How Zoho Payroll simplifies the payroll process

Blog4 mins read138 views | Posted on February 1, 2024 | By Aarthi

Payroll management is important for businesses as it involves the timely and accurate payment of employee salaries, taxes, and other deductions. Failing to manage payroll effectively can result in disgruntled employees, legal issues, and damage to the company's reputation. Payroll management also ensures compliance with local laws and regulations, minimising the risk of penalties and fines. Additionally, efficient payroll management allows businesses to streamline their operations and focus on their core activities. Overall, payroll management is crucial for maintaining employee satisfaction, avoiding legal issues, and optimising business performance.

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Zoho Payroll is a cloud-based payroll software that simplifies this entire process. Our employee portal lets employees neatly submit their reimbursement claims, declare FBP components, submit proofs of investment and more in one unified place. Our mobile app has also proven very popular among employees. Since their payslips are now very handily accessible they have more of a visibility into how their salaries get spent in that respective month.

Using employee details, pre-set pay and tax rules, Zoho Payroll calculates gross pay automatically, along with its taxes and deductions. It also generates payslips, handles direct deposits, and integrates with accounting software. Its intelligent system ensures compliance with local payroll regulations and provides automatic updates. This method of calculating payroll automatically simplifies the entire payroll process by eliminating manual calculations.

Zoho Books' integration with Zoho Payroll simplifies and automates accounting and payroll processes, allowing businesses to manage their finances and employees easily in one place, saving time and improving accuracy.

Zoho Payroll's most popular integrations are with Zoho Books and Zoho People. Through the integration with Zoho People, employees' leave details will be synced, and based on their Loss Of Pay data, their net pay will be calculated. Zoho Books, on the other hand will automatically record the salaries paid to the employees in the company's ledgers and process their accounts. In addition to these integrations with Zoho apps, there are other integrations with banks that make salary payments easier. So, based on the input entered, Zoho Payroll will factor in your employees' LOP details, calculate their net pay, automatically transfer that amount to their bank accounts through integrations with HSBC and YES Bank and record this journal entry in your business' books of accounts.

Breaking any law is a serious offense, more so when you're running a business. This is why it is important to stay compliant with the relevant regulations about payroll in your area.

When you set up an organization on Zoho Payroll, it will ask you where your business is based. This location field is mandatory and is programmed to be so because this is how Zoho Payroll understands which set of compliance regulations apply to your company. Once you choose the right place, it will automatically ensure you are compliant with your local laws on Payroll.

Zoho Payroll comes with a pre-set configuration of 12% of basic pay as the EPF. So when you enter a fixed figure as the total compensation amount, the software will autofill all the necessary components thus simplifying compliance for you.

Zoho Payroll's employee self-service portal allows employees to access and manage their payroll information online, including viewing pay stubs, submitting leave requests, updating personal details, and accessing tax documents, thereby enhancing transparency and convenience for both employees and employers.

Zoho Payroll's employee self-service portal streamlines HR processes, empowering employees to access and manage their payroll information independently. This improves efficiency, reduces administrative burden, and lets employees stay informed and engaged with their payroll-related activities. An example of how cloud payroll software has revolutionised salary payments: In government colleges, a person with a big briefcase full of money would physically hand over cash to all the professors on the first of every month in the 2000's. Not only was this physically unsafe to the person carrying that cash, it was also extremely time-consuming and chaotic. Outside the payroll office, all the pay slips would be hung from a pin. Professors would have to manually fish out their pay slip from this bunch seeing their colleagues' salaries in the process. And some, to protect their salary from being seen by their colleagues, would jostle with the mob to be among the first to take their slip out of the bunch.

All of this now seems like a primitive remnant of the distant past with employee self-service portals available on your mobile phones that let you access your payslips whenever and wherever you want.

Reports in Zoho Payroll provide comprehensive insights and analysis of payroll-related data, including payroll registers, tax reports, and statutory compliance reports. Using reports in payroll management provides clear visibility into payroll data, enabling analysis and informed decision-making. Forms simplify the process of generating and submitting essential tax-related documents, ensuring compliance and saving time for businesses. Readymade forms are made available to you inside the software, which you can download and then upload onto government portals in a flash. The EPF - ECR report and loan outstanding summary offer valuable insights for you to make quick decisions.

To conclude, Zoho Payroll is one of the best payroll software products out there in the market based on the advanced features present in the system. These functionalities make an entrepreneur's life infinitely easier.
 

Sign up for a free trial or get a demo from one of our product experts today.   

 

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