Payroll

Konvert_hr basically offers three packages for subscription with various add-on features in each of them. The pricing page on the website will give you a complete picture of the costs with respect to the features you would like to opt for.

Payroll Management System works on these basic principles.

• Gather employee information using biometrics.
• Maintain employee records and data.
• Establish the payroll processes.
• Deliver employee pay to the bank.
• Generate the pay slips.
• Collect the statistics.

All of these details assist the business in processing payments or transferring the salaries to the employees. Payroll system software makes business processes simple and easy.

There are three major stages and eight steps for processing payroll. They are Pre-Payroll activities, Actual payroll process, and post-payroll process.

• Pre-Payroll activities:
  1. Defining payroll policy
  2. Gathering inputs
  3. Input validation
• Actual payroll process:
  1. Payroll calculation
• Post-payroll process:
  1. Statutory compliance
  2. Payroll accounting
  3. Payout
  4. Reporting

The main purpose of payroll management software is to automate and manage payroll effectively and efficiently. It includes automatic calculation of deductions for withholdings, such as taxes, retirement, and insurance, then processes payroll. It identifies errors easily while keeping the information organized and automating mundane tasks. As a result, it simplifies the payroll process and saves time and effort significantly. This allows the HRs to focus on becoming strategic HR.

Features of Payroll Processing Software are:

• Employee Self-Service
• Payroll processing and management
• Direct Deposit
• High-level of security
• Compliance Management
• Reporting
• Tax Filing Service
• Compensation Management

Payroll management software helps streamline and simplify payroll processes for the organization. Right from easy salary disbursal and hassle-free calculations to seamlessly ensuring tax and compliance management, payroll software has several key benefits. A few of them are listed below:

• Security
• Compliance
• Transparency
• Time-saver
• Ability to manage payroll across multiple countries
• Reduces errors
• Reliability

There are four types of payrolls. The critical distinction is in how they are installed and handled, so they need to be evaluated and pick the one that suits the best for your organization.

1. In-House Payroll: It is an approach that a business can implement with less staff.
2. Bookkeepers/CPA managed payroll: This might be outsourced to a bookkeeper if specialized expertise is lacking. Bookkeepers and Certified Public Accountants (CPAs) are hired to manage the payroll process.
3. Agency managed payroll: A payroll service company can be hired whose responsibility is to process payroll for the entire organization.
4. Software managed payroll: Although these are not extensively used, software-managed payroll is progressively gaining ground. Managing payroll using a wide range of online software and services without enduring the time-consuming process of performing any calculations.