The most complex department to handle in any organization is the payroll department. Ideally, an organization makes use of calculators and paper records to process the wages and the benefits of the employees. These organizations have to employ extra accountants in order to handle the huge task accurately. Unlike other departments, one cannot afford to sustain any mistakes in this department. The matter of fact is that even after employing the best accountants of the town and even after arranging the paper records systematically, the efficiency misses out.
Let’s try and understand it with the help of an example. An employee has been working for an organization since several years and as per the rules of that organization, the employee becomes eligible for ascertain sum of money on completing 10 years of service. Now since everything was maintained in the paper records, the accountants in the payroll department forgot to check the date. This lead to a delay in granting benefits to the loyal employee. Had it be a payroll software system, it would have informed the accountants about the date and the employee would have got his benefit well on time.
A payroll software system is a software that can automate your payroll department and also help in the to and fro movement of the data, securely across the other departments in an organization. If you are in Pune and want to go for a payroll software system from one of the payroll processing companies in Pune then take care of the following points in the software:-
- The software should consist of a robust database system which can hold the details of all the employee working in the organization without slowing down.
- It should have the feature for running an audit trail on the employee master database
- For the ease of transfer of wages for all the employees easily, it should have an automated bank upload file or a NEFT template. It should also have the feature of automatically calculating and filling e-TDS returns for the employees
- Since there are lot of complications in calculating the taxes, therefore the chosen payroll software system from one of the payroll processing companies in Pune should have the feature of calculating the income tax based on the various parameters set by the payroll department
- It should have the feature to generate Form-16 for the employee and keep it secure in the database for any future reference
- It should be able to keep a record of the previous month’s pay slips for all the employees.
- It should be able to maintain the whole job history of the current employee as well as the ones who used to work earlier in the organization (Alumni).
- Should be able to calculate the salary based on the attendance and the job code of the employee
- It should be able to keep a track of the provident fund deductions and investment declarations done by the employee.
- It should be capable of generating ESIC form 6 for the employees as otherwise, it takes a lot of man-hours to generate it manually.
The above-mentioned features are essential features that an organization should look in while considering payroll processing companies in Pune. It is always better to go for a demo mode initially to check the features of the software. Once comfortable, the software can be purchased and installed with full access to it.