Payroll Software

Payroll Software is a system that helps you manage employee payroll by enabling accurate calculations and automating compliances, to enable you to disburse it accurately on time. To ensure accurate payroll, modern cloud-based payroll software like Pocket HRMS utilizes advanced technologies like Machine Learning, which sifts through the payroll data and informs the user of any discrepancies such as data outliers.

According to Mordor Intelligence, the HR payroll solution market is estimated to be at USD 1.66 billion in 2024. It is expected to reach USD 2.38 billion by 2029, by growing at a CAGR of 7.49% during the forecast tenure (2024- 2029).

Payroll is calculated using a specific set of steps:

Collation of Attendance Data: The attendance of employees is collected and converted into net pay.

Calculation of Payroll Amounts: The net pay is converted into gross pay by adding additional salary components.

Compliance Handling: The statutory deductions are removed from the gross pay and deposited into the employee’s account.

There are multiple benefits of deploying custom payroll systems such as:

Accurate Payroll Calculations

Payroll systems calculate employee salaries based on custom formulae defined by the HR department while deploying the software, minimizing errors in the final calculated amount.

Compliance Automation

It completely automates the process of maintaining compliance as it throws an error any time a non-compliant value or transaction is undertaken using the system.

Increased Data Security

It also provides enhanced security for employee and payroll data with the help of highly secure military-grade encryption algorithms, as this information is sensitive for the organization.

Advanced Analytics & Reporting

It also helps gather advanced real-time analytics and generate custom reports, helping the HR make informed decisions, and stay on top of company finances and budget constraints.

Enhanced Efficiency

The payroll system also improves the overall efficiency of the payroll process by automating most of its functions, saving the productive hours of the HR team.

Increased Employee Satisfaction

Employee salaries can be calculated and disbursed accurately on time with a payroll system, leading to increased job satisfaction for the employees, and better engagement and retention for the employer.

Timely Notifications

It also helps HR to stay on top of employee payroll with constant reminders and notifications, resulting in the avoidance of penalties.

Employee Self-Service Options

Through dedicated mobile apps and web-based Employee Self-Service Portals, payroll systems make it easy for employees to access their payroll data.

Pocket HRMS is the best payroll software in India as it provides you with the ‘smHRt Payroll’ feature, which utilizes Machine Learning to train on your payroll data and highlight any errors in it.

Pocket HRMS is hosted on Microsoft Azure, which utilizes 256-bit enterprise-grade encryption standard to keep your payroll data safe and secure. Combined with robust uptime and architecture, Microsoft Azure has proven to be the best option to safeguard sensitive data like employee payroll information. So, yes, the data remains completely secure with our cloud payroll software.

Absolutely. Being a highly flexible system, Pocket HRMS allows you to calculate payroll for hourly, salaried and contract employees, by configuring the employee types according to your company requirements.

Yes, Pocket HRMS comes with an intuitive web-based ESS portal which provides them access to their payslips and tax documents whenever required. We also have a dedicated mobile app which provides your employees easy access to their documents.

Yes, with a highly flexible Data Wizard, you will be able to generate custom reports for audits and internal reviews. You can even save your configuration as a template, which enables you to easily generate the same report next time with fewer clicks.

Yes, Pocket HRMS is a highly flexible payroll software that enables you to customize every component of your employee salaries, including bonuses, overtime, and deductions. You can even add formulae for their calculations, making it highly efficient.

Absolutely! Pocket HRMS is an employee payroll software which is customizable to your exact payroll requirements. By configuring it to handle multiple pay schedules, you can process salaries and generate payslips whenever you require, ensuring complete flexibility. Additionally, processing your employee salaries through ‘smHRt Payroll’ ensures complete accuracy and enhanced efficiency.

The Standard Plan of Pocket HRMS costs ₹2495 per month for up to 50 employees. If you employ more than 50 employees, then you can pay an additional ₹40 per employee per month to enjoy the numerous features of the Standard Plan.

Similarly, the rate for the Professional Plan of Pocket HRMS is ₹3995 per month for up to 50 employees. If you employ more than 50 employees, then you can pay an additional ₹80 per employee per month to enjoy the extra features of this Plan along with the Standard Plan features.

The most feature-rich plan of Pocket HRMS is the Premium Plan which has all the features provided in the Professional Plan along with additional exceptional features which make Pocket HRMS revolutionary software for your organization.

The main difference between Pocket HRMS and any other cloud-based payroll system in India is the ‘smHRt Payroll’ feature, which utilizes Machine Learning to learn your payroll patterns over time and highlight any errors in your payroll data. Using smHRt Payroll, you can process your employee payroll quickly with simplified steps, as the system takes care of capturing errors for you.