The organization and structure of every business are unique. Therefore, the needs of a payroll software for each business would be unique as well. There are many ready-made payroll software that are available in the market, but buying them may not be the best option for your company. What you need is a customized payroll management software, which would take into account all the specific requirements of your organization and at the same time would be a 100% compatible with the systems already in place in your organization.
Every good payroll software covers certain specific and main modules, and it is within these modules that the companies make changes to suit their individual needs. Some of the main modules that are a part of every online payroll software are as follows:
- Employee Profile
Under this module, details like the name and other information about the profile of every employee is stored. The date of joining of the employee, his or her family background, emergency contact details for the employees, awards and important memberships that the employee may hold in his name or in the name of his children or other family members, hobbies and other talents that the employee may possess, etc. The work profile of the employees like their position and job description in the company, qualification, experience and training details of the employees copy of documents submitted by the employees, etc.
- Leave Management
Under this module, the various types of leaves granted to employees are defined, records of leave applications, rules for granting leaves, balance leaves remaining in the account of each employee, copy of leave approvals, carry forwards of remaining leaves and complete MIS reports, are all maintained.
- Time Management
Every company needs its employees to put in extra working hours at some point or the other. Special payments need to be made to the employee for the extra time worked by them, and hence, the best payroll software offers a specific module for managing this overtime details, like managing the shifts of the employees, overtime worked by each employee, records of the late comings, early arrivals, travel details, etc.
- HRD Procedures
An HR payroll software has a separate module for HRD procedures which includes final settlement, gratuity, PF and EPF payments and challans, tax calculations, superannuation, etc.
- Payroll management System
Under this module salary and payment structure is defined. This module covers the definition of the various heads of salary, tax slabs, generation of pay slips, formula for calculating the salary payable, and customized salary structure for every company.
- Transfers, Increments And Promotions
Details of transfers and promotions give to all employees are recorded under this module of a payroll software.
- Employee Leave and Attendance
All details with regards to the leaves and attendance of every employee are maintained under this module. Important information managed under this module includes, leave applications, approvals, balance leaves, late shifts worked, daily attendance, monthly attendance, date wise records of present and absent employees, credit days, used leaves, in out summary, credit days, details of encashment of leaves, etc.