Top 5 Free
Payslip Generators
Payroll management systems increase the speed of processing payrolls, cut down on repetitive jobs and ensure that salary calculation becomes an error- free process. Let’s look at some of the top payslip generators that companies can invest in to streamline their HR processes.
Digital transformation has changed the way global businesses work. This is true for HR functions as well. Within HR, payroll is an important function that has gone digital in a big way. Irrespective of the size of your company, having a fully loaded payroll platform in place comes with numerous benefits. For one, there is a huge increase in the speed of processing payrolls especially cutting repetitive work like generating payslips. Payslip generator is a subset of a Payroll software, which is a larger platform that manages many HR functions, like attendance, leaves, salary revision, bonuses, reimbursement etc. All these functions need to be monitored, calculated and have to reflect accurately in an employee’s salary calculation.
(You can read more on Benefits of Payslip Generator)
Let us look at some of the top Payslip generator tools in the Payroll management system and how they help solve payroll-related issues.
Kredily Payslip’s USP is that it can be linked to a KredPay account number as beneficiary in the bank account. This enables salary payouts to happen automatically. The payslip process can also be automated as per the number of an employee’s workdays and other benefits. This makes the entire process completely automated, linking all the HRMS and payroll functions altogether. Also, the salary payout can happen to any bank that an employee prefers. One of the most advantageous features is that a Kredily account can be used as an e-wallet, which can make all payments to employees or vendors in a matter of seconds. All taxation calculations are also taken care of within the payroll system. The system has 3 payment structures: Free, Professional and Enterprise. The free version has 2 customizable salary structures included into the system, while the taxation features come at an extra cost. For the other two variations, all features are available in unlimited quantity. Only the tax computation feature comes with an additional cost, at Rs. 20 extra /user/month. While the Professional payroll system costs Rs. 2999 for upto 50 employees, Enterprise has customized pricing
This is an integrated HRMS platform that has a comprehensive Payroll Management System. One of its key features is that it takes minimal time to migrate onto this platform from any other platform. The entire migration process can be completed within a week. Also, this tool takes care of statutory compliances and these can be classified according to your specific needs. All tax related clauses – whether it is tax payment or complying to tax adherence rules –can be configured while paying out salaries. The details are also incorporated in the payslip. Additionally, all payroll activities can be assessed on one dashboard, so the HR executive doesn’t have to look in different places to gather information. The product comes in two variants – Foundation and Strength. Foundation is good for basic onboarding and employee features. for any advanced features, roles and permission it is good. The price for the two products is Rs. 6999 & Rs. 13999 respectively, for catering upto 100 employees.
The GreytHR tool comes with various functions under its payroll menu. It can take care of generating salary, reimbursement and settlements of any kind for various employees, all at one time. Employees can download their payslips either in a pdf or email format. The payslips are encrypted and can be opened only by the employee. These are downloadable from the employee self-service (ESS) portal. The company can also select the employees who they want to send payslips to and add remarks if required. The HR personnel can see the list of people who the payslips were released to. This avoids all duplication of work. They have four variations of the tool and each costs Rs. 15, 25, 40to 45 per month respectively per employee.
Zoho payroll automatically connects to its HR software and all employee attendance information is captured in the payroll system. Payslips are, therefore, generated according to the attendance and benefits of an employee. These details get added to the accounting software automatically, saving time for the accounting department too. The Employee Self-Service Portal (ESS) is a useful tool for employees, where they can login to view their salary slips and salary structure. Tax proofs can also be added online and downloaded using different tax filing forms. This product comes with a single plan that costs Rs. 50 per employee per month. This cost includes automatic payroll calculations, deposits and income tax calculations.
It takes care of the entire journey of an employee, right from hiring to his last day at work, automating the entire HR process. The system comes with a complex payroll system that has various components, including loans, PPF contributions and different tax implications. If an employee has applied for a loan, he gets an additional loan slip along with his payslip. The company can access a full list of employees who have taken loans and also compute the outstanding loan amount for each employee. Their product comes with a philosophy: of saving 30 minutes per employee, per day, giving companies a 10-fold ROI. The system is available on premise and also comes with cloud-based models. It also has a fully integrated application for mobile phones. The product follows customized pricing, based on the number of features purchased by a business.
Conclusion
Payslip generation might look like an easy job. But when it has to be done repeatedly for numerous employees with different salary structures, it turns tedious. Also, this is one function that requires error free execution, as well as a lot of time and effort, as the numbers need to be continuously updated. Automation of payroll functions has made processes turn swift and accurate. It leaves HR employees with time to concentrate on employee engagement and other high-value jobs.