Payroll is the process by which employers pay an employee for the work they have done. Any business with employees should have a payroll established. Although, payroll seems like a mundane task, it involves many aspects including, withholding taxes from each paycheck and making sure accurate funds are paid to the correct government agency.
For small businesses, payroll system software can eliminate errors in the payroll process and eliminate excessive effort involved in put calculating employee hours, wages and tax withholdings. Payroll software is easy to use often times very affordable for small businesses.
Small business owners can purchase an affordable system accessible on their local computer or via a cloud service. Purchasing software eliminates the expense of hiring an in-house accountant for payroll processing. Lastly, small business owners can maintain more control of the payroll process by using software. Using payroll software allows the business to compile reports at whatever pace they desire.
The Teq Payroll India component must be implemented in cooperation with project teams implementing other areas of CRM Human Resources (HR), in particular Modules Personnel Administration.
The component uses data from other areas of CRM for calculating all statutory and non-statutory additions and deductions for your employees. TeqPayrol offers a number of standard reports used in system, superannuation, leave, advance payments and taxation.
In addition to the standard payroll functions, the payroll processing for India also comprises the following country-specific functions:
- User Defined Earnings & Deductions
- Leave & Attendance Management
- Loan & Advance Management
- Payroll Processing
- Salary Reports (Payslip & Salary Sheet)
- Bank Transfer
- Reimbursement Management
- Arrears Calculation
- Other Payments
- PF Calculation & Reports
- ESIS Calculation & Reports
- Professional Tax
- Income Tax Management
- Full & Final Settlement
- User Defined Reports
- Data Import (Masters, Salary & Leave Record)
- HR Functions
- Other Add on Modules
- User Rights
Things to Consider when Choosing a System
When choosing a payroll system, you'll want to look for security. Is the software password protected? Having a password protected software ensures there is no tampering of information. Next, is the software compatible and flexible? It is important to have payroll software that functions well with your other business systems and will grow with your business.
Another factor to consider is systems credibility. Make sure the software is made by a well-known brand. Lastly, you'll want a payroll system which will allow the employer to still have control and the option of viewing reports and historical information. Once you choose your payroll system it is up to you how much control you want over it.