Payslip Software and Payslip Formats

Every company is unique, and so are their payslips. And the rules are quite flexible, so you can create your payslip as you want. If you are about to choose a format for your payslip, or about to purchase a payroll software that generates payslips, continue reading and it should help.

Here are some points to consider before you finalize on your payslip software.

1. Contents of a payslip

A payslip usually contains the company name, details about earnings, deductions and net pay. Do you need something more? Probably you also require a company logo, a short address, space for a company seal, and space for employee to sign. You may also require an attendance, leave and income tax summary within your payslip.

2. Customizable Payslips

Is it possible to customize your payslips as you want? Can you decide what appears in your payslip and what not? You should be able to decide and control what appears on your payslips. The payroll software should allow you to design your payslip.

3. Payslip with leave balances

It would be good for you and for your employees, if you were displaying leave balances in payslips. In this case, the payslip has clear information about how many leaves he is entitled to, enabling him to plan his leaves in the upcoming month.

4. Payslip with YTD

YTD stands for ‘year to date’, and is widely used nowadays. Basically, YTD is the total of transactions from the start of the financial year up to now. For eg. If you are on the last month of the financial year, the YTD for ‘Basic Pay’ shows how much you received as ‘Basic Pay’ for the whole year.

5. Payslip with carry forwarded values

It is handy to pay out employee wages rounded to the nearest multiple of 10 or to the nearest integer. But in that case, there should be an option to automatically carry forward the residue to the next month.

6. Payslips with different currencies

Sometimes, you want to pay your employees with different currencies. An employee working overseas gets paid in USD, but the payslip is generated at your place. So, in that case, you want to pay some of your employees in USD, and the others in local currency.

7. Calculation History for each payslip

Every payslip is a result of some calculations, but how to verify if the values are correct? You just cannot blindly trust a payroll software, you need to verify and convince yourself. A good payroll software should have a calculation history for each item in the payslip, thereby providing clarity on calculations.

8. Bulk email of payslips to employees

You may have several employees, and you are ready with your payslips, but how to send it to all your employees? If you have just a few employees, it doesn’t matter. Otherwise, it does matter, and it should be possible to email payslips to your employees in a few clicks, if you have a good payroll software.

AttendHRM is an HR Payroll Software with excellent features including all features listed above. Download a trial and get started Now!

Payroll processing in minutes – Completely automated

Computers are incredibly fast, accurate and stupid; humans are incredibly slow, inaccurate and brilliant; together they are powerful beyond imagination.

Being intelligent humans, we should utilize the best qualities of computers, especially, the speed, accuracy and automation capabilities. If you are stuck with the traditional, time consuming, error prone, manual payroll processing, it’s time to automate.

Should I upgrade to automated payroll software?

A few compelling reasons to upgrade to an automated payroll software:

1. Saves you lots of time and money: Manual payroll processing is tedious and time consuming. Consider keying in attendance, leave data for all your employees into an excel sheet for processing every month end. It’s quite some work. This can be completely automated.

2. No manual intervention, hence highly accurate: Humans are intelligent but they are slow and inaccurate, hence it’s wise not to rely on humans for lots of calculations. Let a computer do all calculations and processing quickly and with high accuracy.

3. Allows you to process payroll at the last minute, and very quickly: Payroll is to be processed with attendance and leave data. And you will have to wait for the last day of the month to get these data. If you want to pay your employees on the next day, you have hardly any time to do the payroll processing. So, the processing should be really fast, no matter how many employees you have.

4. Automated payroll processing even if geographically distributed: Imagine processing data from one centralized location, even though your organization has branches across the globe, and still completely automated with attendance and leave data.

Payroll processing in minutes?

Payroll processing in minutes? It’s not a fiction; the best payroll software can really do the following tasks in a few minutes.

1. Process your payroll with attendance and leave data: You should be able to pay your employee for every minute of overtime he does. Also, may be you want to cut pay for every minute he is late. Payroll processing should also take leave balance and entitlements into account.

2. Send pay slips to employees: Right after processing, email pay slips to all your employees. Also, employees should be able to view their pay slips whenever they want, wherever they are!

3. Email salary transfer information to banks: Statements should be forwarded to banks to perform a salary transfer to the employees.

4. Process your income tax, generate statutory reports: Income tax should also be processed with other payroll components. The automated system should also generate statutory reports required by your government.

AttendHRM is an HR Payroll Software with excellent features including all features listed above. Download a trial and get started Now!

How to choose the right Time Attendance Devices?

Time Attendance Devices are required to effectively monitor employee attendance. The need for a time attendance monitoring system grows with the number of employees you manage. But choosing the right devices may be a difficult task, unless you are an expert.

Let’s go through a few points that will help you with choosing the right time attendance devices for your requirement.

1. What type of time attendance devices are you looking for?

a. Proximity Card Readers (RFID Devices)
b. Biometric Devices (Fingerprint, Retina scan devices)
c. Hand Punch Devices

2. Do you also require access control?

Time attendance devices can also work as access control devices. In this case, the devices will control entry/exit to your company, thereby providing accurate data for tracking employees.

In this case, you will need a device for each door that is used for entry/exit. So, the number of doors used for entry/exit is to be determined. Also, you may need only access control to certain area in your company, a server room, for example.

3. How many employees are expected to be punching at the same time?

If you have too many employees punching at the same time, you require a device that is fast in identifying. Some biometric devices may consume a few seconds for the identification process, which may result in a long queue if you have too many employees rushing in at the last minute.

4. Storage Capacity of the device.

Time Attendance Devices can store only a limited number of transactions. If you have lots of employees, you should choose a device with large transaction storage capacity.

For eg. If you have 1000 employees, and on an average your employees punch 5 times a day, there are 5000 transactions in a day. So if you choose a device with a storage capacity of 50000 transactions, you will have data for 10 recent days.

5. How many locations/branches do you have?

If you have different locations and you want to monitor employees from a centralized location, then you need devices that support TCP/IP communication. In this case, you also need a software like ‘Attend HRM’ to collect all the attendance data into one centralized location for processing.

6. Which device manufacturer to choose from?

Well, if you already found a few devices with the criteria above, it’s time to pick the right manufacturer. Feel free to speak to the time attendance experts at Lenvica and we will suggest the best devices for your specific requirement.