Payroll Management System – Guide to Online Salary Slip Generat
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Many companies at an initial stage of operations and hold plenty of employees usually go for the payroll management system. It involves salary calculation, salary slip generation, and monitoring tax updates and other statutory changes, which reduce the chances of duplicate data and omission of entries.
Before payroll is processed, you need to gather data from various sources such as attendance files, conveyance facilities, data from the HR department like salary revision, and so on. Many HRs and payroll teams are still managing payroll on excel sheets but it’s high time to remove reliance on excel formulas for salary calculation, manual data entry, and other tasks.
Traditionally organizations used to manage payroll functions through accounts department or payroll outsourcing services. But these methods depend on humans and increase the chances of errors. Here’s when HivePayroll comes to your rescue to overcome the limitations of traditional methods and manage business processes automatically.
Limitations with Traditional Methods
1.Documentation – It is mandatory for organizations to keep up with employees’ salaries records and tax payments. Physical documents are extremely difficult to manage and maintain over time.
2.Errors – Traditional approaches are prone to human errors like misreads, loss of information, erroneous calculations, etc. It can result in fines from government authorities and other costly mistakes.
3.Resources – Traditional methods consume large resources and expenses. They may take one or two weeks depending on the size of the organization.
HivePayroll Comes Handy for Pay Slip Generation
The aim here is to simplify and automate the process of paying salaries to employees. The key function is producing payslips, computing benefits of employees, and tax deductions. It does the entire job of calculating and filing returns to payments of salaries to employees’ banks.
HivePayroll is one such payroll management system that is integrated with the Employee Self-Service (ESS) feature, which allows employees to log into the system and access payslips without HR intervention. In turn, it can significantly reduce the time the HR department spends responding to employee questions in regard to payslips.
This online salary slip generator encompasses the functionality of automated tax calculation and filing returns. Customization, best-in-class features, and ease of use make HivePayroll a robust software to pull out reports within a matter of a few minutes. When payroll processing is done right, it can help avoid penalties imposed by the government due to non-compliance.
Who Should Create Salary Slip Online?
Every salaried employee asks for a payslip and it is the organizations’ responsibility to give utmost attention to such procedures. Many startups and small businesses provide regular salary slips to employees and therefore, they need secure payroll software to generate payslips online.
Components Included in Online Payslip
1.Income
Basic Salary – a key component of salary slips and works as a basis for other identifying factors
Dearness Allowance (DA) – calculated as a certain percentage of basic salary, which is taxable and usually given to employees
Performance and Special Allowance – taxable and given to employees for motivation
Miscellaneous Allowance – includes medical allowance, transport allowance, and leave allowance
2.Deductions
Employee Provident Fund (EPF) – a mandatory tax deduction in the salary slip
Professional Tax (PT) – deducted against individuals within an income
Tax Deductible at Source (TDS) – a major deduction on gross salary
Conclusion:
Salary slips generation and payroll automation become much easier with HivePayroll software. It is loaded with robust features, such as employee self-service, payroll tax calculation, and filing, attendance tracking, leave management, reporting and analytics, and payroll runs. With technological updates, the payroll function will be upgraded to meet the requirements of any organization.
About the Author:
HivePayroll is India’s leading payroll software known for its faster and seamless payroll processing. This next-gen software company is specialized in HR software, payroll software, ESS software, timesheet, HRIS software, HRMS, and more. It is mainly designed for small companies to fulfill complex requirements.