Wages are automatically calculated based on your preset schedule: daily, weekly, bi-weekly or monthly. This, in fact, is one of the main advantages of payroll management software. The module consolidates wage-related items like attendance, salary grade, benefits, reimbursements, leaves, advances, with holding taxes, terms and policies, etc. to compute wages. Most solutions need only to be manually set up with your rules, then the system takes over the payroll process. It can be customized along multiple pay and benefits structures and further configured for specific employees or contractors.
The module allows employees to submit leave claims and monitor their leave balance, while managers can review such requests and notify employees of approved or declined claims. The module also calculates accrued leaves for wage calculation. Expenses, deductions, loans, advances and other employee costs are entered, tracked and calculated in this module. Some payroll systems feature a loan ledger to account for all approved employee loans.
This module may also handle reimbursements based on approved expenses. Stand alone payroll management software may include time sheets or a time-tracking feature to manage attendance. This module tracks absences, increments, leaves and attritions and sync these data with wage calculations. Payroll management software also acts as a central repository of employee records and related documents.
This feature usually includes document management to handle files like offer letter, experience letter, employee profiles, organizational charts and applicable statutes for labor, tax and occupational safety.