Best HR & Payroll Management System Software For Your Institution!
HR & Payroll Management System
Us Technologies and consultants are in the field of HR operational supports for last 10 years and provide the immaculate professional and responsive customer services in Payroll & Leave Management, Statutory compliances, HR Department Setup and obtaining new & Renew the HR Related licenses under various act of ESI, EPF, PT, Labour, Contract Labour Etc…
Leave Management
Leave Management System Software
Leave is a provision to stay away from work for genuine reasons with prior approval of the authorities. It may or be granted for a casual purpose, planned activity, on medical grounds, or in extraordinary conditions. Leave cannot be claimed as a matter of right. Accordingly, leave rules and norms have been categorized under various heads. Vacation and leave are governed by a set of rules and norms as laid down by the Government of India. Managing leaves of the faculty & staff for the entire year is a tedious process. Efficient leave management software is thus required to simplify the process.
Leave Management System
Leave Management System (LMS) is designed to help the organization to set up employee leave policy & manage their leaves seamlessly. This software enables configuring all types of leaves, including paid leaves, leaves without pay, sick leaves, casual leaves, medical leaves, and much more. In addition to this, the software also helps an employee to check the status of leave, daily attendance record, and can also apply for leave.
Service Book
Service Book
Service book is an essential part of each organization to maintain the personal, professional and financial details of each employee.
Main activities related with Service book are:
Personal:
In HRM software, employee service book maintain by filling the personal details of all employee. Family details can maintain to utilize for further information like: benefit for Medical treatment, Children Education Allowance, Leave travel concession etc.
The information of Employee nominee for his PF, LIC can be maintained. We can maintain all kinds of qualification details, department level exam, miscellaneous information, matter & award details for entire service of employee.
Professional:
Here user can maintain professional details like Previous Experience, Administrative responsibility, Posting Details of employee, Publication details, any Invited talk, Training & Course attended & conducted etc.
Financial Details:
This module is helpful to maintain financial information like Loan & advance taken by employee details, their Pay revision & Promotion, Increment & Termination details etc.
Shift Management
Shift Management
Shift Management is a part of establishment module used to manage the different types of shifts & help the organization to plan and schedule employee shifts without any complication. Here we can calculate total absent & payable days on monthly basis according to applied shifts, which will use during salary calculation.
Shift management software is beneficial for the organization where different shifts are in use especially for night shift & double duty which continue to next day.
In an organization, by considering no of employees, admin can create group of staff under an Incharge who will take care of allotting shift to an employee on weekly or monthly basis. Employee can apply for compensatory off against working on holidays and double duty according to rules of the organization.
Reports generated are,
- Shift timing report
- Shift allocation summary report
- Staff allocation report
What Is Payroll Management System?
A payroll management system is a software that is used to manage all your employee’s financial records in a simple and automated fashion. This payroll management system manages employee’s salaries, deductions, other conveyance, net pay, bonuses and generation of pay-slips, etc.
MasterSoft HR & Payroll Management Software eases the hassles of managing vast amounts of data by making the employee or faculty management & payroll processing easier. This human resource management software streamlines all the payroll-related operations and enables the administrator to pay on-time & accurate amounts of salary to all the employees working in the educational institution.
Features Of HR & Payroll Management System
The following list depicts the best features offered by MasterSoft education ERP integrated with HR & payroll management system…
Salary Calculation & Processing
With the human resource management software, users can define 15 Earning & 20 Deduction heads which are bifurcated in fixed and calculative heads like HRA, DA, TA, CLA, PT, PF etc. Users can set earning & deduction rules for them. Here users can create different rule combinations for employees having fifth pay, sixth pay & seventh pay etc.
For salary processing as a prerequisite, users have to enter deductions for different LIC’s, advance from salary, increment entry of eligible employees and attendance history that can be extracted via attendance monitoring system. Then according to rules and defined prerequisites, salary is calculated for all employees.
In addition to the regular salary bill, a supplementary bill can be prepared for the payment of Arrears, Consultancy, and Bonus, etc. The system provides an entry part for the preparation of these types of bills. Users can mention a remark to include this bill for the calculation of income tax.
Provident Fund (PF)
Provident Fund is a government-managed retirement savings scheme for employees, who can contribute a part of their savings towards their pension fund, every month. These monthly savings get accumulated every month and can be accessed as a lump sum amount at the time of retirement, or end of employment
Deduction of different PF are made from the salary bill and automatically transferred into the PF account of employees. With the interest calculation option, users can define the interest rate. For PF ledger, organization contribution is credited to employee’s ledger every month.
Employees’ Provident Fund Organisation has a vision to reposition itself as a world class Social Security Organisation providing futuristic services meeting the growing requirements of all categories of its stakeholders. EPFO Vision 2030 envisages
Income Tax Calculation
The Ministry of Finance in its Union Budget 2020 has given a new tax regime along with the existing one. It’s up to the taxpayers to choose which tax regime they will follow.
Monthly deduction of income tax through salary bill is used for the income tax computation. The process starts with the declaration of income and deductions made by the employee apart from his salary. For income declaration, an employee has to submit an income declaration form. Then the account section verifies it. This entry will be issued for the preparation of form no. 16.
Income Tax can be calculated at the start of the year with a proposed salary calculation option. So that employee can get a rough idea of his income tax payable. This will help employees for his tax planning. The calculated income tax amount is transferred to the IT head and it is deducted every month for the current financial year.
Key Advantages Of HR And Payroll Management System Software
With the implementation of Human Resource Management Software, administrators can reap the following benefits…
- Faculty Record Maintenance: This school software enables the HR department to keep tab of the personal details, qualifications details, certifications data, etc. No need for the time & efforts-consuming paper records!
- End-to-end Payroll Processing: The payroll management system software streamlines end-to-end payroll process & minimizes the workload of staff members.
- Quicker Salary Calculation & Payments: Since it works in synchronization with the faculty management system, the salary calculation process becomes automatic, quick, and easy.
- Indian Payroll Laws: The payroll system works in compliance with the payroll laws stated by the Government of India.
- Enhanced Data Security: Enables institutions to define user roles and provide role-based access to the staff handling payroll system for enhanced data security.
- Insightful Payroll & Employee-Related Reports: Various types of insightful payroll & faculty performance-related reports can be generated with just a few clicks.
Thus, it minimizes the work hassles of administrative staff, improves compliance, and provides a centralized platform for saving,monitoring, and extracting accurate employee information & reports at any given time.
Reports Generated
The following Payroll Reports can be generated from this module-
- Salary Bill Register
- Payslip and Salary certificate
- Schedules of GPF, PT, Income Tax
- LIC list with Policy details
- Monthly Installment Report
- Abstract of Salary
- Bank Statement
- Supplementary Bill Register
- PF Ledge
- PF Loan Sanction Statement
- PF Broadsheet
- PF Final settlement report
- Annual Report for all & individual Employee
- Form 16 and Form 24Q
- Declaration Form
- Selected Single head or Multiple head List
- Employee Id card
- Selected field of employee
FAQ’s On HR And Payroll Management System
What Is A Payroll Management System?
A payroll management system is educational ERP software that can be used to automate & manage all the payroll-related activities for faculty & staff members of an institution. Right from managing staff’s salary, deductions, pay-slip generation to loans - the payroll management system takes care of everything.
How Do I Implement A Payroll Management System?
You need to follow the given steps for ensuring the successful implementation of a payroll management system in your institution.
- Search for a reputed & trusted ERP vendor
- Discuss your expectations & requirements for the payroll and HR system
- The payroll system must be configurable to accommodate your needs
- Arrange a demo of the payroll software & train your staff members
- Go live with the payroll system
What Are The Essential Features Of The Payroll Management System?
The following list depicts the essential features of the payroll management system.
- Automated payroll-related activities management
- Automated attendance calculation & deductions
- Auto salary calculation & pay-slip generation
- Tax calculation & filing of returns
- Automated accounting
- Accurate MIS reports generation
What Are The Functions Of The Payroll Management System?
The key functions of the payroll management system include the following-
- Compensation structuring
- Defining leaves & deductions
- Salary calculation & processing
- Managing payroll taxes
- Filing of returns
- Pay-slips & reports generation
How To Select The Best Payroll Management Software?
The payroll management software must be cost-effective yet must cover all the key features required for the successful calculation of payroll. It should be configurable so that you can define deductions, leave, and other rules for auto-calculation of payroll. Most importantly, the payroll management system must have greater security to keep your staff’s data safe.
What Are The Benefits Of A Payroll Management System?
The following list depicts the best benefits of a payroll management system.-
- Automation of payroll-related activities
- Error-free calculations
- Cost-effective & time-saving tool
- Complete data security
- Salary calculation
- Pay-slip generation