how we prepare a abstract for employee payroll management system?

payroll management system employees abstract

The Payroll Management System deals with the financial aspects of employee's salary, allowances, deductions, gross pay, net pay etc. and generation of pay-slips for a specific period.Manage your own Security.Payroll is a method of administering employees' salaries in an organization. The process consists of calculation of employee salaries and tax deductions, administrating employee benefits and payment of salaries. Payroll system can also be called as an accounts activity which commences the salary administration of employees in the organization. Our Payroll Management System is fully integrated with accounts and give’s the benefits of simplified Payroll processing and accounting.

The outstanding benefit of Payroll Management System is its easy implementation. Other advantages of Payroll Management System are its extensive features and reports.

Features
Payroll Management System gives you the power to:
Manage Employee Information Efficiently.
Define the emoluments, deductions, leave etc.
Generate Pay-Slip at the convenience of a mouse click.
Generate and Manage the Payroll Processes according to the Salary Structure assigned to the employee.
Generate all the Reports related to employee, attendance/leave, payroll etc.

BEST PAYROLL MANAGEMENT SYSTEM IN INDIA
Putting Payroll in place is therefore not just necessary but critical to overall functioning of your organization. It's process has a direct and substantial impact on total revenues. Whatever be the nature of business, there is always a fear of incurring severe financial penalties for misfiled taxes due to misplaced or erroneous information. Complex statutory taxation legislations and lack of subject knowledge can make payroll management a cumbersome task.

In manual data processing, errors cannot be controlled and employee and company data can be compromised. If leave and attendance are mismatched, employees can get less or more salary and excess disbursal, posing unnecessary issues. To add to this, physical data entry takes cumbersome hours and toil to create and is susceptible to mishandling.

Can payroll management be a full (fool) proof process?
Can any changes in income tax or statutory bylaws be automatically integrated with my company Payroll?
What about Form 16, Year-end Proof Submission, Income Tax declaration and availability of other necessary reports?
And more such questions are easily addressed with HR Payroll Management System. Our HR Payroll Software is a plug-and-play model, allowing companies to tackle the Payroll bull with horns. It is automated and easily deployable. In conjunction with the Attendance module, HR/Finance can process payroll in no time. With Leave Management System, managers can plan and track shifts and build in effective work implementation. The employees can benefit from accurate overtime calculation and reimbursements. Moreover, with all employee information stored in one place, and on cloud, salary processing is designed to be smooth sailing. With a completely integrated and secure cloud based platform, It enables you to generate payroll reports from anywhere, at any time.

As and when taxation rules and regulations are updated by the Indian government, we not only take the onus of making those changes in our Talent Management Solution for our customers, but communicate the same to all our clients immediately.

PeopleWorks facilitates error free Payroll Management on an intuitive and easy-to-use platform. We have integrated necessary security parameters to ensure that all your employee payroll related data is safe. With our Payroll Management Solution, you can smartly manage employee salaries, paycheck, expense reimbursements, investment proof checks, TDS and exemptions, retirement compensations etc. What more, It helps to pull data from necessary touch points, including Travel and Expense to ensure all data processed is correct.

And that’s because we understand that competitive market scenarios are dynamic and compelling. CXOs and C Suite need focused time for core business strategy, business expansion and innovation and not worry about trivial yet critical payroll processing. We supplement uninterrupted growth for businesses, with smoother functioning and speedier human capital management with our payroll software.

Definition: The administration of the financial record of employees' salaries, wages, bonuses, net pay, and deductions .

An employer, regardless of the number of workers they employ, must maintain all records pertaining to payroll taxes (income tax withholding, Social Security and federal unemployment tax) for at least four years after the tax becomes due or is paid, whichever is later. Altogether, 20 different kinds of employment records must be kept just to satisfy federal requirements.

Income Tax Withholding Records
1. Name, address, and Social Security number of each employee
2. Amount and date of each payment for compensation
3. Amount of wages subject to withholding in each payment
4. Amount of withholding tax collected from each payment
5. Reason that the taxable amount is less than the total payment
6. Statements relating to employees' nonresident alien status
7. Market value and date of noncash compensation
8. Information about payments made under sick-pay plans
9. Withholding exemption certificates
10. Agreements regarding the voluntary withholding of extra cash
11. Dates and payments to employees for non-business services
12. Statements of tips received by employees
13. Requests for different computation of withholding taxes

Social Security (FICA) Tax Records
1. Amount of each payment subject to FICA tax
2. Amount and date of FICA tax collected from each payment
3. Explanation for any difference

Federal Unemployment Tax (FUTA) Records
1. Total amount paid during calendar year
2. Amount subject to unemployment tax
3. Amount of contributions paid into the state unemployment fund
4. Any other information requested on the unemployment tax return

Payroll for a small firm is a simple task with a good one-write system. Any office supply store can show you samples of one-write systems, which most accountants recommend because they reduce errors and save time in making payroll entries.

Payroll management can be quite a challenge for the new business owner. There are many federal and state laws regulating what you have to track related to payroll. Failure to do so could result in heavy fines--or worse.

Many business owners use outside payroll services. These companies guarantee compliance with all the applicable laws. This keeps the business owner out of trouble with the law and saves time that can be devoted to something else in the business. If you choose to do your own payroll, it's recommended that you purchase an automated payroll system. Even if the rest of your books are done manually, an automated payroll system will save you time and help considerably with compliance.

Payroll Management Software
Payroll software Developed by: Panoramic Universal Limited (Formerly known as IT Microsystems (India) Ltd.[ITMIL]) targets specifically the Indian/Foreign firms because it has captured in it all the Payroll processes that a typical HR/Accounts dept. of a small/medium/large sized company follows. Now no need to buy all stationery of the Government forms. The software has incorporated all the forms which the Government of India has made compulsory for the Indian firms to adopt with respect to their employees.

The person operating the Payroll software need not spend days in the hassles that come bundled with the Payroll process. He can bid farewell to the bulky registers and come out of the gloom that used to surround him during the payroll generation. With all the payroll processes categorized, the PUL Payroll software gives a very simple interface to the end user.

The Payroll software starts off from formation of a Company and the branch offices. Then it inputs the Employee related information and in which group company/department he is recruited. Just assign the employee a salary structure and you are ready to generate and manage payroll processes with respect to that employee. Also the end user has the flexibility to create his own salary structures and salary formulae.

The payslip is generated after the attendance is marked for that month. ESIC and PF challans are available at the convenience of a mouse click. The payroll software also manages the Company Holidays and the Bank holidays.

All the reports related to company, employee, attendance/leave, payroll, Government of India forms (Forms 1, 3, 5, 6, 10, 12, 19, etc) are generated. The MIS (Management Information Reports) are also generated by the software which gives the Management a clear picture about the Payroll and Attendance of the Employees.

The software can be configured by the user side to give restricted access to the front desk operator, and complete access to the main HR authorized person.