What is payroll management system?
According to site Dolphin technologies (http://www.dolphintechnologies.in/payroll-software.html) The Payroll Management System deals with the financial aspects of employee’s salary, allowances, deductions, gross pay, net pay etc. and generation of pay-slips for a specific period.
The most obvious benefit of the payroll management system is its easy implementation. Other advantages of Payroll Management System are its extensive features and reports.
What are the features of payroll management system?
All most every payroll management system has below features:
- Manage Employee Information Efficiently.
- Define the salary, deductions, leave etc.
- Generate Pay-Slip at the convenience of a mouse click.
- Generate and Manage the Payroll Processes according to the Salary Structure assigned to the employee.
- Generate all the Reports related to employee, attendance/leave, payroll etc.
- Manage your own Security
What types of payroll management systems are in the market?
There are many kinds of payroll management systems on the market. These can be broken down into three broad categories according to the site Bridge South Asia. These three categories are
In-house: It involves manually updated excel spreadsheet. Many companies still rely on excel sheet to make salary report instead of using software. Specially small companies with not a large number of employees use in-house type of payroll management system.
Software: Payroll software includes internet- or cloud-based solutions that can capture time, attendance, and scheduling data and compute wages based on that information.
Outsourcing: It means companies that handing off their data to organizations that specialize in computing employee salaries.
All of these three types of payment management have advantages and disadvantages. It is your decision to choose what type of payment management you will best work for your company. Because no two businesses are alike.
How to choose a payroll system?
Choosing a payroll system that best fits your business is essential. It may be difficult to decide which system to choose, but there are some factors to keep in mind when deciding. First, analyze the size of your business and decide how much you are willing to spend on payroll processing.
While it is possible for smaller businesses to handle payroll duties in-house through a manual process, much time can be wasted while attempting to calculate everything correctly. One miscalculation and the business owner could find themselves in legal or financial trouble. Mid-sized companies with up to 100 employees benefit greatly by investing in a payroll software.
What are the factors that need to be consider while choosing a system?
Here are 4 factors that need to be consider when choosing a system.
- Security: Your software must be password protected. Having password protected software safeguards against any tampering of information.
- Compatibility and flexibility: The software proves to be compatible and flexible.
- System’s credibility: When purchasing the software make sure that it is developed by a well known brand.
- Report viewing: The software must have reporting feature that will allow the employer options of viewing different types of reports on time and historical information.
Unlocklive developed a payroll management software to implement all the concepts of this software. Here is the back end of the software:
The software has several essential modules. The payroll module manage the financial aspects of the salary of employees of the organization. This module oversees areas related to payroll, salaries, allowances, deductions, and net pay.
The reporting module has extensive features of generating different types of essential reports related to employees salary. Some of these reports are employees pay slip, employees increment, bank statement, employees provident fund, overtime report etc. In short reporting module can be customize to generate any kind of report you want.
This is a brief description of our payment management system software. In fact this software has many other extensive features. For more information please visit here Unlocklive payment management system .Organizations of any size can get useful benefits by using this software.
For example one of our happy client implementing and using this software successfully is Narayanganj dockyard