Payroll
Payroll is a list of employees who get paid by the company. Payroll also refers to the total amount of money employer pays to the employees. As a business function, it involves:
- Developing organization pay policy including flexible benefits, leave encashment policy, etc.
- Defining payslip components like basic, variable pay, HRA, and LTA
- Gathering other payroll inputs (e.g., organization’s food vendor may supply information about the amount to be recovered from the employees for meals consumed)
- The actual calculation of gross salary, statutory as well as non-statutory deductions, and arriving at the net pay
- Releasing employee salary
- Depositing dues like TDS, PF, etc. with appropriate authorities and filing returns
In short, we can say that payroll process involves arriving at what is due to the employees also called as ‘net pay’ after adjusting necessary taxes and other deductions.
Major Features of Payroll Module:
- Grade wise employee salary structure and benefits customization
- Salary dispute management feature
- Attendance device integration feature
- Payment gateway integration feature for salary disbursement
- Automatic service benefits such as earn leave calculation
- Automated forms and applications generation for individual employees
- Automated ID card generation
- Groupwise working day/ hour setup
- Defining company and HR organogram
- Self management of personal information