It’s common that your employees might request an advance on their forthcoming salaries due to personal reasons. Opfin has always had the ability to pay these advances, and settle them with upcoming payrolls. For example, an employee with a monthly salary of Rs 50,000 might request for an advance of Rs 25,000 from the company. The Opfin administrator from the company can choose to pay this advance, which Opfin processes as an immediate bank transfer to the employee’s bank account.
The Union Budget 2019 was a pre-election budget, hence a highly anticipated one. Although the interim budget was pro-poor, the current government did not disappoint the business community since it gave a boost to the consumer economy. It has brought in changes in the tax slabs and introduced many new schemes for many sections of the society. Let’s take a quick look at the major tax reforms in the budget tabled on February 1, 2019.
Employee compensation management, which is usually referred to as payroll management, is a comprehensive process. It includes salary calculation, disbursal, payslip generation, deduction taxes, record keeping, etc. For small and mid-sized business owners, framing the salary components is often a challenge especially if they are less proficient in administering the payroll process. However, it is an inevitable task that needs to be performed periodically, and an error in the process may lead to critical legal implications.
To accurate calculate an employee’s take home salary, Opfin has to calculate several deductions like TDS, PF, ESI and Professional Tax. Of these, the TDS (tax deducted at source) is probably the trickiest since there are a lot of tax exemptions and deductions that are usually applicable. For example - HRA exemption Section 80C (Investments in ELSS funds, PPF, FD, ULIP etc.) Section 80CCD (Investments in NPS) Section 80D (Expenses towards medical insurance, preventive health checkup and other medical expenses) Section 80DD (Deduction for rehabilitation of handicapped dependent relative) Section 80E (Interest on Education Loan) Section 80G (Donations to charitable institutions) Section 24 (Home loan interest) Section 80EE (further tax benefits for first time home buyers) Managing all these deductions is a nightmare not just for the employees, but also for organizations since they are supposed to validate that all the deductions that an employee has applied for are actually valid.
Opfin supports two forms of attendance - either web based, or through our biometric devices that are deployed on the customer’s location. With the biometric device, employees can only check-in / check-out from the device itself, and thus the employer can be sure that the employee was actually there at that time. However, with web attendance there is the possibility that employees might abuse the feature by using it from any other location like their home (or a pub?
Now you can enrol your employees in your company’s PF account through Opfin itself. Till now, you had to write to Opfin support and then we would add your employee. Now, you can just head to an employee’s profile page, edit the “Provident Fund, Professional Tax & ESI” section, and enter the required information right there! Things to keep in mind - PF enrolment is much easier if your employee already has a UAN.
It took us inordinately long to do it, but it is finally here. Any employee or contractor in Opfin can now upload a photo of themselves. There are two uses of photos - Your photo will appear in the employee directory. Useful when somebody at the company needs to put a face to a name. Especially useful for administrators when they are editing information for their employees and contractors. Hard to make a mistake and change somebody else’s data when you have a photo staring at you!