Payroll Management

A payroll management system is a software that is used to manage all your employee's financial records in a simple and automated fashion. This payroll management system manages employee's salaries, deductions, other conveyance, net pay, bonuses and generation of pay-slips, etc.

ASR Payroll Management 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 working in the educational institution.

The following list depicts the best features offered by MasterSoft education ERP integrated with HR & payroll management system...

Salary Calculation & Processing
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.

Provident Fund (PF)
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.

Income Tax Calculation
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.

Key Advantages Of HR And Payroll Management System Software
With the implementation of Human Resource Management Software, administrators can reap the following benefits...

Faculty Record Maintenance: This school software enables the HR department to keep tab of the personal details, qualifications details, certifications data, etc. No need for the time & efforts-consuming paper records!
End-to-end Payroll Processing: The payroll management system software streamlines end-to-end payroll process & minimizes the workload of staff members.
Quicker Salary Calculation & Payments: Since it works in synchronization with the faculty management system, the salary calculation process becomes automatic, quick, and easy.
Indian Payroll Laws: The payroll system works in compliance with the payroll laws stated by the Government of India.
Enhanced Data Security: Enables institutions to define user roles and provide role-based access to the staff handling payroll system for enhanced data security.
Insightful Payroll & Employee-Related Reports: Various types of insightful payroll & faculty performance-related reports can be generated with just a few clicks.
Reports Generated
The following Payroll Reports can be generated from this module-

Salary Bill Register
Payslip and Salary certificate
Schedules of GPF, PT, Income Tax
LIC list with Policy details
Monthly Installment Report
Abstract of Salary
Bank Statement
Supplementary Bill Register
PF Ledger
PF Loan Sanction Statement
PF Broadsheet
PF Final settlement report
Annual Report for all & individual Employee
Form 16 and Form 24Q
Declaration Form
Selected Single head or Multiple head List
Employee Id card
Selected field of employee
Thus, it minimizes the work hassles of administrative staff, improves compliance, and provides a centralized platform for saving,monitoring, and extracting accurate employee information & reports at any given time.

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