Choosing an HRMS software or a payroll in Mumbai is a challenging task. With a pool of options comes confusion. A buyer needs to make a calculated decision to ensure profitability. Many organizations with the right software have experienced positive results. Thereby making it more difficult as many vendors may provide a plethora of features but might come with loopholes that can adversely affect the organization.
Let’s dig a little deeper and discuss few features and tips that can assist a buyer in opting for a payroll software in Mumbai
Payroll management team is responsible to ensure that the employees receive salary at the end of each month. With the present situation it became more imperative to opt for digital transition and have an automated payroll processing. Payroll software automates major functions of the payroll. It auto generates the data from the integrated software and minimizes the risk of error. The payroll management feature of the software provides a contribution tracking tool which assists the employees and the payroll team to keep a track on the PFdeductions.
An employee’s life begins with the signing of the appointment letter. Employees’ are entitled to various benefits with the course of time. Organizations tend to increase the payout amount once the employee completes the probationary period. The HRMS software notifies the HR team once the employee completes the probationary period. It assists in completing the onboarding process. Once the employee joins the organization he/she provides personal details such as bank account details. The employee is provided with the credentials generated by the IT team to upload the required documents. This builds a transparent bridge between the employee and the employer.
The tools to schedule record and absenteeism of the employees on a centralized platform is meant to decrease the workload of the payroll team. An organization tends to hire employees based on their requirements which can be classified as part time employees, freelancer workers and contractual employees. HR software allows the employee to keep a track on these employees and generate the required data to credit the compensatory amount against the services rendered. Automated calculation on over/under time, absenteeism, logged in hours generates the amount that needs to be credited at the end of the assigned project or at the end of each month.
Compensation administration and tax
State and federal government has implemented various laws for the benefit of the employees. Organizations tend to plan benefits to reward the employees for their loyal services. Plans such as EPF, medical insurance and funds to provide financial security to the employees. Payroll software assists in keeping a track of the employees’ eligibility to claim benefits.
The goal of these tools is to minimize the probability of missing tax deadlines or over/under payment of salary. It protects the organization from hefty penalties and hampered reputation.
Compliance management regulates laws implemented by the state and federal government that need to be followed by the organization. This feature creates a complete automated process for alerts to notify changes and deadlines of legal obligations. An employee can keep track of the EPF scheme and changes implemented in the current financial year by the state and federal government.it implements the changes that need to be made in accordance with the new policy. It provides easy access for the employees acknowledging their understanding of the eligibility criteria to claim benefits provided by the organization.
Tips to keep in mind
- To ensure the payroll software is compatible with the existing system.
- The software should have a simplified user interface.
- Secured data storage
- Software should have higher secure walls to notify if any duplicate account is created.
- Ensure the IT team is equipped with essentials to tackle any cyber attack or minor glitch for smooth functioning.
These are few such pointers a buyer can keep in mind while opting for a payroll software in Mumbai. Having said that, it is a wise option to opt for a trial period before implementing the software. As a payroll software with all the equipped features can ascend the productivity curve for the organization.