Payroll
Streamline your payroll process with StoHRM’s Payroll module, engineered for precision and compliance. Effortlessly upload and manage employee data, configure payroll settings, and navigate the complexities of benefits administration. Our module simplifies monthly salary processing, proration, leave without pay, and arrears, ensuring statutory compliance and accurate tax calculations. From amortizing loans to handling final settlements and year-end tax filings, we’ve got you covered.
Enhance employee experience with Payroll Self Service (ESS), offering access to payroll information, payslips, reimbursements, and tax declarations. Our comprehensive reporting tools, including salary registers, loan management, and variance analysis, provide insights and streamline bank transactions. Stay compliant with detailed statutory reports on Provident Fund, Income Tax, Professional Tax, ESI, and LWF, maintaining impeccable records and fostering trust. Choose StoHRM’s Payroll module for an efficient, compliant, and transparent payroll process, liberating your HR team to focus on strategic initiatives.
Payroll
Input
Data Upload and Configuration: Upload employee data and configure payroll settings.
Processing Timeline and Calculations: Schedule payroll activities, calculate incentives, and handle overtime.
Employee Management: Update employee information, process new hires, and manage deductions.
Benefits Administration: Handle insurance contributions and deductions, ensuring compliance and accuracy.
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Process Elements
Processing and Components: Monthly processing of salary with FBP components, handling proration, LOP, and arrears.
Statutory Compliance: Calculate statutory deductions and taxes accurately.
Loan Management: Amortize loans and handle specific salary and gross calculations.
Configuration and Final Settlement: Configure multiple pay elements and process final settlements monthly.
Year-end and Tax Filing: Reconcile investment proofs annually, prepare Form 24Q quarterly/annually, and issue Form 16 (Part A and Part B) without DSC.
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Payroll ESS
Payroll Information & Payslips: Provide regular pay information and payslips.
Reimbursements: Process reimbursements annually.
Income Tax Declaration Form (ITDF): Monthly submission.
Employee Pension Scheme Form (EPSF): Annually open from February 1st to 15th.
Provident Fund (PF) Details: Maintain records of PF contributions and withdrawals.
Tax Computation and Calculator: Prepare tax computation sheets and provide a dynamic tax calculator.
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Payroll Reports
Salary Register: Keep track of employee salaries.
Head Count Report: Monitor the number of employees.
Employee Master: Maintain comprehensive employee records.
Loan Register: Manage employee loans and repayments.
Payslips / Tax Computation: Provide detailed payslips and calculate taxes.
Bank Credit Advice: Generate advice for salary payments to banks.
Employee/Element Variance Report: Analyze discrepancies in employee data or elements.
GL Report: Prepare a report for accounting purposes.
Income Tax Declaration Report: this report provides details of the declaration.
EPSF Report: Provides insight on the income tax proof submitted by the employees.
Employee CTC Report: This report provides a comprehensive view of employee CTC.
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Payroll Statutory Reports
Provident Fund Report: Details contributions and withdrawals for PF.
Income Tax Report: Summarizes employee income tax deductions and payments.
Professional Tax Report: Outlines professional tax deductions.
ESI & LWF Report: Provides information on Employee State Insurance and Labor Welfare Fund contributions.
- Provident Fund ECR File and Challan.
- Statement IW 1 for International Workers.
- Form 7 I F (for establishments that have obtained EDLI exemption from RPFC).
- Employee State Insurance Corporation deduction report.
- Employee State Insurance e- challan.
- Generating and submitting online half-yearly returns for ESIC.
- Professional Tax deduction report.
- Labour Welfare Fund deduction report.
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Payroll Governance Reports
Income Tax Variance report: This report provides details of variance of previous and current month.
Variance Report: This report identifies the variances in the following categories:
- CTC (Cost-to-Company) Vs. Current Month.
Net Pay Reconciliation to Bank Advice: A report that reconciles the net pay disbursed to employees with the bank advice.
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