particularly meticulous about payroll management and compliances. The salary slip is vital part of the payroll process. It is proof of employment as well as payment made each month to each employee. It is also important for employers since it shows payments made and deductions.

HRMS salary slip

Large organizations must use HR software for efficient and fast payroll management. The payroll part of the software includes facility to generate HRMS salary slip or payslip in a defined format to suit the company’s operational model. A general salary slip includes name of the payee, position held and his remuneration. Detailed breakup shows number of days worked, leave availed, extra time worked, benefits availed and also deductions towards PF, EPF, ESI and others such as professional tax and income tax. All these must be shown quite clearly to avoid any dispute with the employee and with any department. It is a legal document showing net and gross salary and other particulars in pursuance of the Labour Act. By issuing salary slips the company complies with laws and ensures there are no future disputes or legal tangles.

Hrms Salary Slip

Since the salary slip is an important document, employees are expected to preserve them for future records and needs. However, employees may lose such slips. In such case the HRMS software should have a facility to issue a duplicate slip or allow employees to view their salary slips online and take a printout after logging in securely. This facility reduces load on HR staff and reduces delay in issuance of the slip.

For employees

  • If legal compliance is important from the employer’s perspective, then the salary slip is equally important for the employee. He can view at a glance his gross salary, deductions and additions and be satisfied that he has been paid in full for the month. HRMS salary slips are generated by computers and are accurate.
  • Daily wages or hourly workers can be fully satisfied that they have been paid in full.
  • His HRMS Salary Slip also serves an important role when he approaches financial institutions for loans. Salaried employees are required to furnish payslip as proof of employment and proof of address as well as income. It could the basis for determining eligibility for loans and a guarantee that the individual will be able to repay the loan.
  • If the employee decides to seek employment elsewhere his future employers may ask to see his salary slip to satisfy themselves about the position he held and his wages.
  • If he wishes to rent property the real estate agent may ask for his salary slip.
  • If he is liable for income tax, he can use payroll slip to claim deductions.

Enterprises work in different ways and may have people on permanent salary, people on temporary basis, contract labour and hourly wages labour. Office staff may be considered for leave and other matters on different basis compared to factory workers where different laws apply. The HRMS software should be configurable to allow for various heads and calculations according to employee type and role as well as structure of pay and benefits.

The finest HRMS software usually has payroll and statutory compliance functions linked with pay slip and it can be ported to accounts package too for seamless accounting. Since payroll and salary slips are so closely connected, it is worth investing in HRMS solutions that have all features and can be easily customized to suit the employer’s business and various types of salary payment options.

 

For More Info Visit Us On – http://www.alpconsulting.in/hrms-payroll-software.html

Payroll Software With Key Features Can Make a Difference to Enterprises

Small companies with ten or fewer employees can get by with a manual payroll process. However, if a business employee fifty or more people then payroll preparation takes time and the delay could well lead to dissatisfaction. The solution is to go in for Payroll Software. Today one can get software that automatically calculates payments to employees in addition to a host of other functions. One can opt for basic payroll calculation software too or a sophisticated one with the latter proving to be far better.

Desirable features in Payroll Software

Payroll Software

Payroll Software Services

Larger enterprises will find that payroll management software with a host of other features will suit their purpose quite well and also contribute to overall efficiency and cost reductions. This could be termed as HR Software with the following features.

  • Basic payroll salary software should naturally have payroll calculation as the main function with direct credit to bank accounts
  • Calculation of deduction, reimbursement of expenses, overtime, deductions for leave, statutory deductions
  • Time attendance linked to the payroll calculation to automate the feature
  • IT declaration
  • Form filling and statutory filing of returns with various government departments.
  • Human Resources Information System
  • Self-service features to let employees view salary slips online and to submit leave applications or to raise issues online through a self-service portal
  • Onboarding and onboarding management
  • Appointment letters
  • Termination processes and payment finalization
  • Performance management, memos
  • Reports
  • High-security features
  • Integration into accounting systems
  • E-filing of returns and generation of forms.

Then there are additional features such as:

  • Facility to import bulk details of employees
  • Statement generation and bank statement exports
  • Statutory reports generation, PF challan, statements and IT deduction certificates
  • Analysis and reports

In-house or cloud based?

The payroll management software may be offered in various versions. One can install the software in a networked environment and employees as well as HR personnel could be assigned login IDs. The drawback to this type of Payroll Salary Software or HR management software is that it can be used only on the premises. Besides, there is the matter of upgrades and software maintenance that can contribute to the cost of the software.

A better option for HR management software is to opt for the cloud-based software as a service model on a pay as you go basis. There are several benefits to this model. One is that an enterprise does not have to pay a high amount upfront. Fees are paid on a monthly basis. The second advantage is that the software can be accessed from anywhere on any device. The third advantage is that upgrades and maintenance become the responsibility of the vendor. The vendor not only takes care of technology but also IT and related tax matters so that enterprises do not find themselves at fault and end up paying penalties.

Ease of use

Not all employees in HR are IT savvy. Therefore, while choosing the Payroll Software or HR software it is important to observe how easy it is to use even by those who are trying it out for the first time. Typically, the hosted software works in a browser-based environment and presents a login screen followed by a dashboard according to the user type. Administrators have more privileges and can have an overview of everything. Employees accessing self-service section get access only to relevant details. The layout and navigation structure needs to be intuitive and logical.

Not all enterprises work the same way when it comes to HR and payroll. Therefore, choosing a vendor who can customize modules will make the payroll software easier to use and give maximum returns for money.

For More Info Visit Us On – http://www.alpconsulting.in/hrms-payroll-software.html



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