Payroll Software

Our cloud payroll solution solves all of your tax-related concerns at once. Be it statutory compliances or other tax-related concerns, Pocket HRMS helps you manage all of it, thus, paving way for a smoother tax-filing experience.

A complete payroll processing solution considers all the necessary tax deductions, including TDS, PF, ESI, insurance, etc., to avoid mistakes and miscalculations. It can also be automated so that you can sit back without any worries related to HR and payroll processing and enjoy error-free, timely tax and payroll computations with a cloud-based payroll management system.

Pocket HRMS is a fully scalable Payroll and HRMS software, which grows with your business! Our payroll management system lets any kind of businesses process payroll and other salary components such as PT, ESI, PF, etc. In addition, it offers a choice of subscriptions to suit the budget and preferences of small business owners as well as startups, thus becoming accessible to everyone.

With unmatched scalability, a cloud-based comprehensive solution is capable of being configured according to all businesses and verticals. Feel free to check out our budget-friendly subscription plans.

Payroll Software in 2021

Even in 2021, payroll processing is a herculean task for any pvt ltd and public sector business if they don't have a robust tool and right resources for automated payroll data management. Accurate and timely payroll, in 2021, is possible only when the HR manager and human resource team has robust cloud-based accounting systems in place.

Current challenges in the payroll process

Salary processing is a critical part of workforce management for all businesses irrespective of the industry type. Any error in payroll computation and related services like wrong payroll calculations, incorrect tax deductions, attendance records errors, etc. can cost an organization dearly in the form of penalties. It also makes your employees unhappy!

Below is the list of some major challenges in payroll that Human resource professionals experience during the processing of employee salaries:

• Cumbersome Multi-stage Salaries
• Incorrect Employee Classification
• Inaccurate Time Tracking
• Tiring Tax Deductions
• Repetitive Salary Calculations
• Irregular Cluttered Reports

Stages in Processing of Salary

Opting for a complete payroll management solution is a big relief for private limited and public sector companies. Automated payroll software includes various built-in tools to support different stages of the salary process that makes the whole activity hassle-free and quicker.

Correct employee classification

By the proper classification of employees, companies can determine who are eligible for tax exemptions and who are not right at the time of employee onboarding. Similarly, it helps in structuring your organization to be more robust and organized. This aids a lot in making the process of calculating the salary of the employees automatic and easier.

Time tracking and attendance

Before calculating the final amount, you need to consider some important parameters such as loss of pay (LOP), approved leaves, unapproved leaves, reimbursements and compensatory amount (if any). HR payroll software will help in keeping track of all these employee information as well as manage the employee benefits.

Calculation of benefits

The employee receives several benefits based on their tenure, designation, etc. As these benefits act as incentives for the employees to work better, these must be calculated accurately. A robust payroll management solution would be able to automate this process thus ensuring error-free salary computation.

Tax deductions

Some common types of deductions are provident fund (PF), employees' state insurance (ESIC) and professional tax (PT). ESIC covers the health insurance of employees, while professional tax is the tax collected by the Indian government. Robust HR payroll software will automate these calculations and increase the operational efficiency of the organization.

Crediting salary

This refers to the process in which the payroll team issues employees salaries. It is usually done as a direct deposit in the employees' bank accounts. Adequate care should be taken so that the final amount is calculated accurately and is in statutory compliance. As HR processes it, there is always a margin of human error, which can be avoided with the help of good payroll solutions.

Features of Pocket HRMS payroll software solution

• Cost-efficient
• Intuitive time and attendance management
• Full email integration
• Swift implementation
• Real-time insights
• Multi-location support
• Worry-free storage
• Liberty to customize
• Paperless payroll
• Cloud availability, etc.

Benefits of cloud payroll management system

Manage employees' data and automatically calculate various salary components

Process payroll every month based on intelligent computations and deductions

Accurately calculate the payroll parameters like worked hours, gross pay, tax, PF and PL

Let go of all worries about data security with the use of the most advanced data encryption algorithms

Help the HR department save a huge amount of effort and time with employee self-service portals

Ensure timely and accurate calculations of every component related to statutory compliance

Empower HR team to process payroll from anywhere and anytime & generate payroll reports

Avoid payroll redundancies and mistakes and manage payroll effectively and efficiently

How to choose the right payroll system?

With technological advances, payroll processing is becoming increasingly easier to conduct in-house. Below is a quick list of FAQs that will help employers to select the right payroll software:

Q: Does the payroll software require the option to fetch attendance and leave reports of your employees?

A: Yes, ensure that the accounting software has an integrated online attendance and leave management module to ensure that the data is visible to both systems.

Q: Does the payroll software meant for small and medium businesses require current tax details?

A: Yes, do make sure that your cloud-based payroll management software follows all statutory compliances such as the current tax information of all the states for your employees.

Q: Is the software vendor offering a free demo or a trial period of the payroll software?

A: This will give you a good idea about the software's efficiency and working before you invest in it. You can also check whether the pricing plans are scalable or not to avoid any future inconvenience.

Q: Are there any hidden fees or charges?

A: Check with the customer support of your software vendor whether the payroll system has any hidden charges or fees as these minor details will help you keep a tab on your budget.

Q: Does the payroll software offer regular database backups?

A: Being an official software for processing payroll, it should take regular backups and these must be available at a centralised repository to recover the data in the event of data loss due to natural mishaps, hardware breakdown, etc.

Things to consider with payroll pricing

As a customer, there are tons of options available in the market for payroll software that helps in increasing the overall efficiency of the HR process. Hence, you need to deep dive while selecting the perfect software. Different HR software comes with different pricing based on different sets of features like mobile app, cloud access, reports generation, remote support, etc.

The pricing can be monthly or annual, depending on the vendor or your business. Similarly, there could be multiple categories under subscriptions such as 'Standard', 'Professional', 'Premium' or even 'Free trials' as well. Each category comes with its own unique set of modules suited for different kinds of business. You can check out what Pocket HRMS offers here - Ensure that you use the free trials of our payroll software solution before you buy!

Frequently Asked Questions (FAQs)

What is payroll software?

The payroll system is primarily meant to manage the payroll for all the employees of a company. This includes tracking the time and attendance of employees, calculating arrears and other payroll parameters like PTax, PF, etc as well as generating reports. An Online payroll system even lets your payroll department work on the go.

What does payroll software do?

An effective payroll solution tracks payroll elements like attendance, deductions, LOP (loss of pay), remaining PL (paid leaves), arrears, compensatory amount, PF, employee tax, and similar parameters. The software then calculates the final payment based on these factors and distributes the salaries using preset methods such as bank transfers.

How much does payroll software cost?

There are a few factors that contribute to the costing of HR Payroll software. Popular factors include compliance management, cloud availability, reports generation, remote support, etc. The pricing ranges anywhere from Rs.2499 to Rs.3999 per month based on these features. Some companies provide monthly subscriptions and yearly plans too based on user's requirements, however, these plans could be tailored to suit the individual business needs.

Salient features of the best payroll software in India

There are finite parameters, which make a payroll solution a perfect fit for your organization. Some of the parameters include:

• Cloud availability
• Statutory compliance
• Implementation duration
• Pricing plans
• Customer service
• Mobile App
• Employee self-service

Pocket HRMS is one such all-in-one human capital management solution with a dedicated module for streamlining your payroll process. Check out all the features here!