Payroll,Loans Advances & Funds
SmartHCM Payroll is a high-performance, graphical, rules-based payroll management system designed to keep pace with the changing needs of your enterprise and workforce. SmartHCM’s approach to payroll management allows you to reduce administration, lower setup costs and errors while improving your reporting, analysis capabilities and responsiveness.
Power to generate payroll and payments on a single click with complete payroll history records. Create, maintain and manage allowances, deductions, overtime, bonus disbursements, various kind of funds, loans, gratuity, EOBI and etc. Generate your payment plan monthly, fortnightly or weekly and execute provisional run before finalizing the salary. SmartHCM deals with all major complicated parts of any payroll like income tax including e-filing / all regulatory reports, tax marginal relief, funds taxable, rebate, exemption and etc. It also provides typical arrears calculations, monthly data uploading and much more, you ever wanted in a Human Capital Management System.
• Single click payroll
• Data uploading facility in case TOM is not integrated
• Monthly payroll remarks for each employee
• Payroll parameters
• Employee payroll attendance and back dated attendance
• Simple payroll process
Rich parameterized payment report which support getting any sort of information about allowance and deduction during any time period.
Payroll – Allowance and Deduction
Allowances and deduction are highly parameterized setup where you can define any payment or deduction of your desire, its mean you are not bound to the system instead you can design your own allowance and deductions. Then you can apply different rules and regulation on these newly defined allowances and deduction based on location and grades, thanks to the SmartHCM application which provide variety of rules and all are setup based. Whenever you register new employee system automatically apply all these rules on it based on his location and grade until and unless you do not over write it by using monthly payment deduction (code wise and employee wise) screen.
• Monthly payment deduction code wise
• Monthly payment deduction employee wise
• Employee allowance and deduction
• Allowance & deduction setup
• Allowance basic salary range setup
• Allowance deduction location grade setup
Payroll – income tax
Calculating income tax for employee is crucial part of payroll specially where it involve slab base calculation based on total number of salary per taxable year. SmartHCM facilitate its user for calculating automatically complex and crucial part of this part. It work with both cases, one time and slab based full yearly projected deduction cycle.
• Tax slab
• Senior citizen tax slab
• Perk taxable income
• Employee tax adjustment
• Employee other tax
• Tax slip, direct taxes and income taxes as per the statement
Payroll – Inquiry & eBank file
In modern age where banks are fully involve in financial transaction, most of the companies prefer to transfer salaries directly to the employee bank account. For this system provide them eBank file as per the banking system template. This file can be designed by end user as per bank given template. This mean there is no need of customization for generating eBank file of your desire. SmartHCM also provide automatic integration with banking system in case bank is providing APIs to its financial system. Also the inquiry screen givens payroll people to have a immediate look to component of salary for specific employee with details and clear picture.
• Downloadable excel eBank file
• Payroll inquiry for current month and history
• Easy template and change in it
• All components needs to be selected from dropdown list
A comprehensive loan module to completely manage all aspects of loans given to employees. It provides the flexibility required in creating, maintaining, and processing various types of loan, and takes care of management with its comprehensive reporting facility. Furthermore, since it is highly parameterized, the various control functions allow management to design and immediately implement loan products to satisfy individual client markets.
• Facility to create any number of loan types offered to employees like car loans, house loans, and furniture loans, salary advance etc.
• Capture extensive information about a loan like loan amount, start and end date, interest type, number of installments, etc.
• Online application and approval of loans through ESS.
• Facility for lump sum repayments outside of payrolls.
• Loans deductions automatically stop after total recovery.
• Automatically considered for recovery during final settlement.
• Various employee-wise and summary loan reports.
• Management of multiple of loan through single deduction from salary.
Employers are required by law to offer their employees varios type of funds which include gratuity, EOSB etc, where sometime only employeer contribute in these funds or sometime both, employee and employer, some specific percentage of employee salary. Offering a more comprehensive benefits package can have lots of advantages to employers and SmartHCM can offer a hassle free service to help you implement better benefits for your employees.
• Funds contribution
• Funds setups
• Funds location and grade setups
• Funds slab wise location grade setup
• Fund yearly contribution (employer and employee) report