The mantra for healthy business growth is simply paying its employees right and concomitantly earning right. India’s stringent and restrictive regulations turn out the payroll process to be an arduous task. Therefore, for getting your payroll operations right, some professional help needs to be proffered, with which you would be able to tackle the payroll complexities head-on.

There is a profusion of services which are offered by third-party payroll service providers, which can also be tailored according to your needs. Briefing you of the standard services pertinent for you to know.

 

  • Smart Salary Management with superior technology :

 

Payroll providers offer whip-smart software’s which can process your payroll in no time and you are ready to pay accurate salaries to your employees in a snap. Now, disbursing salaries doesn’t come so easy, a lot of calculations and deductions follow in compliance with labour laws.

These software’s are programmed in such a way that they are updated of the latest changes in payroll laws and the applicable tax slabs, which forms the basis for formulating payroll policies for a company.

What features do these software offer?
  • Pre-defined salary heads which can be modified according to your needs.
  • Automatic calculation of the prorated data, be it allowances or deductions for each and every component of an employees CTC.
  • All the required inputs for salary components in the CTC adjusted beforehand.
  • Detailed reports on employees monthly salary including salary breakup, reimbursements allotted, balances if any, provisions, annual CTC, etc.
  • Automatic salary statement generation and even emailing of salary information to employees.
  • List of payment modes used when disbursing payments.

So, when it comes to payroll laws, you need not worry because these payroll providers are compliant ready, be it PF payments, PT calculation, ESI payments, income tax and TDS, easy digital income tax filings for employees, other compliance reports, everything is sorted.

 

  • Complete employee database :

Individual employee profiles are maintained in secured portals in a way such that each individual with authority can access their profiles including details of their positions in the hierarchy, offer letters, their managers, salary hikes, PF & ESI nominations, etc. Employees can also derive information regarding the assets of a company as per the access rights given to them by the HR. Thus, electronic payroll processing will help you refrain from the possible human error and faxes that comes with payroll processing when done manually.

The details of an employee from the time of onboarding until the time of offboarding, stay safely locked in the cloud for eternity, hence leaving no room for flaws when processing payroll.

 

  • MIS reports :

These reports provide the overall summary of an employees performance by keeping track of the variables which are necessary for processing payroll. These variables are average working hours per day, attendance streaks, overtimes, incentives or bonuses

earned, late comings, leaves taken, etc. which allows you to easily cross-check data and make required comparisons among employee performances through comparison charts. This also helps the employer to make informed decisions on attrition, promotion, transfers, expenses, loans, etc.

They might also provide assistance in terms of providing loans and bonuses to your employees, which play a major role in retaining your employee base. The payroll service providers calculate the bonuses to be given based on the employees CTC and accordingly create different salary slabs for them. Same is with the case of offering loans to the applicants, as an advance and then they maintain the loan books alongside furnishing the monthly loan recovery reports to you.

 

  • Auto-syncing with monitoring software or tracking apps :

The payroll providers offer software or mobile applications which can easily have your attendance recorded by using bio-metrics and can also track the location of your employees with the help of kinetic geo-tagged and auto-capture attendance mechanism and provides you with an eagle-eye view.

Thus, these systems help automate and bring to notice the routine activities of an employee even from a remote location. This helps in increasing the efficiency of employees and further enhancing the productivity of an organization

 

  • Employee exit management :

 

The exit of an employee entails a long checklist of things to be done viz. transferring the off-boarding details to the concerned successors, recovering company assets, revoking authority access, updating organization charts, completing the Full & Final Settlement procedures, providing exiting documentation, etc.

Therefore, payroll providers make the offboarding procedure hassle-free by immediately providing detailed information on payables of the individual against the salary drawn, yearly bonus, medical allowances, leave travel allowances, gratuity, leave encashments if applicable. Additionally, the services also include taking care of the recovery of assets or loans if any. Finally, reports on the FnF settlement is auto-generated such that you can make quick final payments once the employee leaves.

 

  • Payroll data safely locked :

The elite payroll service providers adopt few of the below-mentioned protocols such as Secure Sockets Layer (SSL) for establishing secure links between the client and the server and provides authentication and encryption complying to industry standards, military graded SHA2&ECC 128/256 bit encryption, promising higher protection, MEITY certified provider offering real-time data and a Tier IV data centre for hosting the data. Thus, ensuring high data security.