Folklore Payroll Features
Folklore Payroll software is much more than just payroll processing. It automates all aspects of the payroll domain with very little manual effort required.
Setup salary heads as per your company policy in a highly flexible way.
Access all employee information from a single location in a consistent & easy way.
Reimbursements management including claims, payouts, entitlements, and balances.
Unlimited loan types with different loan policies. Configure loan perquisites.
Large number of pre-formatted reports. Export to Excel or PDF. Reports by email.
Powerful ad hoc reports and statistical cross tabulations.
Ensure payroll processing accuracy with extensive set of reconciliation tools & reports.
Print, email or publish payslips online. Password protected PDF payslips. Configurable format.
Let employees plan their cash flows and tax by self-allocating from a basket of components.
Calculate arrears including mid-month arrears. Email arrear statements to employees.
All income tax rules including perquisites, exemptions and savings. Digitally signed Form-16 available.
Complete handling of all payroll statutory requirements including all associated reports.
Settlement facility including auto recovery, notice, re-settlement and more…
Click a button to process payroll for a single employee or many. Batch processing available.
Online payslips, loans, IT statements, IT calculator & much more…
Enterprise grade security from all angles.
Folklore Payroll has a versatile and user-friendly Payslip generation module.
- Configure the format of the Payslip.
- Add personalized messages for individual employees or common message for all. Upload messages from an Excel file too.
- Print, email or publish payslips on the Employee Self Service.
- Print Payslips in the order of your choice. by Department, by Location, by Location and Department, etc.
- Generate password protected payslips in PDF formats and email to employees
- Process arrears for one or more employees.
- Upload the employees whose arrears need to be processed from an Excel file.
- Arrears can be processed from any previous date across multiple periods and not necessarily from the beginning of a period.
- The arrears components are shown separately in the payslip.
Folklore Payroll offers a complete Income Tax module that eliminates all manual effort on your part. You only have the task of filling and submitting the tax challans.
- Specify monthly components, one-time payments, income from previous employer, and other incomes.
- Complete flexibility to define the treatment of tax on various components including treatment on reimbursements like LTA, Medical, etc.
- Automatically projects for the rest of the year and recalculates income tax payable every time the Payroll is processed. No need to do a separate processing for Income Tax as it happens automatically along with Payroll processing.
- Folklore Payroll computes perquisites, exemptions, deductions under Chapter 6A, etc. apart from the income tax.
- Provision to pro-rate the taxes for new-joinees, calculate one time tax on one time income
- Provision to email or print detailed Income Tax calculation sheets to employees.
- All Income Tax related reports available
- Monthly Tax statement
- Form 16
- Form 16 A
- Form 16 AA
- Form 24Q
- Form 24.
Effortlessly generate digitally signed form 16 PDF documents for all employees using your eToken or any other digital certificate you may have.
PF, ESI & Professional Tax
Folklore Payroll lets you meets all statutory compliance requirements of employee payroll including PF, ESI, gratuity and professional tax. You can configure how the computation of each of these components is done. Various statutory reports are generated that can directly be submitted to the concerned departments.
Folklore Payroll offers a comprehensive reimbursement module to address all requirements of your organization. Here are some highlights:
- Unlimited reimbursement components like LTA, Medical, Car Maintenance, etc.
- Rule based upper limits for employee entitlements.
- Monthly or annual accumulation: For example, Medical Entitlement can be RS. 15000/- at the beginning of the year or can be 1250/- per month, accumulated and carried forward every month.
- Get complete reimbursment information like opening balance, entitlement, closing balance, previous transactions, etc. during claims process.
- Validation of claims against available balances with facility to override.
- Year end processing with balance transfer to other components.
- Show reimbursement components in regular payslips or generate separate reimbursement payslips.
- Separate bank transfer statements for reimbursement components only.
Configurable Salary Heads
Folklore Payroll lets you easily setup the salary structure as per your company norms without any compromises or trade-offs.
- Create unlimited number of salary components
- Define attributes for each components like carry forward to next month, show in payslip, taxable, tax category, etc.
- Various components can be setup that are relevant for your business but that need not appear in payslips.
- The values for the salary components can be:
- manually entered by you
- computed using a formula
- slab based lookups
- value lookups based on location, grade, department, employee type, etc.
- complex computation through a Payroll Agent (e.g. income tax, loan deductions, reimbursements, FBP, etc.)
Folklore Payroll offers a comprehensive loan module to completely manage all aspects of loans given to employees.
- Facility to create any number of loan types offered to employees like car loans, house loans, furniture loans, salary advance etc.
- Capture extensive information about a loan like loan amount, start and end date, interest type, number of installments, etc.
- Multiple interest types available: flat interest, reducing balance, reducing balance EMI, etc.
- Loan principal and interest deducted are tracked and displayed separately.
- Facility for lump sump repayments outside of payrolls.
- Loans deductions automatically stop after total recovery.
- Automatically considered for recovery during final settlement.
- Various employee-wise and summary loan reports
Payroll information is regarded as highly confidential by most organizations. Folklore Payroll provides various features to prevent unauthorized access to payroll information as well as the application functionality.
- Fine grained access control for each page and feature through user roles. A role is a set of privileges, i.e., what the user who is given this role can do in the application.
- Any number of users can be created and assigned specific roles.
- Comprehensive audit log of all categories of data modified on any given date and any time, is maintained for every user.
QueryBuilder & CountPro
A powerful ad-hoc reporting tool to create user defined reports. It is as simple as selecting the required fields (from available information categories), specify a sort order and filter results on various criteria.
- Export results to MS-Excel for further work or email the spreadsheet.
- Save the ad hoc reports for future use.
Generate cross-tabulated reports like count the number of employees in a given grade and/or locations or find out the total outlay for basic or reimbursement across a given location or grade or any other parameter.
- Export results to MS-Excel for further work or email the spreadsheet.
- Save the ad hoc reports for future use.
Folklore Payroll provides a complete and easy to use final settlement module.
- Employees can be resigned and settled or settled, included in the current month’s processing and resigned in the subsequent month.
- Settlements can be done for employees who are resigning in the current month or who have resigned in earlier months.
- Automatically calculates outstanding loan balances, notice pay and leave encashment
- Recovers all loan balances and income tax due.
- Settlement Calculation sheet provides full information on how the calculations have been done.
What effort does it take to process payroll every month? Just 3 easy steps!!!
- Key in information for all newly joined employees and resign employees who have left.
- Setup a new payroll month.
- Click on Process Payroll and you are done!
In fact apart from doing data entry of employee or salary information, all you need to do is click about with the mouse!
Simple User Interface
Payroll components are of different types and require varied inputs. For example, components could be Basic, incentives, income tax, ad-hoc income, reimbursements, loans, etc. Loans could be car loan, house loan, personal loan, etc.
Folklore Payroll provides a simple user interface that lets you access all information in a consistent manner from one single location. Just click on any component to open up the relevant pop-up window to manage information for an employee.
Welcome to a learning curve that is actually a short dash with no need to mug up a maze of menus!
Mass Data Entry & Excel Import
Every feature in Folklore Payroll is carefully designed to save your time and effort. A case in point are our mass data entry tools that minimize bulk data entry and our data import tools.
- Enter compensation details for multiple employees in one shot with minimum effort and keystrokes.
- Provide override values for multiple employees en-masse.
- Import employee & compensation data in Excel spreadsheets with built-in reconciliation facility to ensure validity of imported data.
Employee Self Service
The Employee Self Service module of Folklore Payroll is a powerful tool to eliminate 90% of your phone or email transactions as far as employee payroll is concerned.
- Instant, online access to information (payslips, reimbursements, tax information, etc.)
- Faster response & turn-around time.
- Automatic email alerts to employees, managers or administrators on application, status updates, etc.
- Asynchronous communication eliminates waste of time due to phone tag
- Big reduction in transaction costs.
- Major time savings lets you focus on strategic work.
- Better communication, less stress & higher employee morale.
Online Pay-slips & Reimbursement Pay-slips
Publish pay-slip information online. Employees can also download salary-slips in PDF formats.
Employees can view up to date annual payroll summary including income, deductions, tax, etc.
Employees can track loan details of all loans they have availed including monthly principal and interest deductions, repayments, outstanding amount, etc.
Income Tax Statement
The complete income tax computation sheet is made available to employees so that they clearly understand the logic on how the income tax has been computed every month. This feature alone will cut down a huge amount of clarifications and explanations that the finance department usually spends time on.
Income Tax Declaration
Employees can submit their savings & other IT declarations online and this information is automatically picked up during payroll processing. You can control the specific time durations during which the facility is open for employee inputs.
Tax Calculator for What-If Analysis
Let your employees plan their taxes more efficiently by letting them do what-if analysis by varying the values for different components. The year-to-date as well as projected payroll information is readily available to employees for this purpose.
Employees can apply for reimbursement claims online. The reimbursement opening and closing balances, entitlement, previous transactions, etc. are all available to the employee.
Any discrepancies in the salary structure or computation or complaints can be brought to the notice of the payroll administrators by raising a trouble ticket online.
And much more…
Here is a collection of the many other great features that only Folklore Payroll provides:
Over-ride facility for components
- For a certain employee, for a certain salary component (say HRA), you can apply an override for a certain period of time.
- Irrespective of the computational logic or input data for that employee & salary component, the override value always gets precedence. This is a extremely useful and poweful feature to handle ad-hoc and messy situations that life throws at you.
- An audit log of all such overrides on a component is maintained.
- Import data from an excel spreadshett to override values for a set of employees en-masse
- Mass override facility available for a given set of employees
For example, imagine that for the first two months of the financial year you want to deduct the same income tax as was deducted for each employee as in February. Later you want the system to do the proper income tax computation. In Folklore Payroll, doing this is a simple, two-click process.
You can perform pro-rated calculations of any payroll component. Facilities are available to enter the number of days of loss of pay (LOP) for each employee to enable pro-rata calculations. You can also do a mass-upload of the number of days of LOP by importing from an excel spreadsheet or a text file.
User configurable Salary Registers with export to Excel facility. Payroll Transfer Statements with Bank Transfer statements of various Banks available.
Electronic Bank Transfer
Bank Transfer statements of all major Banks can be generated in a text file in a format specified by the banks. The statements can be generated both for Regular and Reimbursement components
Payroll Software Features
- Payroll processing, payslips, salary statements
- Complete handling of PF / ESI / PT / IT (TDS)
- PF / ESI challans & reports
- Loans & reimbursements
- Payroll arrears calculations
- Powerful full & final settlement module
- Extensive payroll reports
- Electronic bank transfer files for faster salary disbursement
- QueryBuilder: ad-hoc report writer
- Excel import and export of payroll information
- Special features for large enterprises: batch processing, multi-user, multi-company, digital signatures, fine-grained security and more…
- Accurate payroll processing, month after month
- Increase productivity by eliminating routine, time-consuming tasks
- Reduce transaction costs
- Higher payroll quality leading to motivated employees & fewer complaints
- Comply with all statutory requirements like PF, ESI, Professional tax
- Automate ALL aspects of income tax
- Integration with financial accounting software be it Tally, SAP, or any other ERP solution
- Eliminate late night work-outs for year-end processing
- Get business intelligence with MIS reports
- The Greytip Advantage
Folklore Payroll Benefits
Reliable & Expert Support
Month-end payroll processing is a critical activity. Quick software support is very essential. We pride in providing responsive and effective support when you need it.
We offer full spectrum support options like web-based help desk, email support, telephone support, on-site and remote support. Our highly trained support engineers can quickly troubleshoot based on their vast experience with scores of customers.
Moreover, a highly stable payroll software that’s worked for multiple pay cycles over 10+ years means there are less surprises and less support requirement.
The need for payroll software
While most businesses recognize the need and importance of using a professional payroll software to manage the company’s payroll, the question regarding the need for payroll software does come up from time to time. The answer has two parts: firstly, the specific pain points addressed by the software and second, comparison with the alternatives.
The features and benefits of payroll software are discussed earlier in this page and needs no further elaborating. A popular alternative to dedicated payroll software is to use an Excel spreadsheet to get the job done. While spreadsheets are free and easily available to everyone, they bring with them a host of problems.
- ·Spreadsheet errors are very common and can cause wrong payouts or wrong PF/ESI deductions leading to fines.
- ·It’s difficult to track of changes made to Excel spreadsheet and auditing is not possible.
- ·Only the spreadsheet programmer can understand the complex relationships between the dozens of sheets and hundreds of cells. Any change in law requires rewriting the formulas which could easily break the logic somewhere else.
- ·Complex work like income tax computation, digitally signed form 16s, reports like PF form 3A, etc. are very time consuming to prepare and cannot be easily done on a spreadsheet.
- ·Keeping track of loans or salary advances, automatic monthly deduction, stopping loan deductions once principal is fully recovered — all such features are not possible in a spreadsheet.
- ·Since you need to create new sets of spreadsheets every month, the total number spreadsheets keeps multiplying month after month and can get quite unwieldy (it’s hundreds of spreadsheets to manage in some cases).
Professional payroll software has none of these drawbacks, eliminates a lot of repetitive work, and reduces the amount of data entry needed month after month.
How To Choose Payroll Software
It’s such a paradox. The more the options, the harder the task. The reason? Too much chaff, less wheat. The mushrooming of me-too vendors makes choosing a payroll software a daunting proposition. Payroll software packages seem to be dime a dozen. Just scratch the surface, and soon the viable options for a quality payroll software reduce to just a precious few. Your decision to invest in payroll software needs care and foresight as it has important consequences.
- Use a check-list / RFC to ensure all requirements are covered.
- For increased confidence, see what other world class organizations, with stringent selection processes, use as their payroll software.
- Do reference checks for suitability and for reliable customer support.