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Why factoHR is the most trending payroll software of 2018

one month ago

What exactly is Payroll Software?

Processing payroll can be a tedious job for any business, as calculating routine salaries to taxes of employees is a headache. The frustration for handling these tasks can be avoided by implementing an automated payroll software for your business organization. Most of the HR technology and specialized companies of Payroll, often sells this software as an on-premise system. Sometimes it is also included with the HR Module.

As we all know that, the on-premise system needs infrastructure and huge investment, but the solution to it is “Cloud-Based Payroll Software”. It does not require any infrastructure or a huge investment. Cloud-based payroll software is an online software which can be accessed from anywhere, anytime.factoHR is one such HR and Payroll solution which provides cloud-based Payroll salary Software.

It significantly speeds the process, reduces error and enables HR department to pay more easily and quickly as compared to paper-based Payroll or on-premise system.

Payroll software is the automatic process of paying salaries to contingent (Freelancers), hourly and monthly salaried persons. It is a type of software that helps HR department in compensating employees for the work done. It also helps you in calculating salaries based on hours logged in time and online attendance system, and after that, it draws salaries or direct deposit funds to employee’s account. Along with that required deductions and taxes are also calculated.

How to choose Payroll Software? Let’s learn with 4 easy steps.!

1. Understand your Payroll Cycle and choose best software provider for your company.

To decide the payroll cycle/payment schedule is the primary responsibilities of the HR department. So, keeping your different requirements/choices in mind, factoHR provides you five essential pay schedules which are as follow:

– Monthly: If you have employees who are paid on a monthly basis then, you can select that pay schedule. Here you have to pay 12 times per year to your employees.

– Semi-Monthly: If you have employees who are paid twice a month then you can select this pay schedule. Here you have to pay 24 times per year to your employees.

– Bi-Weekly: If you have employees who are paid after every two weeks then, you can select this pay schedule. Here you have to pay 26 times per year to your employees.

– Weekly: If you have employees who are paid on every week then,  you can select this pay schedule. Here you have to pay 52 times per year to your employees.

– Daily: If you have employees who are paid on a daily basis then, you can select this pay schedule. Here you have to pay 365/366 times per year to your employees.

To select the correct Payroll Software based on pay schedule will help you in paying your employees on a timely basis.

2. Verify Leave, Attendance, Performance and Travel Expenses.

After selecting the payroll cycle/pay schedule, you have to check that whether your payroll system is integrated with the basic details of employees, Leave Management, Attendance Management, Performance Management and Travel Expenses Management. factoHR provides you fully automatic and integrated Payroll System which has proven to be the best HR software for efficiently executing hr’s duties and responsibilities. At the time of enrollment only you have to add all the details of the employees in the system. After that when you have to process the payroll, all the information like the performance of employees, travel expense, attendance and leave will be fetched automatically and you have to verify the details to process payroll.

3. Managing statutory compliance.

Statutory compliance is the legal framework, where most of the organization’s time and money are being spent on ensuring the laws. It is necessary to manage all the statutory compliance of employees like Minimum Wage, Income Tax, Provident Fund, ESIC, Gratuity and Professional Tax of the employees at the time of payroll process.

– Minimum Wages: By configuring minimum wage with your CTC and linking it with your payroll, reduces the problem of penalty at the time of the statutory audit.

– Income Tax: At the time of Payroll, calculating income tax and auto deduction of TDS becomes easy through Payroll Software.

– Provident Fund: Payroll software helps you with calculating PF for employees at the time of Payment and also generates the ECR Challan automatically.

– ESIC: It is a health care benefit given to all the employees.

– Gratuity: Gratuity is the retirement benefit provided by the government after the completion of five years in the same company.

– Professional Tax: At the time of Payroll process, calculating PT according to the salary slab and state of every employee, reduces the penalty of corporation tax.

If you are doing all the calculations through paper-based or a payroll system which is not fully automated then, it will be too tedious work with a lot of errors. factoHR provides you with the integrated Payroll system which calculates all the statutory compliance automatically along with payroll process.

4. Ensure your Payroll Service.

When you are using any software, you will be getting some updates at some interval, which shows that they are updating their application as per requirement and for the ease of their clients/customers. If you are using on-premise payroll software, updates in laws or employee self-service will not be provided to you. While in cloud-based payroll software, you will get employee self-service which ensure them for their regular and proper pay. The cloud-based software automatically update their laws when required which helps you in the appropriate deduction of taxes.

factoHR is one such Payroll and HR solution which provides you with a cloud-based payroll software at an affordable price with a lot of features and the best customer service. Click to Download, e-Book on 4 Reasons to choose factoHR

For any queries please contacts us at +91 782 000 3100 or mail us at [email protected]

Ways payroll software can improve your business!

5 months ago

Payroll Software

Are you aware of how payroll software can improve the performance of your company?

Read further to understand how payroll software can help your business.

Startup business and other communities are growing rapidly in India. As growth in business increases, responsibilities towards employees also increases. With the growing business, the administration of the HR record of employees’ salaries, wages, bonuses, net pay, and deductions becomes difficult. To calculate salary of every employee is a time-consuming and tedious task in rapidly growing companies. In this situation, Payroll software can play a major role to reduce your burden. With the help of a software, all unproductive activity can be managed easily so that you can focus on core business functions.

Here’s everything you need to know about payroll software provided by factoHR

1. HRMS

For any company maintaining employee’s updated information is important and required for statutory compliance. factoHR provides powerful and flexible HRMS module where you can store and get employees all and latest information from a single place.

A Human Resources Management System (HRMS) is a software application that combines many human resources functions, including benefits administration, recruiting, payroll and training, and performance analysis and review into one package. factoHR is one such HR software providing end to end HRMS solution starting from onboarding process to performance management of an employee.

2. Salary generation

Salary generation or payroll processing is a most important task for any company. As payroll is a complex process which requires coordination from multiple departments. One error in payroll processing can cost money and reduce employees trust on the company. Many times error-prone payroll becomes one of the reasons for employee’s high turnover.

To tackle this challenge factoHR comes with all integrated payroll module. Where all the data required for payroll processing like attendance data, leave data, salary data will automatically be prepared from the various module. So you can process payroll quickly.

factoHR also comes with three-step payroll process wizard. Where system will track your completed process and guide you through the next process. It increases your accuracy and confidence in payroll processing. It also generates salary considering all the configured earning, statutory deductions like PF, PT, ESIC and loan principal/interest components.

3. Attendance

It is a known fact that during month-end, the HR representative who takes care of recording and collating the month’s attendance for payroll is the busiest and becomes the most important person in the whole organization. At this point in time, a small error such as flipping or missing a digit altogether may go unnoticed and it may go on to miscalculate an employee’s total work days and further to their salary. An efficient attendance management system integrated with payroll will bring in accuracy and would thus minimize human intervention; thus, minimizing manual errors.

factoHR can easily integrate with any Bio-Metric machine to capture in-out attendance punching data. An employee can also apply for attendance correction for punch missing or any other reason. Shift timings, week off, the definition of hours required for considering full day/half day presence of employees, overtime rules, etc together can also be managed.

4. Leave

Every employee needs Leave to take a break from work. But to maintain the leave of every employee is no easy job. factoHR can help employee check their leave balance, apply for leave, allowing their managers to approve or deny the application. It maintains company-wide different leave policies for individual employee or groups.

An employee can check their leave balance in the factoHR. Integrated leave with payroll can help the calculation of salary at the end of the month be easy. It can automatically check leave with pay and leave without pay and generate the payslip accordingly.

5. Statutory compliance

• Minimum wage

Minimum wage is finalized based on the type of employee: Skilled, Semi-skilled and Unskilled. It changes twice a year: April and October. factoHR provides a facility where you can configure minimum wage in your CTC as per your state and it will be linked to your payroll. A problem of the penalty during the time of statutory audit can overcome through factoHR.

• Provident Fund

PF provides money only at the time of employee leaving from the organization and so it differs from Pension Fund. Provident fund plays a major role even for small business. Lucky for you, factoHR auto calculate PF for employee and deduct at the time of payment. With factoHR payroll software ECR challans are automatically generated ready to upload format. At the time of the audit, past data of employees can also be generated from the system in the desired format.

• ESIC

Employees’ State Insurance (abbreviated as ESI) is a self-financing social security and health insurance scheme for Indian workers. factoHR will auto-generate all your monthly employee ESIC Challans before you ask for it. This includes your ESIC Register and your ESIC Annual Reports too. One can also download ESIC challans which are generated automatically considering the 6-month cycle as well as the limit.

• Professional Tax

Profession Tax is the tax by the state governments in India. Each state has its own PT slab defined by the government of India. To manage PT slabs for different states becomes tedious and difficult.factoHR comes with a solution where management of PT slabs for every employee for any state is automatic and will be automatically considered at the time of payroll processing. You can also download form 5A and form 5 where you can check their tax balance with their challan number and date.

• Statutory Bonus

Statutory Bonus is required to provide to an employee if the company makes a profit. Many time companies forgot or ignore to include in their salary or CTC structure. factoHR provides an easy way to calculate bonus based on CTC structure, earned leave and length of service. It also provides a form C where you can generate bonus report for every employee automatically.

6. Income Tax

factoHR payroll software companies can calculate employees income tax and auto deduct TDS amount at the time of payroll. In factoHR ESS portal employee can submit their exemption and investment proof so not required to collect physically. factoHR provide challans for form 24Q, form 16B and 16 in PDF format.

To know more about income tax, read the following blog How to calculate Income Tax FY 2017-18

7. Travel, Claim and Reimbursement

One of the Biggest problems organizations face with respect to business travel expenses is no transparency and no data overspends, lack of control over employee expenditure and lengthy reimbursement cycles.

factoHR provides a facility where employees can claim reimbursement for travel, food and other expenses, and the admin will have the authority to approve or reject it. An employer can set a customer-formula as for the reimbursements as well. The system will ask to upload needed documents when an employee asks for the reimbursement, but the employer can change the policies according to his needs. Another facility like reimbursement limits, attendance consideration on traveling days, advance amount claims, kilometer wise travel charges, Mileage Related Claim, etc. makes this module detailed and specific.

So what you think about payroll software? Don’t you think it can make your life easy?

It is just tip of the iceberg we have covered, factoHR provides many more other features like a mobile app, chat-bot etc.

In light of the above benefits, it is advised to switch to payroll software that not only saves a lot of Time and Money but is also hassle-free and easily manageable. The company should consider above qualifications before buying any payroll software.

Then check out how factoHR can simplify your payroll process, by addressing all the pain points with atomizing all the processes and reducing the costs.

factoHR – HR & Payroll software is one of it’s kind that provides you the module of “Performance Management” where you can measure performance, goals and objectives of your employees.

Top 10 Best Leadership Qualities that makes HR pioneer

7 months ago

I think you will agree with me about the best leadership qualities when I say:

Being a HR leader is one of the most difficult and rewarding positions in the world.Whether you’re just starting out or you are having a long experience in a particular field, knowing which quality effective leaders should have is an integral part of your success.

Best leadership qualities can be described as the ability of an individual to influence, motivate and enable others to contribute toward the effectiveness and success of an organization or group of which they are members. Good leadership quality is about acquiring good skills. It enables you to be a “Role model” for a team in any environment.

Best Leadership Qualities that make a great leader

• Self motivated

Self-motivated HR leaders desire to achieve above and beyond expectations.Such people seek out creative challenges, love to learn, and take great pride in a job well done. They are always eager to explore new approaches in their work. In order to succeed as a leader, you need to motivate yourself as no one else can do that.

• Confidence

Confidence is the primary basis on which the leadership will grow. Believing that you can do the assigned task makes you win half the battle. Leadership brings the responsibility which requires accuracy and makes decisions appropriately. To bring or built confidence you need to surround yourself with right people.

• Courage

Leadership sometimes involve making critical decisions which require courage.One of the ways to build courage is to take action and willingness to initiate. Strong HR leaders do not wait for someone else to do something. Leaders are attack oriented. In order to develop courage, we need to get ourselves involved in certain difficult tasks, try new things and solve some difficult issues that other employees leave unresolved.

• Trusting work environment

Trust is required in the workplace every day for every employee so they can feel that they are there for the right reasons, working toward common goals that are made transparent.To build trusting work environment among employees a leader needs mainly 3 things for trust: they give trust first, effective communication, and they authentically show up. Depending on the level of skill of a team, the leader involves the team members in decision making.

Check out our other blog to boost the productivity of employee Office Environment: Is it necessary to boost productivity?

• Passion

Best Leadership qualities of a leader is reflected when they have a passion for their work and feels it’s importance. Passion is such a key part of being a great leader that if you don’t have it, you simply can’t be a great leader. This helps in the motivation of employees to create a healthy environment. The amount of passion you have directly affects your energy, attitude and that of your followers as well.

• Discipline

To develop self-discipline a big challenge is to eliminate any tendency to make excuses. Discipline in leadership is less about punishing and rewarding others but rather having self-control, inner calm and outer resolve. A high level of determination and willpower play a significant part in your ability to be self-disciplined.

• Risk management

You need to identify, evaluate and address risks so you can positively affect the outcome by handling that risk in a best-suited way. Company leaders must invest in, and be responsible for, risk management programs. Their objective should be to proactively manage risk – prevent risk rather than only correcting risk situations.

• Time management

“Time management” is the process of organizing and planning how to divide your time between specific activities. HR leaders with strong time management and organizational skills are able to role model powerful techniques for their team members, making everyone more productive. Key factors in strong time management are being aware of the vision, setting specific and realistic goals, setting and communicating priorities, and having the discipline to follow the plan.

Read Time Management by Brian Tracy to get more insights on Time Management.

• Empowerment

Empowerment is the process where a leader allows employees to have more input in the task assigned to them. It includes sharing decisions and responsibilities in order to achieve the goal more efficiently. Employees mostlyfeel a stronger sense of ownership and worth when entrusted to make important decisions.

• Ethical

Every HR leader handles sensitive information which is not an easy task. An ethical HR leader should place his follower’s interests ahead of his interests. Honesty plays an important role that every leader should have in order to have one of the best leadership qualities.

Read Leadership by Brian Tracy to know more on leadership qualities

UPSHOT

It is rightly said, “If your actions inspire others to dream more, learn more, do more and become more, you are a leader.” – John Quincy Adams

Becoming a good leader doesn’t mean you always have to be in the spotlight. An important character of a good leader is someone who listens to ideas, suggestions, and feedback from other people and builds on them. Try using your leadership qualities to inform and challenge your employees. By creating a trusting work environment with great opportunities, you will increase your employee’s principle and self-esteem immediately.

factoHR HR & Payroll software is one of it’s kind that provides you the module of “Performance Management” where you can measure performance, goals and objectives of your employees.

Now that I’ve shared my favorite leadership qualities and leadership quote with you, which quality in this list was your favorite?

Let me know what you think by leaving a comment below right now.

To know more about factoHR – HR & Payroll software, please contact +91 782 000 3100 or visit www.factohr.com