Employees come to work for money and job satisfaction. They achieve job satisfaction when they feel secured about their future. Companies offer support in various ways such as granting loan and rewarding monetary bonuses. The companies keep stock of these transactions by using payroll software. Using this payroll processing software, the aspects related to managing finances which can be documented easily are:
- Documentation of loans taken: The employees get tax relief when they invest in house construction or buying or its renovation. They can get the housing loan statuses such as interest certificates, principal remaining etc. documented in the payroll managing software.
- Salary advances taken: When the financial constraints force you to go borrowing route, you can still save the face by taking help of the employer. You can take the salary’s portion which is your rightful earning in advance. Thus, the employees can find out the net salary receivable at the end of any month. This helps in planning the expenses better for the month.
- Medical insurance and other insurances available: The users of employee service portal can also find the medical insurance available. They can also account the insurances taken which provide relief from the tax. Thus, the overall take home becomes easy to find out when all available reliefs are accounted for. This helps in taking strategic decisions pertaining to managing the finances.
- Bonus and incentives records: The users of employee portal can find the bonus and rewards won by them during a year. They can take into account the additional earnings of the year and find out the taxation details and also plan the expenses possible to do with the bonus money.
So, by taking into account all the aspects related to earnings, expenses, loans and etc. the employees can find for themselves the main reasons for staying in the job and giving it the best.