PAcTrack payroll processing module provide you the flexibility and ease to define any type of salary structure. Every month, generate employee salary on a click of a button. With that single click, the software accurately computes salary for all employees including statutory deductions (PF/PT/ESI/TDS), loan deductions, stop payments, revisions, and loss of pay, pro-rata salary, income tax or any other defined head of pay. Other advantages are its extensive features and reports.
Salary Structure is the structure or details of the salary being offered in terms of the breakup of the various components that constitute the compensation. Salary Structure is the set of parameters that define the salary. Salary is a fixed amount of money or compensation paid to an employee by an employer in return for work performed. Salary is commonly paid in fixed intervals, for example, monthly payments of one-twelfth of the annual salary. Two people can have the same salary but still get different amounts of money every month this would happen when the salary structure is different. It is a very important information which determines the in hand pay. If an employee does not have details of the components, he/she cannot calculate the in hand as well as savings parts like Employee Provident Fund. It includes fixed and statutory components both.
From a human resources viewpoint, To Process Salary is critical because employees are sensitive to payroll errors and irregularities: Good employee morale requires salary to be paid timely and accurately. The primary mission of the Salary Process is to ensure that all employees are paid accurately and timely with the correct withholdings and deductions, and that the withholdings and deductions are remitted in a timely manner. This includes salary payments, tax withholdings, and deductions from paychecks.
Our module handles all requirements including salary advances, loans and automatic EMI deductions, arrears, reimbursements, bonus and so on.
F&F settlements are simple and easy to do. The system handles all aspects of settlement like recovery of pending dues, notice pay, leave encashment, etc. to compute the final settlement amount. Final settlement payslips can be generated.
Statutory compliance in HR, refers to the legal framework within which organizations must operate, in the treatment of their employees.
Adhering to statutory compliances is necessary for all big and small companies in the world to keep their businesses safe from the legal trouble. A deep knowledge of statutory compliances is required to minimize the risk associated with the noncompliance of statutory requirements.
In today’s competitive and legal business world, it is very challenging for employers to manage statutory compliances without a good payroll management software. Each country has various kinds of compliance requirements. This blog discusses the statutory requirements for Indian payroll system.
There are a number of statutory requirements for Indian companies and companies have to spend a significant amount of time in their payroll management to ensure that they are compliant with the legal regulations. If companies fail to adhere to statutory compliances, they may have to face heavy penalties which are several times more than complying with legal guidelines. It consists of Overtime wages to workers, ESI & PF Deduction, Professional Taxes, Gratuity, EDLI, etc.
All statutory deductions for PF, ESI, Professional tax, TDS, etc. are automatically handled by the payroll software as per law. Of course, you can further tune a variety of parameters to make this suit the specific needs of your company.
You can also generate all the required reports like PF ECR file, ESI Returns, PT reports of all states and TDS returns without having to do any additional work.
Key Benefits of Payroll Processing
- Ability to focus on core competencies and growth initiatives
- Accurate Computation of Payroll Related Compliances
- Empowered and motivated workforce to focus on core goals
- Easy Implementation
- Improve confidentiality
- Increase Reliability