What Features will Business Owners get out of Payroll Software System?

1. What Features will Business Owners get out of Payroll Software System? Let us get this clear and straight! Everyone works for salary, and therefore, in-time and accurate salary is the least that every employee expects out of his/ her employer. In HR parlance, the term is referred to as payroll. Often, even today, payroll is manually managed. While, manual payroll management may seem feasible in case of a dozen employees, in case of larger employee strength, it may result in delays, inaccuracies, and therefore restlessness within the employees, and which could be detrimental for the company in the long run. Hence, today, companies need to burst the conventional comfort bubble they are in and look at the larger picture by embracing technology in the form of a comprehensive payroll software system. Honestly, out there, there are several payroll software systems available. However, Eilisys Ascent payroll software system stands out with a difference. It takes into account the worries of various verticals associated with payroll and offers functionalities to relieve all of them out of the associated routine administrative tasks. So, through this blog, we will take a look at the functionalities of Ascent payroll software system that will benefit business owners in various ways. What will Business Owners get out of Eilisys’s Ascent Payroll Software System? The human resources department and the finance department are the ones that closely work on payroll. Besides, payroll also involves statutory compliance, the manual management of which could be quite a cumbersome task for the HR administrators. Given these facts, the payroll software system comes in as a handy and smart alternative to counter these challenges and help the concerned authorities to perform all the related tasks with efficiency, punctuality, and precision. So, what will business owners get out deploying Ascent payroll software system, or in other words, how will the functionalities of the system benefit the HR and the finance department of the organization. →How will the Human Resources Department Benefit? ✓Maintain employee job history ✓Maintain comprehensive employee information such as past employment details, etc. ✓Create user defined formula for every earning or deduction code. ✓Arrears calculation and leave regularization ✓Hold and release salary management ✓Supplement payroll processing ✓Bulk full and final settlement with a provisional form 16 on the same day templates/ import utilities for information on employees who’ve newly joined the organization. ✓Manage and integrate salary revisions, manage invest declarations, and attendance day wise or summary. www.eilisys.com |Call Us: 20 6729 5300 | Eilisys Technologies Pvt. Ltd

2. ✓Generate comprehensive and analytical reports in multiple formats including PDF, Excel, HTML, and many others. ✓Report generator tool for employee and master salary data. →How will the payroll software system help the finance department? ✓Automated TDS calculation ✓Parameter driven salary JV and income tax calculation ✓Loan and advance tracking ✓The facility to configure own dimensions for salary JV. ✓Audit trails for earning and deduction, and employee master information changes. ✓Digitally signed form 16 ✓Variation report for transactions done in the last month. ✓Simple and hassle-free integration with the existing ERP/ financial accounting system. ✓Automated bank upload or NEFT file in the banker’s format ✓Quarterly/ yearly e-TDS returns in NSDL format. ✓CTC reimbursement management through online claims based on limits ✓Generate loan perquisite valuation report ✓Interest calculation based on EMI or the Equated Principal. →How does the software help to stay Compliant? The system helps generate a wide array of compliance statements including the following. ✓Provident fund reconciliation statement ✓Professional tax statement ✓ESIC form 6 ✓Income tax ITNS 281 challan, form 16, eTDS returns 24Q ✓ESIC statement and online challan ✓Provident fund and pension nomination (revised form 2) ✓Provident fund challan, form 3A, 6A, 12A, 5, 10, 9, ECR, online return profession tax return cum challan. What are the Benefits of Eilisys’s HCM Software? Let us now take a look at some of the benefits of HCM software. →The software allows HR administrators the option to add, delete, and customize or extend the features based on the requirements. →The software can be customized to meet business requirements. →The standard version of the software too is comprehensive enough to meet the business needs. →The software can be easily integrated with the existing software and HR systems. www.eilisys.com |Call Us: 20 6729 5300 | Eilisys Technologies Pvt. Ltd