Go to paperless payroll and save Time and Money
As you all know that Automation is very important for an enterprise to save their time. And now-a-days our Global market has shown particularly strong growth for the past few years and is predicted to continue to be one of the fastest growing countries in cloud forecast. In many countries, factoHR is the keystone of an exploding number of startups and is a growing trend in many large organizations small and Medium Enterprises (SMEs) and professionals are leading the adoption of Cloud technology.
It is observed that most small and medium-sized businesses (SMBs) end up spending more time on administrative tasks such as payroll, wages, taxes and deductions than striving to grow their business leading to profitability. Though it may not sound too time-taking, payroll is a time-consuming activity, where resolving small problems and errors may take up a lot of time that often goes unaccounted for. As an old practice, we use Tally, MS Excel, Word etc for maintaining payroll. That results in time consuming and cost increases. So with the arrival of Cloud technology, all the barriers vanish!
factoHR computing is based on the internet. Where in the past, people would run applications or programs from software downloaded on a physical computer or server in their building, cloud computing allows people access the same kinds of applications through the internet. It is a solution growing in popularity, especially amongst SMEs.
factoHR payroll is easy, intelligent and offers an insight into the future of compliance and communication within small businesses. Enterprises can concentrate on their core business and let technology experts deliver results. They just need to pay-for-usage. factoHR Cloud is available without additional investment in IT infrastructure and Annual Maintenance Charges. With flexible payment terms, it’s easy to use the Cloud.
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:
- In the conclusion of the thirty day period or if the company’s yearly payroll cycle finishes, the HR crew will obtain attendance info.
- This info could be in the shape of the bodily register/soft backup that employees signal daily upon entering any office, or it may be a more Biometric type of device.
- Subsequent to the attendance data is collected, the HR staff will go as a result of every single worker’s whole month’s attendance and make a set of all of dates or missing attendance logs.
- This checklist is then going to be delivered to the employee seeking answers/clarification.
- Then afterwards the HR team may also assess their Leave Tracker sheet to support accepted, unapproved/pending or unpaid leaves for that month.
- In the end that data is tested, your final presence record is going to be generated which offers a review of the variety of Current days, Leaves and Unpaid/LOP days (Reduction of Pay).
- Then this report will be employed by the Accounts/Finance group to generate a overview of most workers’ wages divide for that calendar month, as per their wage structure.
- The Accounts group will then forward your final citizenship sheet to your HR crew for management confirmations (if any). This sheet will have alist of all basic details of each and every worker, their gross wages quantity, their deductions (including Reduction of Pay) along with the final net amount.
This above process typically takes anywhere between 6-7 days to complete, because neither the HR nor the Accounts team wants to have any errors or calculation mistakes in the salary figures.
factoHR simplify Complicated Procedure to very Simple and Adaptive process
Based on how complex or simple the payroll processing are, you can utilize factoHR to set up various options/parameters that the online application uses to automate the procedures. For example, you can list your employees from generating exceptional employee code amounts, group them based in their employment status. You can even make employee categories such as Grade, Location, Cost Center, Department and so on to set them based on shared attributes.
Inputs for factoHR
It facilitates auto-updating of leave, presence & calculation of salary components. Managing Employee Information, arrive at times, leaves, onetime obligations etc. are several of the monthly transactional HR actions. Having a very clear summary of the information can be actually a critical citizenship task. With factoHR, you no longer need to have to bother about manually preparing these inputs and passing to the Payroll Processor. HR into Payroll end to end automation can be gained.
Adaptive Payroll Process
factoHR has simplified the citizenship procedure by automatic driven procedure. Like updating employee info, handling employee salary revision, paying arrears, deducting LOP, updating employee PAN number, stop payment information and then perform monthly actions for example processing payroll, generating payroll statements, verifying payroll differences, emailing payslips etc.. Payroll process are in the finger tips as well as the cloud technology made exactly the geographic proximity, a myth. You may get into the software and process, anytime, anywhere.
Preparing Payroll MIS isn’t just a nightmare anymore. Make sure it statements and reports linked to payout, citizenship management, PF, ESI, Profession Tax, Income Tax, loan, reimbursements, leaves or management reports, you can now handle all of them with ease using factoHR.
- All of your employee payroll information is in one place
- You can process payroll in Your Time, out of any device
- Easy collaboration with your accountant for tax preparation functions
- Paperless Revenue helps cut down on paper and waste in the office
- Business prices associated with hardware could be reduced
- Reduces the time your employees spend searching for files
- Securely backs up All Your worker deductions information
- ESS Portal facility
- Ontime Salary slip