Have you been wondering how PionHR handles the payroll process? Here’s a better check out the payroll process steps supported the tactic you select on the appliance.
On PionHR, two options are available to you: Quick Process (fully automated) and Process Payroll (step-by-step processing supported by a comprehensive checklist).
Payroll process steps:
First things first, the previous month’s payroll has got to be locked. this is often a one-click activity. It ensures that the payroll for the previous month doesn’t get processed again. Once this is often done, you’re able to create the payroll for the present month.
Before the payroll for the present month is often processed, a variety of inputs got to be factored in. These include:
- new joiners and resignee inputs
- deduction and increment inputs
- attendance inputs
- leave inputs (OT, LOP deductions, etc.)
- reimbursement and LTA claims
- tax, and
That is, multiple inputs got to be updated before payroll processing is often done.
Additionally, transactions that will affect the payroll happen throughout the month. All such data must be tracked and factored in without missing one beat if the payroll is to be accurate. This takes up a big amount of your time and energy if handled manually or with an inferior tool.
On PionHR, all the various payroll inputs are collected during a central location, making it easy for you to access each of them. Also, Payroll Outsourcing Gurgaon’s leave, attendance, and expense management modules are seamlessly integrated with its payroll module. this suggests updates to every of the payroll inputs flow into the payroll system in real-time, without the necessity for any additional effort. In other words, information regarding the month’s leave, attendance, and expense transactions is already available on the tool and wish not to be entered individually. This automation and integration eliminate redundant work, saving time and energy.
For other inputs, like salary revisions, simply enter the revised CTC, and therefore the system generates the CTC breakup for you. The revision percentage is additionally automatically generated and displayed. This information enables you to tell your employees about the accurate percentage of the hike that they need to receive.
Without this provision, you’d got to perform a variety of steps before an accurate payroll, supported by the revised salaries, is often unrolled. These include creating a salary breakup manually, entering an equivalent into Excel, and communicating the knowledge to employees one by one in a confidential manner. The revision percentage too has got to be calculated manually.
‘Arrears’ refers to the quantity to be paid to an employee at a date later than when it had been due. This amount accrues from the date of the primary missed payment till the particular payout is formed. Arrears usually cause a substantial amount of distress for the personnel involved. this is often because the probabilities of missing out on data are high, which can cause delayed payments and disgruntled employees.
Arrears are often handled with ease on PionHR. Appraisal season may be a time when the necessity for arrears commonly arises. during this case, one simply must enter three simple data points:
- the revised annual CTC
- the month from which it’s effective, and
- the month during which the payout of arrears is to be made.
This leads to the automated payment of arrears to the worker within the relevant month. another convenience available to you here is that the display of previous appraisal details on an equivalent screen.
Hold Salary vs. Stop Salary
Also, PionHR allows you to carry Salary Payout or Stop Salary Processing for individual employees. These functions are commonly utilized in cases where the workers are serving their notice period, absconding or on maternity leave, etc.
Opting for Hold Salary Payout implies payroll processing is going to be completed for the chosen employee also because the requisite statutory deductions are going to be made. However, his/ her name won’t be included in the bank transfer statement. That is, payout alone are going to be stopped. this feature is usually used for workers who are on notice period, those whose checking account details aren’t available yet, etc. the choice to prevent Salary Processing, on the opposite hand, enables you to altogether stop processing payroll for an employee.
Process Payroll method vs. Quick Process method
Now, you’re able to actually process the payroll. While the fast Process method allows you to perform the task with one click, the method Payroll method provides you with a payroll checklist first. Before the HR payroll process is executed, the checklist guarantees that no stages are missing, ensuring that your paycheck is 100% accurate. Once all checklist items are addressed, one-click makes it possible to run the HR payroll process.
After payroll processing has been completed with our one-click Quick Process or the great Process Payroll method, it’s time to form the particular payout, generate payslips for your employees also as reports for statutory purposes.
Before you start these tasks, PionHR allows you to verify your payroll. this is often made possible through the fast Salary Statement option that displays the breakup of your monthly payroll. This can be downloaded, exported to Excel, or viewed using filters, as desired. you’ll also view the Payroll Reconciliation Report, which compares your previous month’s payroll thereupon of the present month.
Bank transfer and payout
For banks to form the payout to employees, the bank transfer statement must be generated and uploaded during a specified and downloadable format. pioneer, with the supply to get the bank transfer statement in only such a format, saves you easily over a day’s work. All you would like to try to do is select your bank and therefore the task is completed for you.
Payslip generation and distribution
The monthly task of generating payslips is handled smoothly by PionHR. You did not get to use MS Office: for payslip generation, verification, followed by conversion to the .pdf format, and, finally, their distribution to individual employees. PionHR’s Employee Self-Service (ESS) interface allows you to send out pay stubs in bulk or publish them online. Employees can then access, download, and print their own pay stubs as needed.
Adhering to statutory compliance may be a major concern within the Indian market, with its constantly evolving legal landscape. pioneer involves your rescue here also. It provides you with numerous pre-defined reports to assist you to meet your statutory requirements.
Easy to find out and straightforward to use, PionHR’s payroll management module offers you 100% accuracy, huge time savings, satisfied employees, and – ultimately – peace of mind.