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Business management software helps businesses to efficiently manage various functions of the business such as accounting, inventory, banking, cash flow, etc. With multiple modules, it helps you to manage complexities associated with the growth and enhance the performance by leaps and bounds. Among the multiple business functions, business management software also comes with an in-built module to support payroll management.
This will be useful for businesses with multiple employees to manage the payouts and other aspects related to employee management. By automating the payouts, payroll software in Kenya helps in hassle-free and on-time salary processing.
If you are a business looking to automate the bookkeeping and business process, including the payroll process, here are the 5 things that help in payroll management.
Employee grouping and management
Employee grouping helps you to organize the employees based on different parameters, such as their job function, department, location, cadre/designation, and so on. Also, it helps you to define salary structures at a group level and apply across various departments such as Marketing, R&D, Sales, and Accounts. It allows you to create multiple employee groups and define the salary structure at the group level.
An employee salary consists of different pay Heads. A pay head can be in the form of benefit or a deduction. It could be fixed or variable for each payroll period or may be fixed for some employees and variable for the rest. For example, basic pay is a fixed pay component and incentives based on performance could be a variable component. In some organizations, you can see complex calculations.
These software are flexible that it allows you to calculate the way you defined the salary. It should support fixed pays, a calculation based on attendance and productions, computed based on percentage like 20 % of basic pay and so on.
This becomes a crucial part of the payroll management software. Different businesses process salaries, differently. For example, a business may process salary considering the number of days the employee is present and one may simply process salary considering the productivity (Piece work, hrs etc.). It allows you to process and calculate salary considering the different attendance types such as Present, absent, leaves, etc. and production types such as Hrs, prices etc.
To have stress free month-end, the payroll software should be inbuilt to process the salary automatically considering the employee pay details and attendance/production details. For example, once you have set the salary details for employee and have updated the attendance details, at the end of the month, the payroll software process the employee payouts automatically.
The Payroll software help in the auto- generation of payslip, playsheets and other statements. Also, it should provide you with a wide range of payroll reports and registers such as payroll statement, Attendance sheet and registers.
TallyPrime is a complete business management software that helps you manage the growing needs of your business. Among the several modules, TallyPrime comes with powerful payroll management features. Here is the list of things you can do using TallyPrime’s payroll module.
By automating the payouts, payroll software helps in hassle-free and on-time salary processing. It also helps you in employee management and keeping track of employee attendance.