28Nov

What is a payroll software and all you need to know about it!

 What is a payroll software and all you need to know about it!

Payroll Software is the future of payroll processing, but do you know enough about it?

Spine Payroll

We’re sure you would’ve heard about payroll at least once, but have you ever wondered what exactly is a payroll software, what are its benefits and how does it work? Keep on reading to know all you need to know about payroll.

What is payroll software?

Simply put, Payroll is the process of paying salary to a company’s employees. A Payroll software automates the process of calculation and salary disbursement. Different departments like HR and Finance need to come together to calculate payroll the traditional way. But with payroll software, the processes are automated and hence the manager can focus on productive tasks.

Features and Benefits of Payroll

Besides the obvious features like processing the payroll and calculation of salaries of the employees, a payroll software offers many more features. Here are some essential features of a payroll software:

  • Loan Management

spine loan management

Different types of loans given to employees can be managed through a payroll software. Interest calculation and EMI calculation are also automated. One can get month-wise breakup reports and installment deduction reports. Perks calculations are also automated with payroll software.

  • Income Tax Management

spine income tax management

We all wish income tax calculation and management was as simple as it sounds. But in reality, calculation is a hassle. But you do not need to worry, payroll makes calculation and management of income tax easier. It calculates past emoluments and stores projected investment declared by the employee. TDS for the current month is automatically transferred/deducted from the employees’ salaries.

  • Reimbursement Management

 Reimbursement is the amount that the employee will get only after they have spent it. A payroll management software has many pre-defined reimbursement types like medical, travel, fuel, etc. Users can set limits with fixed or monthly incremental valves. It also generates detailed ledgers on payment history & voucher submission while being directly integrated with the tax module.

  • Report Writer

The Report Writer Tool helps you design and write various MIS reports as well as statutory reports like reports on promotions, transfer, increment, gratuity, PF and much more.

  • Leave Management (Integration with Attendance)

spine leave management

The Leave Manager helps the user manage different types of leaves and automatically generates leave history reports which includes leaves lapsed and balanced leaves. The user can set up monthly and annual leave eligibility.

The following are some benefits that implementation of a payroll software provides to an organization:

  • Reduction of costly human errors
  • Saving calculation time
  • Maintaining transparency with employees
  • Cost effective
  • Better Management of employees
  • Control expenses and reduce manual pay slips
  • Easy and automated tax calculations and payment
  • Quick arrear calculations
  • Integration with attendance for automated salary calculation

 How does Payroll work?

The process of setting up and working of a payroll software is made relatively simpler by solution providers than before, This is because a major chunk of the industry has opted to use HRMS and Payroll software. Listed below is the classification of types of information that is to be fed into the system while using a payroll software.

1) One-Time Inputs

This is the type of data you need to input just once at the time of implementation of the system:

– Employee master

– Salary Structure/Breakdown

– Attendance/Leave Structure

2) Recurring Inputs

The following is the type of data you will need to input on a regular basis to keep the system updated:

– New Joinee(s)

– Arrears

– Incentives & Bonuses

– Loans & Advances

3) Full & Final Settlement

A Full and Final Settlement is only to be made when an employee leaves or retires from the company. A Full and Final Settlement includes documentation, deductions, arrears, receivables, pending salary, earnings and exit interviews.

The Following are the steps involved in the payroll process:

spine payroll process

a) Entering employee information

An employee master is to be created by entering employee information in the system. This information is utilized in personalizing the interface and processing of salary.

b) Choose a user-defined payroll breakdown

A breakdown of your salary policy is to be entered to create a user-defined payroll including taxation policies, PF, any other arrears, etc.

c) Salary Disbursement

At the end of the month or the period specified by the user, the salary is automatically disbursed after calculating and processing all the deductions and/or additions. The salary is directly transferred to the employee’s bank A/C.

d) Payslip Disbursement

After disbursement of salary, payslips are processed and sent to employees. This helps the employee know the breakdown of their salary and the employer by maintaining transparency which is beneficial for the organization as a whole.

To conclude:

Payroll is a fundamental process for any kind of organization and implementation of a payroll software makes it far less tedious and more efficient. Now that you are aware of what is a payroll software and how does it work, you might consider getting a payroll system for your organization, Spine HR Suite offers Payroll with all the above mentioned features and benefits and on top of that, it is completely modular which means you can start out with just payroll and then add on other modules of HRMS like Time and Attendance, Employee Self Service, Performance Management System, etc.

27Aug

How does automation in HR process helps in Recruitment?

Automation is a big big saviour! Time has dramatically changed over the last couple of years due to the pandemic. The harsh disruption has led to a new phase where companies are now ready to buckle up and restart their hiring process with a new momentum altogether. To go about this, many companies are welcoming new energies onboard hoping they can refresh, strengthen, and accelerate their mechanism. When an employee is to be hired, various steps from the grueling hiring rounds, orientation, induction, their training, as well as proper acclimatisation with the company’s environment come under HR. On average, each corporate job offer attracts 250 resumes. The typical employer will then interview 4–6 candidates for the job, and only one will be successful. There are a variety of challenges that HRs have to go through regularly. Some of these are as follows :

  • The urgency for quick recruitment
  • Resume processing
  • Verifying the authenticity of the credentials
  • Joining Date and Boarding Issue
  • Choosing the right candidate

Wouldn’t it be better if there is a software that can save the HRs from the entire drudgery?

It is very important to make sure that the right candidate is chosen at the right time. But the new normal phase poses its own set of challenges when it comes to recruitment online. As employees are the wheel of any organization, HRs meticulously assess the individuals to ensure that they can completely fit in the company as well as their values are in line with the company’s values. However, virtual recruitment is becoming a big issue for HRs as it is not possible to assess the candidate’s overall personality, skills by merely looking at them on a screen.

When a candidate is sitting across the desk, it is easy to gauge their personality and energy. It can be sensed through their body language, dressing, responses. Even something as simple as how they are observing the environment around them. But when your entire judgment has to be based on a small screen in front of you, especially when the person is sitting at the leisure of his abode and not in a formal office set up, things get tricky. 

Fortunately, there is much effective software that is there to come to your rescue. Technology is making it possible to hire people during such dire times. Technology is the one that will make the process effortless for you. The recruitment process is a long process followed by a series of work and formalities. Sourcing, resume tracking, analysis, pre-hiring assessment, background checking, and final onboarding are long processes that need to be done by a new employee who is added to a company. The HR software assists with the entire process making it quick and seamless.

Following are key features that the software provides to help the HR recruit online:

  1. Application Tracking
  2. Data Analytics
  3. Assessment
  4. Onboarding
  5. Training

Application Tracking-

Once the CVs are the source, the software helps you in application tracking. As the manual screening of the CVs is the most time-consuming, and tedious part of the job, so the HR software comes to play to speed the screening process. The HR personals don’t need to go through thousands of resumes and curate from the heap. The software compares and selects the eligible resumes discarding the rest. The job of tracking, sorting, processing the resumes and updating the status can be easily done. The software generates the relevant information collected from the resumes and creates a reliable database that the employers can go through and select from. It also assists in tracking interviews, allocating HR personnel as well as registering remarks.

Data Analytics-

On the software’s dashboard, it is easy to get analytical information reporting KPI’s and funnel metrics such as the forms to fill, source of hire, candidate’s status, etc. It makes it easier for the employees to access the status of the candidates, and take appropriate actions accordingly. Accurate data is also necessary for future reference and timely upgradation. Employers can compare well amongst a large number of candidates and choose the best option available.

Assessment-

A thorough assessment of the candidates is hiring crucial while hiring, these HR software help you in overall personality assessment, cognitive and skills testing, reference, and background checking of each candidate. Automation is most essential for this step, as the software does an accurate assessment that is free of any possibility of human error. The test questions can be framed by the software for the best result. Both interns of quality and quantity approach can be taken in online recruitment.

Onboarding-

After the candidate has successfully become your employee. The HR software also supports the follow-up onboarding functions such as documentation, orientation through and induction through various videos ad presentation medium. It saves HR for redundant formalities, paperwork, etc. It delivers high-standard results making the onboarding process effective and seamless. The entire process of onboarding becomes much more transparent and error-free as HR doesn’t miss out on any essential formality whether in conveying it to the employee or asking out the employee for getting the formality done, whatsoever. This serves as the key benefit of recruitment online.

To a contrary, if you still do not have an automation done, the processes of onboarding will either be delayed until the HR and the employees meet physically or it will not happen in its true sense as the document submission and signing can be a major challenge.

Training-

The HR softwares handles the training of the new employees. Rather than just saving the employers time and effort during recruitment, the HR software also helps in reducing unconscious bias that might occur physically as it can ignore demographic information about the candidates like their age, gender, race if required. It promotes inclusivity and harmony among the employee that will lead to a healthy office environment. 

All in all the emerging HR software are the best way to support the recruitment process. Apart from being cost-effective, less time-consuming, and more inclusive, it is all good for proving the progressive reputation of the company. Keep reading more articles to know about the hiring tips and tools which can be used for effective recruitments.

Have been said that, one of the major players in the market for HRMS solution is Spine Technologies

Spine HR Suite smoothens the entire process of recruitment online for you by its modular approach which is efficiently equipped with features that help you from hire to retire of human resources. Transform your entire HR process. This will not only help your employees but also increase productivity saving your time, effort, and money.

20Aug

5 Ways to Support Your Employees and Help them Perform Under Pressure

In 2016, Swiss bank UBS identified 71 cities with the longest average working week per worker. Two Indian cities ‘featured’ in the Top 10 – Mumbai at #2 and Delhi at #4.

Japan’s workaholic culture has spawned the term karoshi (death by overwork) with overworked workers committing suicide out of despair still a common occurrence.

In India, although karoshi incidents are rare, there are still huge costs associated with overworked employees. So if you are a firm’s manager, what can you do to help your employees cope with work stress? How can you ensure that under-pressure employees are not sick employees – or worse – suicidal employees?

Try these 5 strategies:

  1. Acknowledge your employees’ efforts and don’t be stingy with ‘downtime’

If your employees are pulling all-nighters to meet huge targets or working weekends to help the company meet its goals, tell them you appreciate it. Let them take time off without making them feel guilty or worried that they will be punished for it later. Throw them a party or take them out for a meal. Even ordering some pizzas and giving people half a day off can work wonders with morale.

  1. Encourage open communication that goes beyond a token ‘open-door policy’

Promote a culture that blends informal check-ins with more formal performance reviews. This can help managers identify stressed employees and design strategies to help. The latter can include setting up a confidential helpline, redesigning their workflow, instituting a ‘wellness’ programme or providing an on-staff psychologist or free therapy.

  1. Walk the talk: Promote REAL work-life balance!

The term ‘work-life balance’ has become a cliche in corporate parlance. Some companies use it just to promote a rosy image of themselves to clients, potential employees or other stakeholders. But if you truly want your employees to be happy at work, you have to find ways to make work-life balance part of official company policy. Institute strict working hours, discourage employees from working on weekends, encourage them to eat healthy, exercise and pursue hobbies, and allow occasional telecommuting.

  1. Encourage them to learn and grow

Provide opportunities for upskilling and reskilling can help employees feel better-equipped to cope with the stresses of work task lists. Help them build confidence by identifying their training needs and ensuring that those needs are met. Even coaching and mentoring – inexpensive ways to let them know you care about their progress – can help. Upside for you – more loyal employees!

  1. Promote a culture of accountability and ‘ownership’

Companies and its employees often work in separate vacuums where the ‘twain never meet’. Communicate your firm’s purpose to them and encourage them to ask questions, provide feedback and offer suggestions. Help them make sense of their KPIs. Encourage them to be accountable for their work (no buck-passing!) so they understand the difference their contribution makes to the company’s goals and aspirations.

How do you support your staff when they’re feeling the pressure? Software can help! To know more about Spine Technologies firm- and employee-friendly solutions, contact us today!

18Jun

EPF amount withdrawal using UMANG app

A massive number of citizens have experienced financial distress because of the pandemic of coronavirus. India has also faced an immense number of job loss and salary cuts this year and to cover the emergency or financial needs during this pandemic stage citizens are breaking their FDs, and making a partial withdrawal from their EPF account to overcome the financial instability of COVID-19.

12Mar

How Spine HR can minimize the burden of your payroll team this FY?

Are you looking for automating your payroll process?? Do you wish to make your payroll process quick and easy??

Payroll may seem very simple but it is very complicated to its core. Calculating and making deductions from employee’s paycheck and paying accurate funds to the right government agency; it is very tedious. Luckily, nowadays various HRMS and payroll software are available in the market, which offers similar capabilities. However, while choosing the best fit for your organization, the first and foremost focus should be on security. The second thing to consider is compatibility and the flexibility of the software. Lastly, the system should also provide you with the view function for the reports and the historical functions.

Among all the payroll solutions, there is a name that stands out of the crowd, ‘Spine HR.’ Spine HRMS  is one of the top HR software in India. It is a multi-functional software with a very great user experience across industries. Spine HR can record and manage complete records of employees within an organisation to fulfill the statutory HR policies. Apart from this, it also takes care of various tasks such as:

  1. Employee Life cycle Management
  2. Attendance Management
  3. Leave Management
  4. Workflow Management
  5. Payroll Management
  6. Performance Management
  7. Recruitment Management
  8. Training and Development

This cloud based application is an automation solution for all HR processes and it lets corporates focus on their most valuable assets, their ‘employee.’

Spine HRMS offers an easy solution to the problem. Its inbuilt payroll management system runs with few clicks to complete payroll calculation, tax calculation, managing allowances, and deduction, and generate payslips. It eases up the burden of your payroll team as it not only runs payroll in a jiffy by automating the process but it also keeps them assured that they will steer clear of any compliance penalty.

This HRMS is developed by a very reputed company, Spine technologies. Their years of expertise and value-added services have helped them earn fame across the globe. Their software is very cost effective and provides faster ROI. All their products are intellectualized, designed and updated with latest technologies.

A brief about Spine Technologies Pvt. Ltd.:

With nineteen years of expertise in Human Resource Management, a team of highly skilled individuals, Spine Technologies Pvt. Ltd. is serving 3000+ corporates across the globe. They have three different product offerings, namely:

  1. Spine HR

Spine HR, a software that takes care of all the day to day activities of the HR department. It handles the entire employee life-cycle within the organization.

2. Spine Payroll

Spine Payroll is a payroll management software that is very simple and user-friendly.

3. Spine Assets

Spine Assets helps you to manage the life-cycle of your fixed assets in a very cost-effective way.

Through their excellent product offering and work integrity, Spine technologies have created a global brand of its name for HR, ASSETS and Value-Added Software’s. Their software solutions are very dynamic yet flexible thereby reducing the dependency of corporates for customized solutions.

20Feb

Why HR Software Plays Vital Role At Construction Sites?

Tik- Tok, Tok tok!!! That’s the sound we always here at construction sites, right? Construction companies face unique challenges with HR management due to the highly mobile and ever-changing nature of the work. However, managing employees well and recruiting the right people is absolutely critical in the construction industry. A great HR software solution can help you keep your information straight while empowering your employees so your projects are completed efficiently.

Simplify Time and Attendance Tracking

When you have employees working at multiple job sites and performing various tasks, managing time and attendance can become difficult. HR software solutions may offer several different options for time and attendance tracking that can make it much easier to keep track of every employee than manual time keeping. Employees may be able to clock in using a mobile device or submit their own time sheets for review.

To make record keeping more comprehensive without any extra work, many HR software solutions filter time and attendance information into relevant areas like payroll, benefits, and performance tracking modules. Having this information automatically update can help management to spot things like attendance issues or compliance gaps at a glance. The information will also be stored so that it can be retrieved as needed.

Manage Payroll Challenges

Payroll is automatically expedited when time and attendance information is updated regularly, but HR software can help with other construction payroll challenges, as well. HR managers may have to differentiate union from non-union wages, figure out how to pay contractors versus employees, and deduct according to varying tax rates. The right HR software solution will allow you to set rules that can automate these calculations and prevent errors.

Ensure Compliance with HR Legislation

Construction is inherently a vigorous and labor intensive job, so there are many regulations in place to protect employees. HR software can keep managers and HR professionals updated on all compliance needs, while also making it possible to track and report with just a few clicks. This can help to prevent costly penalties, but it can also keep employees and clients safer by allowing you to easily track and view issues that could potentially cause hazards.

Streamline Recruitment and Set High Standards

Recruiting for a construction company can be difficult. There’s a specific skill set that’s required for any given position, with many different positions needed to accomplish every job. When a single position is vacant or an employee has an attendance or performance issue, it can delay projects or reduce the quality of the work being performed by your company.

Using HR software for recruitment allows you to tap into a larger talent pool and use stringent guidelines and screenings for selecting your new employees. With the right systems in place, you can raise your hiring standards and reduce the time to hire.

Continuously Train Employees

While on the job training is critical, HR software can be used to track certifications and link to learning management systems for theory-based training. Having continuous training in place makes succession planning easier and ensures that your employees have all of the required certifications. Many systems can also be set up to provide alerts regarding certifications that are about to expire.

A HR software solution makes it easier to manage your people, so that they can manage your construction projects.

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