Traditionally, processing a company's payroll involves computing salary variables, taxes, and statutory components that requires manpower, time, and heaps of paper. Recently, the incorporation of technology in the business process has offered solutions for these inconveniences, and with it, a payroll processing time of no more than half an hour. However, there is a preconceived notion that only large corporations can afford this technology.
At Zoho Payroll, our hope is to dispel this myth and empower small businesses to take on traditional payroll challenges using technology. We believe that when budding companies adopt technology from their inception, they can effectively manage payroll supremely as they grow. That's why we've introduced a Free Edition of Zoho Payroll for small businesses.
Who can access it and what are the available features?
Any business with less than 10 employees working from a single location can use the Free Edition. It offers a set of features that enables businesses to fulfill all their payroll processing needs, including:
Automatic Payroll Calculation
Once you complete your organisation's payroll setup and add your employees on Zoho Payroll, you can start processing pay runs. This will be a quick process since employees' salaries are automatically calculated based on the given salary details, organisation's statutory structure and tax structure. You can also include one-time earnings or deductions before you process the pay run.
Direct Deposit of Salaries
Zoho Payroll supports direct deposit of employees' salaries using ICICI Bank Corporate accounts. After connecting Zoho Payroll with your ICICI bank account you can process the monthly pay run and can choose to deposit the salaries directly to your employees' bank accounts. It is a secure and easy mode of payment as the transaction will not go through unless it is approved by both you and your bank manager.
Accurate Income Tax Calculation
Taxes are an important part of payroll. In Zoho Payroll, the taxes will be projected based on the CTC at the beginning of the financial year and deducted from employees' payrolls every month. Zoho Payroll is a cloud-based system, which means that any proposed changes to tax structure are easily and quickly adopted so you stay compliant at all times. Employees can opt for the desired tax structure (new tax regime or old tax regime) and submit their investment declarations and proof of investments. Employees' taxes will be adjusted automatically in the TDS projection and deducted in subsequent payrolls.
Employee Self-Service Portal
Your employees can access individual self-service portals where they can view their payslips, TDS worksheet, and tax summary. In addition, they can also submit reimbursement claims, investment details, and proofs for those investments through a web browser or the mobile app. You can download the Employee Self-Service portal from the App Store and Google Play Store.
Once your employees have submitted the claims, you can review, approve, and process them in the respective payrolls.
Efficient Loan Management
If you are handing out loans to your employees and deduct loan repayments from their payslips, you can easily manage them using Zoho Payroll. Loan repayments will be deducted from the monthly payrolls and tracked to completion. You can also temporarily pause loans to support your employees during any personal financial crisis.
Sign up for the free payroll software today and explore the features!
In case you have any questions regarding the Free Edition, leave a comment under this post. You can also write to email@example.com. We will get back to you as soon as possible to answer your questions.