This product area covers the core payroll system, employee compensation, payroll processing, benefits and taxes. Rules related to payroll, benefits and taxes are mostly configurable as rules and hence is easy to change in case laws at the country, state, industry or company level change.
This area consists of the following modules:
|Payroll||Model many payrolls, depending on the groups of employees and the commonalities of their pay structures. Any number of pay elements can be configured for each payroll. Values for pay elements can be flat, formula driven, or uploaded every period. After the payroll process is run, the output is available as payslips, payroll summary and outputs for payments to banks.|
|Benefits||Benefits, typically social security schemes from the government or related instruments can be configured and calculated. Rule builders enable handling of formulae on which benefit values are calculated. Changes in rules are hence easy to change.|
|Taxes||Taxes are paid to the governments in various forms. Personal income tax forms the primary component involving definition of tax slabs, deduction rules, declaration of deduction items, processing of tax every period based on projected tax by the end of the year. Required outputs which indicate tax deducted and its bases are extracted either on a quarterly or annual basis.|
|Payroll Self Services||Employees can access their payslips and can submit their declaration of deductions for income tax reasons|