Simple and Fast HR and Payroll process can improve significant throughput of HR department
In this technological era where critical business functions are moving away from paper processes of the past, it’s time to move to the paperless one click payroll process, which is both cost-effective and time-saving. An efficient online payroll process solution can help streamline processes and decrease payroll costs. From the management point of view, it minimizes the cost with maximum productivity(as manpower cost decreases)
Now, what is the Pain areas that HR manager faces?
If you are not using web base comprehensive payroll solution then it works something like this:
- At the end of the month or whenever the company’s monthly payroll cycle ends, the HR team will collect attendance data.
- This data may be in the form of a physical register /soft copy which employees sign every day upon entering the office, or it may be a Biometric type of device.
- After the attendance data is collected, the HR team will go through each employee’s entire month’s attendance and create a list of all dates or missing attendance logs.
- This list will then be sent to the employee seeking answers/clarification.
- Then after, the HR team will also check their Leave Tracker sheet to confirm about approved, unapproved/pending or unpaid leaves for that month.
- After all this data is analyzed, a final attendance report will be generated which provides a summary of the number of Present days, Leaves and Unpaid/LOP days (Loss of Pay).
- Then this report will be used by the Accounts/Finance team to create a summary of all employees’ CTC breakup for that month, as per their salary structure.
- The Accounts team will then forward a final payroll sheet to the HR team for management confirmations (if any). This sheet will have a list of all basic details of each employee, their gross salary amount, their deductions (including Loss of Pay) and the final net amount
- Once there’s a final go-ahead from the HR team, a bank format sheet will be prepared by the Accounts team so that the company’s bank can be officially notified of transferring the required net salary in each employee’s bank account.
This above process typically takes anywhere between 4-5 days to complete, because neither the HR nor the Accounts team wants to have any errors or calculation mistakes in the salary figures.Our Version Systems main motto is to Simplify Human life, so from above complex process we simplify it to very easy and flexible process as below:-Go for paperless payroll and save Time and Money
1.Setup Payroll – Based on how simple or complex your payroll processes are, you can use factoHR to set various options/parameters that the online application uses to automate the processes. For example, you can list your employees by generating unique employee code numbers, group them based on their employee’s status. You can even create employee categories such as Grade, Location, Cost Center, Department etc to group them based on common attributes.
2.Inputs for factoHR– It facilitates auto-updating of leave, attendance & calculation of salary components. Managing Employee Information, arrive at payable days, leaves, one-time payments etc. are some of the monthly transnational HR tasks. Having a clear overview of this information is a crucial payroll task. With factoHR, you no need to worry about manually preparing these inputs and passing to the Payroll Processor. HR to Payroll end to end automation can be achieved.
3. Flexible Payroll Process – factoHR has simplified the payroll process by automatic driven process. Like updating employee info, handling employee salary revision, paying arrears, deducting LOP, updating employee PAN number, stop payment information and then perform monthly actions like processing payroll, generating payroll statements, verifying payroll differences, emailing payslips etc. Payroll process is at your fingertips and the cloud technology made the geographical proximity, a myth. You can access the software and process, anytime, anywhere.
4.MIS – Preparing Payroll MIS is not a nightmare anymore. Statutory Reports and Statements are an integral part of your payroll tasks. Be it reports and statements related to payout, payroll control, PF, ESI, Profession Tax, Income Tax, loan, reimbursements, leaves or management reports, you can now handle them all with ease using factoHR.
One Click Payroll Process Benefits to the Employer
- All of your employee payroll data is in one place.
- You can process payroll on your own time, from any device
- Easy collaboration with your accountant for tax preparation purposes
- Paperless payroll helps cut down on paper and waste in the office
- Business costs associated with hardware can be reduced
- Reduces the time your employees spend searching for documents
- Securely backs up all of your employee payroll data
One Click Payroll Process Benefits to the Employee
- No more waiting in line at the bank to deposit their paycheck
- Funds are immediately available on the pay date
- No more worries about lost or stolen paychecks
- Fewer payroll mistakes.
These and many other user-friendly features form the USP of factoHR which ensure speed, efficiency, and cost -effectiveness of your payroll process. We provide an easier and more efficient way to handle your company’s payroll and employment-related taxes, and best of all – it’s paperless and one-click shot reports.