How to Manage Payroll in Tally?
The term ‘Payroll’ is mainly referred to a series of accounting transactions involved in the process of paying employees for the services rendered after taking all the statutory and non-statutory deductions into account. It’s a tough job to manage payroll in any organisation and constitutional compliance make it more complex as well as difficult. Payroll, when implemented effectively enables an error free, precise and on time payment for employee while also ensuring that the employment is well within the valid work permit. The ‘Payroll Module’ in the software is totally integrated with the business management solution and can manage trouble free payroll processing along with the accounting processes. The software provides remote facility that can be relied upon and is now easy to access, process and manage the payroll information from anywhere and anytime in the world.
No specialised IT/HR professionals are required to manage and organize the payroll module from the Tally software. As this module can be managed on its own and provides impeccable solution, an accountant or any HR personnel of the company can install, organise and manage it. This specific payroll module offers great flexibility to manage all intricate payroll calculations such as fortnightly, weekly, one-time, production based and time based. It also covers applicable constitutional compliances such as ESI, PF, PT, Gratuity, Bonus, etc. Thus it not only saves cost of hiring multiple resources to install and manage the software, but also the expenditure sustained by way of paperwork involved.
Striking Payroll Features in Tally ERP 9
- It offers you the benefits of simplified Payroll processing and accounting as it’s completely integrated with accounts
- The module reports comprehensively as it has user defined classifications and sub classifications. This might be associated with the employees, employee groups, pay components, departments etc.
- Regardless of simple or complex calculations, the module lets flexible and user defined criteria
- It also offers the facility to create user defined earnings and deductions Pay Heads
- It lets unlimited grouping of Payroll Masters
- It supports production/attendance/time based remuneration units which are user defined production units
- It offers all-inclusive cost centre as well as employee wise costing reports
- It ensures that the salary is processed precisely and on time along with employee statutory deductions and employer statutory contributions with the help of predefined processes
- The module helps generate Statutory forms and challans for EPF & ESI as prescribed
- Lastly, the payroll module helps in tracking the loan details of employees as well
Experts say that an entrepreneur would always like to be assured about the precision of pay-outs and meeting the legislative compliances. According to them, here meeting timelines is extremely important to ensure smooth continuation of the business so that it remains unaffected by overlooking compliances. In Tally, only 5 simple steps are required for generating pay slip and when it comes to calculating deductions/contributions such as ESI, PF and PT from Employees salary, HR and accounting functions combine to offer error free compliance.
Having a rich experience in the implementation of Enterprise business solutions in Tally enterprise framework, Antraweb Technologies provides total Tally solutions including Payroll Management to all its valued clients across the globe.