Conduct and address any discrepancies in internal and external audits to ensure compliance with labor laws and regulations.<\/li>\n<\/ul>\n\n\n\nSounds complicated, right?<\/p>\n\n\n\n
On the contrary, here’s how the payroll process is simplified with the use of payroll automation software:<\/strong><\/p>\n\n\n\nPayroll Automation Software makes the process easy<\/h4>\n\n\n\n
The payroll automation with Accosis takes care of not just salary processing but various HR operations, compliance, and employee benefits. Read on to learn how it beats the traditional approach by simplifying every other payroll function and eliminating the need to outsource it<\/p>\n\n\n\n
Employee Self-Service Portals<\/h4>\n\n\n\n
Employees can log in to their self-service dashboard to update personal information, and tax declarations, and view their pay stubs. This helps to reduce the administrative burden on HR teams for manual data collection, entries, and updates.<\/p>\n\n\n\n
Automated Time and Attendance Tracking<\/h4>\n\n\n\n
Payroll automation software is integrated with time and attendance systems to automatically capture employee working hours. It also minimizes manual data entry errors and ensures accurate attendance records. Further, it automates the calculation of the salary.<\/p>\n\n\n\n
Employee Database Maintenance<\/h4>\n\n\n\n
The system stores and enables quick retrieval of accurate data for payroll calculations with employee information, including bank details, salary components, and tax-related information. On top of everything, it systematically oversees the onboarding to exit processes.<\/p>\n\n\n\n
Salary Structure Set-up<\/h4>\n\n\n\n
HR professionals can easily set up and configure complex salary structures. Further, it can automate the calculation of various components such as basic salary, allowances, benefits, and deductions.<\/p>\n\n\n\n
Tax Calculation and Compliance<\/h4>\n\n\n\n
It automates income tax calculations based on the latest tax slabs and rules. Also, it generates accurate Form 16 and other tax-related documents automatically.<\/p>\n\n\n\n
Deductions and Contributions<\/h4>\n\n\n\n
It can automatically calculate and deduct Provident Fund (PF), Professional Tax (PT), Employee State Insurance (ESI), etc. Moreover, it ensures compliance with applicable labor laws and regulations.<\/p>\n\n\n\n
Easy Online Salary Payments<\/h4>\n\n\n\n
Process salaries easily through various payment modes such as IMPS, NEFT, RTGS & UPI and reduce manual efforts in generating bank files, and facilitate timely salary payments.<\/p>\n\n\n\n
Payroll Reports, Analytics, and Reconciliation<\/h4>\n\n\n\n
You get real-time access to payroll reports and analytics to quickly perform analysis of payroll data, allowing HR teams to identify trends or discrepancies promptly. Also, you need not worry about accounting errors when using Accosis due to the accurate auto-reconciliation process.<\/p>\n\n\n\n
Automated Generation of Payslips<\/h4>\n\n\n\n
The payroll automation software generates digital payslips automatically for each employee. They can access their payslips online, reducing the need for paper documentation.<\/p>\n\n\n\n
Audit Trails and Compliance Checks<\/h4>\n\n\n\n
It maintains detailed audit trails for all transactions and also performs automated compliance checks to ensure adherence to legal and regulatory requirements.<\/p>\n\n\n\n
Effortless Year-End Processes<\/h4>\n\n\n\n
The year-end processes of reconciliation, generation of reports, issuance of Form 16, and other year-end documents become simple.<\/p>\n\n\n\n