Open Source Payroll Software

The trend of computerization and connection to the internet has become the benchmark of a successful company. In the times gone by calculating the tax and the other jobs proved to be financially draining because it needed specialized hands that called for expensive hiring on the part of the company leading to the steep hike in the price of the product. 

The open source Payroll Software was in fact introduced to precisely target this unfortunate situation. In few years time sit proved its worth because the companies were able to perform the complex tax calculations on their own without the need for outsourcing the task to some other companies. It had a major effect on the working but there were hiccups in the way since the software that was available from the companies required that the client or the customer was needed to pay a definitive amount upfront to renew the license of the software on yearly basis. The organizations who operated on shoe string budgets were not able to pay and it lead to their downfall because it took into account the proprietary issues as well.  The need of the hour was a free product that provided all the facilities and would only require onetime payment that would make the software a permanent property of the customers.

The open source system is cheap and can be used on different operating softwares. There are no issues if you are using them on   different file systems because they are perfectly compatible. In addition there are different features that make it almost equal to the licensed version. The most important quality is that it is an internet based application and not a stand alone. Therefore you do not need to purchase copyrights for multiple users as it happens in the software that is installed on the local area network. There is no nagging provision of the keys. In these type of software you just need to pay nominal charges that are defines as the expenses for using the virtual storage space of the web server. It can be accessed by the user from all over the world. It is possible for you to enter and create data with all the TDS and the provident fund information at one place and get the reports from the remote machine on your system.

The system requirement specification for the Payroll Software is explained in great detail ate the website. Most of the payroll software or systems have advanced graphics but it does not worry the user because the software is at the website and is not installed at his place so the system requirement takes a backset because any configuration that is able to run the browser helps you to accomplish the above task. The open source works like any other normal software that helps to process the salary checks and also includes a provision of change in the calculation whenever there is a change in the policy of the government.


It provides a read only access to the previous records that is the salary of the previous month because if it is allowed then people might just change the data leading to unscrupulous practices in the business.  The resynchronization of the data with the previous one is very crucial and helps in pointing out the lacuna in entering the data of the salary. It has the advanced feature of assigning the upper limit of the pay package for income tax processing.


For more information on payroll software, visit our web site: TaxPrintIndia.com

How Payroll Software helps save time & money?

The onset of different software applications in the market have led to the scramble among the companies to provide best of the products because of the competition that is eating into the profit margins of the company. In the modern times the inundation of the payroll software with different versions in the market has helped the customer to choose the one that suits its requirements. It is very important that you select the right kind of product matching your requirements. 

In the time of the manual book keeping the companies spend tremendous effort and time to maintain data. To search the requisite data one had to explore through the series of huge files to find the salary of a particular employee. The situation became too complex when the companies started hiring employees in large numbers because the current technological arrangement did not suit the requirements because it just got bigger. The manual maintenance of data was just not possible. The arrival of the personal computers actually helped in the rising popularity of the payroll maintenance.

 

The software even enables a person who is not an accountant to easily calculate the salary.  In the past the company had to hire a special finance professional to deal with the situation. It required time as well as the money.  The modern software or payroll software has a friendly user interface that encourages people to enter data in an efficient manner.  It can be used on multiple platforms and the user can start calculating the by creating a new company which would automatically design a ledger of the same in the background.  The local tax rates are according to the income tax slabs provided by the government.  If you want to create different heads for deduction you can follow the simple instructions provided by the software to do so. The deductions are automatically subtracted from the gross salary to calculate the net payment.

 

The payroll software also helps in printing the salary report and sometimes it is also involved in the printing of the pay checks that can be submitted in the bank for further payment. It is important that you keep a high quality printer in your premises to avail the facility because it may create a virtual copy and not a hard one in its absence. In order to efficiently manage the customized version you must organize the training for the human resource department so that it can be managed in a better way for accurate results. The speed at which batch processing can be performed on the online version is tremendous and would be a boon for organizations in the long run because it increases their profitability by lowering down the cost. 

The software does not include the provision of the entry of a single data under the two heads which is called double entry. It has become so sophisticated that by putting the data in one filed it automatically updates the other head resulting in correct result. It becomes extremely easy for the user because in the past he had to enter data in different places that required accounting knowledge. In a nutshell it has eliminated errors caused by human negligence.

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Advantages of Free Payroll Software

The online portals have announced their arrival in the virtual space with a bang which has resulted in the increase in the revenue for online business. The websites that are engaged in the internet business have experienced an exponential growth that has helped them to increase the headcount by several notches. Some big companies are employing professionals in large number that are scattered in different countries but work together to achieve a common goal that ensures the viability and the productivity of the company.

The Payroll Software has come to the rescue and has worked in its own way to enhance the competitiveness of the industry in the long term. The use of the software has ensured transparency in the administrative levels of the organization. The process of the integration of different departments has occurred with this tool because it acts as a bridge between the human resource and the accounting department.  The data is disseminated due to the central location of the software helping the employees to enter data and the dependence on one or two employees is reduced.

The free payroll system available on the internet has its own advantages because it can act as a training ground for the user who wants to buy the full version of the software. It is a stripped down version because all the facilities are not included but the user can create companies and the financial year as well. It also allows the creation of the user where the administrator can login and edit the rights of different employees located in multiple departments.

The Payroll Software allows you to maintain the salary under different heads and it also helps to find that how much income tax you need to pay depending upon the slab under which your salary falls.  The payroll compensation is provided in the free version and the criteria for benefits may vary from company to company and might also vary upon the rules and the regulations at that point of time.

When you are claiming reimbursement of the bill or a travel trip you would be astounded to find the starting balance that is appropriately added or deducted to get the closing index. The software i9s quipped with advanced search that allows the user to get the information that is filtered by different criteria.  The employee identification number for each employee is different therefore you need to mention the format of the number to the software and it would automatically generate the sequencing number for the professionals working in the company.

The multiple reports being created is so exhaustive and comprehensive that majority of the features are not needed by the company. Some of them include the annual income tax report the loan payment report and the salary statement. The free version can be downloaded on the computer and installed however it would be a trial version and the features could be used for a limited period after which you may have to go ahead and purchase the software. It must be advised that although it provides the facility of statutory reports you need to buy the full version payroll software in order to make your organization more efficient.

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FAQs on Payroll Software

The web based software is seen with great suspicion by majority of the users because they are not sure about its working in the real time scenario. The Standard Payroll software would first provide a demo version to the customers before proceeding ahead with the final purchase. There had been many instances in the past that has led to believe that one must careful evaluate its own requirements before embarking upon the search of that elusive payroll system. The accounting firms have studied the mid sized business in great detail and based on their common methodologies they have incorporated certain features into the software.

The first time user who has decided to use the web based version may have numerous question in his mind about the viability of the online tool. The above feedback became the set of FAQs for the visitors who come to the website of the companies that offer online financial product.

The most frequently asked question is definition of the employee insurance that appears in the final salary report. The government has made a rule in which if the employee is suffering from sickness or accident he gets an insurance cover that can prove to be a benefit for the citizen in time of any eventuality. Most of the new employees are not aware of the current income tax range so it can also be one of the questions on the website. The latest tax report says that from 0 to 150000 no income tax needs to be paid. Once it crosses the threshold you need to pay only 10% till it reaches the 300,000 mark and subsequently it becomes higher when you go up the ladder or when the salary increase. The visitors might also be interested as to what statutory facilities are mentioned in the payroll system or payroll software because the deductions are instrumental in calculating the correct salary. Therefore the inclusion of provident fund insurance and certificate of tax deducted at the source are very crucial to arrive at a conclusion.

Before the customer goes ahead with the decision to buy the Payroll software he might want to know about the special qualities of the software and how it would help in the smooth functioning of the human resource department. It is imperative for you to mention the leave and the attendance management module. The existence of the master and the transactional data cannot be overstated. The employee database belongs to the master category where as the salary process or the data becomes the transactional database.

Reporting is an integral process of the company and the users might want to know about the kind of information that is to be generated for the management to arrive at a particular decision. If the user is using an old payroll management system and he want to export the data to your system it is essential that your system must have the option of migration from one system because it would help in the easy usage and enable the customers to synchronize the data. There are many reports that might be generated month wise and it is one of the popular frequently asked questions. The printout of the salary statement can be mentioned in this regard. Apart from that the overtime bonus and the Bank statements of an employee are also released as an overall part of reporting.

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Advantages of using Automated Payroll Software

In the present era there has been a mad scramble among the companies to carve out a niche in the market because it has made the organizations lean and they have taken a series of steps to reduce the expenditure drastically. The behemoths resorted to a mass computerization of their departments to help reduce the flab and make the organization lean and mean.

The advancement in the technology led to the change in the hierarchical structure of the companies which became more lateral in the real sense that allowed the free and fast flow of information. It allowed the release of tremendous creative potential which in turn transformed the productivity. The payroll software is responsible for managing the complete records of the employees. An employee which is hired by the company is regarded as an object that has many attributes like the designation and the salary with the first and the last name. Once you enter the data it is regarded as a single record.

The automated software is used to perform the calculation of the income by showing the complete breakdown of different part that would help the customer to analyze it in a transparent manner and he or she knows exactly how much salary was allocated. The mathematical error is out of question but it is important that the data which is punched in must be correct. The automated payroll software has an attendance module that correctly evaluates as to how much salary is to be deducted on the basis of the number of days for which the employee was absent.

The leave policies are different so it offers to define the new sets of rules according to the requirement of the company. In the event of not taking the leave it can be accumulated and utilized in the later period of the month or the year provided it is under the jurisdiction of the company.

The payroll software also offers the option of cashing in on the bonus that is available and defines the policy regarding the issue of compulsory and the planned leave. If the employee resigns the leave and the other benefits are settled at a later date and the above provision is offered as a part of the application. It encompasses in itself a detailed explanation of the loan process and once the required information is loaded into the software it becomes easy to calculate loan installments according to the rate of the interest charged by the company or the bank.

In the event of the non existence of the employees the record is transferred into the archival data storage. The automatic application is network based and it provides for the simultaneous data entry from different terminals. It helps to increase the efficiency and also the speed because many users can punch in data at the same time. The issue of concurrency control is sorted in due time. If the employee is applying for compensation or reimbursement he can fill in the online form to get it automatically updated across all the channels.

For more information on payroll software, visit out website Tax Print