HR & Payroll Management System Software
In an educational organization, the accounts department performs various activities such as payroll processing, maintaining salary details of every employee, keeping track of deduction, and installment details, etc. Whereas, the establishment section maintains a record of employee's all basic information like personal details (name, address, birth date, etc), service date details (joining date, increment date, etc.), bank details, pay scale, basic, and grade pay, etc.
Accounts and establishment departments work together to calculate leave and leave without pay (LWP) of all employees, and then process the salary. It takes effort, time, and resources to carry out the entire procedure on a monthly basis. HR Payroll Management Software is a highly beneficial solution for organizations or educational institutions struggling with such problems.
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.
It can be further integrated with the Faculty Management System for conducting online staff recruitment procedures. School administrators can manage vacancies, post jobs, filter out eligible candidates as per their merit & eligibility parameters and hire the best one to boost the educational offerings & services. With an inbuilt BI & AI-powered analytics dashboard, the performance of each staff member can be tracked & monitored on a continuous basis- daily/weekly/monthly/yearly. These performance records can prove to be a “fair judgement metrics” during appraisals. All-in-all, it is a comprehensive, tested, and reliable solution for managing faculty & staff and meeting the requirements of the HR department in educational institutions especially the ones running Multi-Academy Trusts (MATs).
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)
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.
Income Tax Calculation
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.
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 Ledger
- 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
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.
FAQ’s on HR and Payroll Management System
A payroll management system is software used to track and manage the pay wages of employees or staff of the office. It is also used to maintain their financial records and fulfill their responsibilities towards government agencies.
For educational institutes, a payroll management system is 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.
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
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
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
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.
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