Payroll Software

Payroll software in India streamlines the process of calculating employee salaries and payroll by considering the regulatory norms regarding employee compensation and disbursing it to the staff on time. Apart from the local and national laws related to employee salary, the payroll system also considers several factors while calculating employee salary such as, their working hours, leaves taken and their types, statutory deductions, tax liabilities, bonuses, provident fund, gratuity, etc.

Since automated payroll management system require little to no intervention once everything is set up, they can process payroll with 100% accuracy, as there is no margin of human error. Additionally, the HRs can process their employee payroll within a few clicks, making the entire payroll process highly optimized and efficient.

The basic purpose of payroll software is to streamline the employee payroll process from salary calculations to its disbursal to pay employees. It captures the employees’ attendance data and computes their working hours, adds the required bonuses, and removes the statutory deductions to calculate their salary for each salary cycle.

Once the payment details are calculated accurately, the software also manages the process of generating the payslip and other financial regulations and distributing the salaries to the employees through the chosen mode of salary disbursal. By automating all these functions, the HR team can reallocate their time and effort into strategizing, budgeting, planning and other creative pursuits that improve employee engagement and employer branding.

Following are the significant benefits of deploying automated payroll software:

Easy Custom Reporting

Pocket HRMS facilitates custom reporting. It is incredibly intuitive, with simplified options to set individual report parameters and date ranges and download the reports in any required format. Additionally, you can define custom reports based on the commonly downloaded reports and save them as handy templates. Our robust payroll software, also allows you to generate accurate payroll reports, such as monthly pay slips, expense management reports, or leave reports of any employee, effortlessly.

Improved Efficiency

Since every aspect of the Pocket HRMS payroll and attendance management software system is automated, you will save a lot of time. You do not have to enter the information for every cycle manually. You set it up once and let the software handle the rest. It improves the overall efficiency of the HR department as they need not say on top of the statutory laws as it is managed automatically by our cloud-based payroll management system.

Online Payroll Process

The online functionality of our cloud payroll system makes it an easy pick for any business. Online payroll software allows the HR manager to digitally collect employees’ time and attendance details and maintain accurate data for payroll. It also provides quick salary disbursal with pay slips generation for flexible working and easy financial management, making Pocket HRMS the most accessible tool for the HR department.

Improved Compliance

Compliance refers to the legal framework your business must adhere to. As an employer, you are required to maintain various payroll and payment records of your employees under tax laws. Every organisation that hires employees and pays salaries must comply with labour laws. You can automatically comply with India’s employment, income tax declarations and labour laws with an automated payroll process.

The best payroll software should free the HR and accounts team from all worries related to the manual payroll processing of the employees. It should automate the numerous tasks related to salary processing such as collating monthly input, adding statutory bonuses, removing regulatory and tax deductions, etc.

To streamline these payroll activities further, your payroll software solution should have the following features:

• Integrate with leave and attendance software or module

• Generate statutory and custom payroll reports

• Provide employee self-service options

• Automate statutory compliance

• Provide 27/4 remote accessibility

• Deliver advanced data security features

• Automate payslip generation and delivery

• Provide customizable salary components.

The top 5 payroll software in India are:

Pocket HRMS

Pocket HRMS is a hire-to-retire AI-based cloud HR and payroll software that utilizes advanced technologies like artificial intelligence and machine learning to provide both HR and finance teams with a seamless payroll processing experience. Being a cloud solution, Pocket HRMS is an HR payroll software that is highly flexible, scalable, and secure, while providing new avenues for enhanced employee engagement with accurate on-time payments.

sumHR

sumHR is a versatile HR solution for digitizing the HR operations of an organization. It provides an easy option to manage the employees of any company with intuitive interfaces and simple-to-use self-service options. It also provides automated reporting, customizable employee data and fields, flexible approval workflows and more.

PeopleApex

PeopleApex is a global HR Software, which provides HR automation to organizations while ensuring employee satisfaction, engagement and data security. They also provide intelligent dashboards that provide an overview of HR tasks. It can also be integrated with existing IT systems for easy implementation.

Saral PayPack

Saral Paypack is a complete payroll solution that can undertake all tasks from ‘punch to payslip’ generation. Being an online system, it is highly customizable and flexible, with added security features. It also automates the payroll processes, compliance management and salary management, streamlining the entire process.

Akrivia HCM

Akrivia HCM is an enterprise HR software that provides multiple modules such as payroll and expenses, a performance management suite, learning suite, talent suite, and engagement suite for taking care of all employee management tasks in an organization. It provides several integration options to enhance its usability too.

Depending on the functionalities of payroll services and the number of employees in your organization, the payroll software cost can vary greatly. However, Pocket HRMS understands that no two companies have the same payroll structure and hence, we have highly customizable pocket-friendly plans. You can check out our scalable, transparent & simplified plans for every budget on our Pricing page. We have categorized the plans into Standard, Professional, and Premium, to enable you to select the one which suits your company requirements.

Alternatively, if you wish to tailor the system to your company’s specific requirements, Contact Us to discuss custom pricing plans tailor-made for you. Choosing a customized plan will ensure that you enjoy the advanced features of the system that are catered to your company’s requirements while avoiding the ones which you do not require. It provides you with the best cost-effective option while providing additional personalization options for your business.

Pocket HRMS payroll software provides a multitude of avenues for saving expenses. The automation provided in salary operations saves the time and effort required for payroll calculations. It helps maintain your statutory compliance claims and compliances so you can concentrate on other aspects of your business such as expense management. Due to automated compliances, you avoid the risk of being fined for failing to abide by any regulatory requirements.

Being a cloud-based payroll system software, it is maintained and updated by us, resulting in additional cost savings. Hence, Pocket HRMS is especially beneficial for small businesses with fewer personnel and limited resources yet need to undertake payroll tasks. With Pocket HRMS, you can also avoid the cost of deploying and maintaining the necessary hardware as it runs on cloud architecture.

The major differentiating factor which makes Pocket HRMS payroll different from the other payroll software is that it comes with the ‘smHRt Payroll’ feature, which employs Machine Learning to understand your payroll patterns and highlight errors to manage payroll well. As a result, Pocket HRMS payroll enables you to complete your company’s payroll processing in 3 simple steps.

Our advanced system enables you to define the right payroll software configuration, required pre-checks, and process the salary within no time. The ‘smHRt’ system can even detect any anomalies in the payroll data and highlight them for accurate on-time salary disbursals.

Pocket HRMS Payroll also helps automate custom payslip generation as well provides easy access to customizable reporting. Additionally, our software enables you to upload the attendance data from your employee records using proprietary biometric module and calculate employee salary based on it. Pocket HRMS payroll also provides you with a handy overview of each month’s payroll data as well as state-wise statutory compliance details for easier payroll processing.

Following are the two most common types of payroll management software:

On-premises:

These solutions are developed, updated, and maintained by the in-house IT team of an organisation. The company has complete control over existing software and can tweak it as per its wishes.

Generally, on-premises systems are costly to maintain as they incur heavy maintenance and management expenditures. It also needs to be constantly updated with the latest legal and financial regulations too.

Cloud-based:

These solutions are also called Software-As-A-Service or SaaS solutions. Pocket HRMS is a SaaS-based solution as it is developed and hosted on Microsoft Azure cloud architecture. Hence, it is easy to use as the users can access their data anytime from anywhere using any connected device.

Since we maintain the data and systems, we take additional precautions to safeguard our user data with military-grade encryption and secure user access control. You can pay an annual or monthly fee to enjoy this fantastic software’s features. We can even customise it with user-specific requirements to ensure maximum utilisation.

There are several distinguishing main features of payroll software, which make them ideal for processing payments for employee benefits and payroll, such as:

• Calculating error-free payroll quickly with minimal inputs

• Generating customized payslips automatically

• Providing tailor-made reports

• Intuitive user interface

• Access via mobile apps

• Provide multiple employee self-service options

• Multiple salary disbursal options

• Automating compliance management

Multiple new trends are emerging in the HR and payroll domain, which provides HR teams with additional avenues to improve the entire global payroll and process for employees. Some of the most popular ones include:

Enhanced Automation

With enhanced automation, companies are concentrating on designing and deploying automated payroll systems that streamline even simple tasks related to managing payroll and employee development. For example, modern payroll systems like Pocket HRMS provide handy templates for statutory report generation, which makes the workforce management process very simple.

Automated Compliances

Since every state in India has its regulation related to employment and salary management, your payroll software should be compatible with both the State and Central Government’s statutory stipulations. It helps your company avoid any legal hassles which usually arise due to employee-employer conflict.

Improved Insights

Another modern trend in payroll software is the use of artificial intelligence and machine learning to infer meaningful insights from the available payroll data. As a result, it enables you to cut costs wherever required and reallocate the financial resources to reward your staff.

Direct Bank Deposits

Modern payroll solutions also provide the option to directly deposit the salary amount into the employees’ salary accounts. Such convenience helps avoid repeatedly generating salary deposit spreadsheets for each bank, every salary cycle.

Increased Personalization

Another emerging trend in the cloud-based payroll software solutions domain is the increasing use of personalization to provide a premium experience to employees. With the increasing usage of smartphones with fast internet connectivity, companies can develop mobile apps which can be personalized to suit the employee requirements.