The key highlights of an Employee Payroll Management System

1. The key highlights of an Employee Payroll Management System Is it the month’s end, and being an HR, you are loaded with payroll management of all the employees in the company? Do you need a solution encompassing your employee wages, deductions, attendance, work hours, payroll processing and other tasks? Then, look for an employee payroll system to tackle all your employee-related needs. Are you not aware of this system yet? Read on to find out more. What is a payroll management system? An employee payroll management system refers to a tool that uses payroll software to keep track of salary calculation, payment release, and tax deductions. Many organizations have adopted this software to get rid of manual errors and make their data-handling jobs hassle- free. Now, let us look at the seven key features of the employee payroll system. 1.Guided Payroll Run Gone are the days when you had to rely on third-party intervention for payroll outsourcing instead of managing payroll in-house. The payroll software is an all-in-one aid for the accurate execution of wages and tax deductions for a specific pay period. 2.Attendance and Work Hour Monitoring Without proper time and attendance tracking, the HR department can sometimes struggle to keep an account of the employee’s vacation period, sick leaves, etc. Therefore, the software is integrated with biometric devices to have real-time data on the employee’s attendance, leaves, and total working hours, including breaks and overtime for the accurate release of payments. 3.Report Analysis The payroll system generates a preview report that provides insights into the calculations behind the final pay slip. It streamlines the payroll processes and prevents any mistakes. You just need to examine and confirm the payroll in just a few clicks. 4.Auto-Generated Pay Slips After the month’s end, every organization is entitled to generate an accurate salary slip for each employee that includes the basic and the final pay with all the benefits the employee has achieved. It also comprises information related to tax, provident fund, and other deductions. With the payroll software, salary slips are instantly generated in the system as you confirm the report, and employees can access them via a mobile application. 5.Ready Bank Statements

2. Once an employee submits a document related to all the expenses, the software makes bank statements easily accessible. This simplifies the management of employee expense reimbursements. 6.Payment distribution and Employee Exit Management The payroll system facilitates payment distribution to all existing employees once all the scrutinization and verification are complete. Payroll software also includes employee exit management to permit organizations to effectively supervise payroll-related procedures, in case an employee quits the company. 7.Compliance with Payroll Laws According to the Payment of Wages Act of 1936, an employer must follow the stipulations regarding salary disbursement. Therefore, the payroll system complies with regulations pertinent to payroll processes to avoid discrepancies. Endnote An employee is an asset to an organization. Hence, it is the company’s duty to motivate them and bring out their creativity and efficiency. Receiving the salary slip at the month’s end is the driving force behind an employee’s motivation to work further. So as a responsible employer, collaborate with a reputed payroll management provider like, Paybooks to get hold of easy- to-use payroll software and give your employers a delightful experience.