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What is Payroll?
Payroll is the process by which employers pay an employee for the work they have completed. Any business with employees should have a payroll management process established. An effective and efficient payroll process ensures that employees are paid accurately and consistently and gives HR the chance to focus on other aspects of their job. Payroll seems simple at its core but becomes complicated because of the various deductions that come into play. Employers must thoroughly understand how to do payroll, how to withhold taxes from each pay check, and how to make sure taxes are paid to the correct government agency. Employers may also be responsible for deducting and paying premiums for insurance and depositing funds into retirement accounts or to selected charities. Payroll management duties can create a huge burden and unwanted stress for small business owners and can be overwhelming for large businesses. A missed deadline or incorrect filing of taxes can result in fines or jail time. To avoid these issues, every small, mid-sized, and large business should use payroll software.
What Does BioKnox Payroll Management Software Do?
BioKnox Payroll Management system designed to organize all the tasks of employee payment and tax filing. These tasks include keeping track of hours, calculating wages, tracking attendance, withholding taxes and deductions, printing and delivering checks, completing direct deposits, paying premiums to insurance carriers, and/or paying employment taxes to the government. Payroll software requires employers to input employee wage information and hours — but not much beyond that. From there, the software uses the information to calculate and deduct withholdings automatically.
Major Features of BioKnox Payroll Management
Salary Structure Management
Want to create attractive pay structures for your workforce? Our solution does just that, while also providing your employees with an automatic breakup of their CTC.
Automate Your Payroll
No more spreadsheets or clunky software on CD. It’s time to gift your business and your employees with an intuitive and simple payroll solution. We have done all the hard work at the backend to give you an interface to run your payroll in just three simple steps.
Automate Your Taxes
Every state has a different tax structure, but don’t let those differences worry you. The system automatically updates all state-level payroll compliances. Payroll and associated compliances (PF, PT, ESI and LWF) get calculated simultaneously.
Auto-Generate Reports
Reporting has never been this simple. Generate a variety of payroll and statutory reports (pay sheets, tax sheets, bank advice reports, PT, PF and ESI statements) at the click of a button
Salary Loan & Recovery
Help your employees with loans based on the salary amounts and have easy recovery by setting flexible dates.
Master HRIS Management
Your employees’ data is important for managing their employment lifecycle at your company smoothly. The Human Resource Information System (HRIS) module in Bioknox helps you to store both sensitive and professional information on the cloud in a secure manner.
