Payroll and Salary Processing
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Payroll and salary processing are the key components of an Payroll Processing Software. Different organizations have distinct needs of payroll and each of their calculation methods can vary. On implementing a high-featured automated payroll software, diverse payroll and salary processing requirements can be catered easily.
PayWheel as a comprehensive employee salary software allows outlining all basic to complex components of payroll for precise needs of an organization. This can be done by adding the components that will together make up the total calculation to remunerate employees. The several components that can be defined to structure payroll are HRA, tax deductions, EPF, Variable, Allowances and others depending on your organizations individualistic requirements. Inputting a formula for calculating accurate payroll amounts can also be done in the software itself. PayWheel is complementary to all the Statutory Compliance inclusions in payroll processing.
The components built-in PayWheel by default
- Provident Fund (PF) – The Provident Fund forms a share that is equal on the parts of employee and employer.
- Professional Tax- the State Government asks for a Professional Tax from the income earned in the form of salary, business or trade. The slabs are different based on the earned income.
- Variables- The bonuses for sales force and other personnel can be defined based on the revenue generated. This can be paid either on monthly or quarterly basic depending on the policies of your company.
- Deductions- The deductions in the form of medical insurance premium, installment of advance salary or loan etc. can be deducted from the Gross Salary and adjusted accordingly for a particular time span.
- E.S.I.C- For employees earning less than or equal to 15000/-, this statutory deduction is made from the Gross salary.
To know more in detail about salary management software and the other components included in PayWheel, contact us now. It is customizable and specific components to scale organizations need can be added in the default version upon request. Fill the enquiry form to send us your details.