A CompuPayroll is a software that is used to manage all your employee's financial records in a simple and automated fashion. This payroll Software manages employee's salaries, deductions, other conveyance, net pay, bonuses and generation of pay-slips, etc.
CompuPayroll Software eases the hassles of managing vast amounts of data by making the employee or faculty management & payroll processing easier. This human resource management software streamlines all the payroll-related operations and enables the administrator to pay on-time & accurate amounts of salary to all the employees.
The following list depicts the best features offered by CompuPayroll it is all about payroll management system...
With the human resource management software, users can define 15 Earning & 20 Deduction heads which are bifurcated in fixed and calculative heads like HRA, DA, TA, CLA, PT, PF etc. Users can set earning & deduction rules for them. Here users can create different rule combinations for employees having fifth pay, sixth pay & seventh pay etc.
For salary processing as a prerequisite, users have to enter deductions for different LIC's, advance from salary, increment entry of eligible employees and attendance history that can be extracted via attendance monitoring system. Then according to rules and defined prerequisites, salary is calculated for all employees.
In addition to the regular salary bill, a supplementary bill can be prepared for the payment of Arrears, Consultancy, and Bonus, etc. The system provides an entry part for the preparation of these types of bills. Users can mention a remark to include this bill for the calculation of income tax.
Deduction of different PF are made from the salary bill and automatically transferred into the PF account of employees. With the interest calculation option, users can define the interest rate. For PF ledger, organization contribution is credited to employee’s ledger every month.
Monthly deduction of income tax through salary bill is used for the income tax computation. The process starts with the declaration of income and deductions made by the employee apart from his salary. For income declaration, an employee has to submit an income declaration form. Then the account section verifies it. This entry will be issued for the preparation of form no. 16.
Income Tax can be calculated at the start of the year with a proposed salary calculation option. So that employee can get a rough idea of his income tax payable. This will help employees for his tax planning. The calculated income tax amount is transferred to the IT head and it is deducted every month for the current financial year.