Employees may require loans for meeting bigger expenses and sometimes to save tax. The housing sector is one such avenue investing in which offers tax rebate. Indian taxation system is one of the complex ones too. Thus, employees need a tool that can help them manage their expenses simply by clicking a few buttons. Payroll software is diversified from this point of view. Apart from giving reliable platform for maintaining salary records, it goes one step ahead and offers finance management support too.
Various employee finances simplified with software
Also known as HR software, the payroll management software offers a password-protected space for each employee individually. They can keep record of the investments made at one place and declare the same too by simply taking a print out of records when needed. Some of the finances easily monitored and managed by the payroll managing software are:
- Home loan declaration and repayments made: Employees can upload their home loan records into the software and find the remaining outstanding at any given point of time. Also, they can know about the tax saved under relevant heads and their overall tax liability.
- Tax-free components of salary allowances: Using this tool, the tax-free allowances can also be accounted for. They can take help of these allowance charts uploaded in the software to go for such components.
- Other investment modules: Modern HR management software offers more than the mere pieces of information. Employees can get information about the relevant investment avenues that offer good returns and save tax too. The software makers have also uploaded information about the popular and tax-saving insurance policies which the employees can consider for planning tax.
So, manage the investment and other finance issues like tax-planning, loan and insurance right from the work desk and improve your investment portfolio while saving your visit to tax consultants.