TeamNest Use Case - Payroll Automation

Business Challenge

Every organization big or small is tasked with calculating wages and salaries for their workforce each month. Processing payroll the traditional way, meaning offline or using disparate platforms, makes it complex, time-consuming, and error-prone.

TeamNest Solution

With TeamNest you can process payroll swiftly and accurately guided by our virtual Payroll Wizard. 

Our module provides the following capabilities for Finance teams to run payroll for several departments or subdivisions -

• Powerful CTC Builder to help you create salary structures based on employee benefits and policies
• Compute Applicable Statutory Deductions based on employee earnings and tax-related investments
• In-built and updated compliances on PF, ESIC, PT, and TDS
• Use attendance and leave records from TeamNest or import them from an alternate source.
• Information from the Attendance, Leaves, and Investment modules flow seamlessly into the Payroll module
• Simple integration with time-tracking and HR
• Statutory Compliance functionality is handled and simplified for you with the generation of the Statutory compliance challans
• Online access to payslips and tax computations for your employees

Potential Business Impact

• Reduces errors
• Saves time/effort/money
• Enhances compliance
• Increases security
• Increases scalability
• Improves future-readiness