Features of Human Resource Management System – Benefits of Outsourcing Payroll Services in India
Outsourcing services are increasing widely in India due to various factors. The growing technology, infrastructure and availability of graduate and talented human resources are being the leading factors for many large organizations to choose Payroll Services in India.
The Human Resource Management System involves many elements, which need to be handled carefully. The outsourcing companies in India provide professional services in HR management.
Key Features of Payroll Management System:
Some of the key features of Payroll Management System are:
- Saves and provides complete details of the employees like employee’s profile, employee report, monthly salary report, EPF, ETF report, designation, department and more
- This management system will help maintain the pay slips, pay summaries, pay sheets, salary advancements, deductions, fixed allowances, monthly allowances, overtime calculations, tax report, on pay detailed report, signature sheet, coin analysis and pay the salary to bank account
- HRM systems provide a facility to autofill details and accelerate attendance. It handles the process of payroll and employer contribution
- Guarantees accurate salary processing, statutory contributions of the employer, employee statutory deductions
- Supports with the user-defined production units, including time-based units, production, and attendance
- Enables creating user-defined earnings of the employees and deductions in payment
How do Outsource Payroll Providers Support Large Companies in Human Resource Management?
The payroll outsourcing providers will provide end-to-end administration and payroll processing services. They further help in salary calculation, data consolidation, disbursement, generation of payslip and other activities.
Some of the major services offered by the payroll outsourcing companies are:
- Preparing income tax returns. They provide statutory reports like Form 24Q, Form 16 and Form 27A for income tax return preparation.
- They help in computation of benefits including gratuity, PF, ESI eligibility, superannuation, contributions, labor welfare fund contribution, professional tax and others
- They handle retrospective computation, which include changes in eligibility for wage, wage amount, change in statutes applicability like ESI, PF, tax exemption, professional tax, house rent and more
The payroll outsourcing companies in India further provide employee support, which include:
- Employee help-desk support. Though this support the employees can call the payroll company regarding any queries related to tax returns, payroll and other details
- The payroll companies also provide web-based employee self-services like viewing monthly pay slip, download Form16, investment declaration, tax calculator, Flexi benefits planner, investment details, business reimbursements, and many others
- Email services are provided to further ease the service to employees. Through email services, employees can get queries resolved easily and instantly. This is also a flexible and time saving option
The payroll outsourcing company takes care of processes involved in investment declaration. This process is automated with the help of improved technology. The employees can use the tax calculator and download online investment declaration form easily and instantly.
The tax calculator helps calculating the tax according to the Income tax laws of India or as desired. The changes in laws or tax policies are updated instantly to provide 100% accurate tax information to the employees.