Payroll management is one of the most valued feature in any HRMS. For some companies, payroll administration is the main reason for purchasing a HRMS. After hiring the very first employee, an organization has to determine how to best manage payroll. If payroll procedures are disorganized, errors also become unlimited. Serious payroll mistakes can cost an employer an arm and leg, causing felony issues and upsetting employees.

Payroll calculator

Payroll is a critical process for an organization and it should be handled sophisticatedly. A strong payroll system gives almost one-touch results by running error-free payroll calculations, help view online pay slips; incorporating detailed salary information, pay history, payroll deductions, taxes, and the like.

Loan management

Loan Management is also an important feature in a payroll module that helps in automatically deducting the loan amount once the total loan amount and the number of installments have already been added in this module. One can also skip installment or make a full loan settlement under this feature. A detailed loan report can be generated, thus making it easier for both companies and employees to track the loan records.

Tax management

Manually dealing with employee tax deduction is not an easy task. The payroll module helps to calculate tax according to the tax slots defined in a geographical region. It enables companies to generate tax reports and certificates on the single click.

Attendance & time management

This module helps managers track employees’ attendance. Normally the data is synced with attendance or biometric devices maintained at different company sites. It can also track hours, especially overtime hours. Other features usually include time sheets, time clocks and biometric logon/log-off. Certain solutions can even allow employees to clock in and out via web or mobile devices.

Salary slips & reports

Monthly pay slips can be created and distributed to each employee on payroll in the organization through the payroll system. Employers can email pay slips to employees or employees can log in to their Employee Self-service (ESS) portal and view their pay slips.

Other related reports can be viewed via an HRMS, such as employee overtime report, employee salary structure report, allowance & deduction report and detailed increment report. Payroll reporting has become simpler after the HRMS arrival, companies only need to generate a payroll report and send it to tax authorities for tax submission.