Your employees can use Portico for viewing their documents like payslips, form 16 etc, make investment declarations and upload proofs. Payroll reimbursements can also be claimed via Portico and the helpdesk can be used to raise and resolve queries. Submitting timesheets, viewing training records, company calendars and policies are all possible on Portico.
Documents
Your employees can use Portico for viewing their documents like payslips, form 16 etc, make investment declarations and upload proofs. Payroll reimbursements can also be claimed via Portico and the helpdesk can be used to raise and resolve queries. Submitting timesheets, viewing training records, company calendars and policies are all possible on Portico.
Employees have access to payroll as well as personal documents on Portico. Payroll documents for each period can easily be accessed. Some of the documents that can be made available on Portico are:
- Payslips
- IT Report
- Form 16
- PF Accumulation Statement
- Investment proofs
- Reimbursement proofs
- Up to date Annual Salary Statement
- Intranet access to view all company policies
Investment Declaration
This module allows employees to manage their investment declarations. These can be created at any point of time and updated any number of times, till the cut off period for the month. Tips and limits have been defined on the declaration form itself that makes filling up the form extremely easy for all. The form is linked to the Tax calculator, which displays the impact of the investment declarations on the tax liability for the employee. The form can be switched to accept either 'Estimated' or 'Actual' investments.
Scanned copies of investment proofs can be uploaded during year end submissions. Once the proofs are verified, the details of proofs accepted/ rejected are updated online, with comments. Employees are alerted with an email about their proofs submitted and they can add any additional proofs, before the payroll deadline. Click here to view the Investment Declaration workflow.
Key features of the Investment Declaration module are:
- Complete flexibility to update investment declarations under various Income Tax sections
- Linked to Tax Calculator to check the impact on tax liability, on real time basis
- Flexibility to keep cut-off date for updating investment declarations for employees and HR Managers of the company
- Actual Investments proofs can be uploaded online - thus saving paper and postage costs. This also avoids cost and space issues of storing of physical paper files
- The data is accessible online, at all times and this helps in resolving issues with employees - as the employee and the payroll provider access the same documents
IT Calculator
The Tax Calculator allows employees to see the impact on the income tax liability based on their updated investment declaration, previous income declaration or change in gross earnings on a real-time basis.
It shows the existing and revised tax computations with the variation in tax liability. Using this feature an employee can plan their investment and analyse the impact on their net salary. There is also an option to change their 'Gross Earnings' (due to increments, bonus, etc) and the system will show the additional/reduced tax liability.
This feature helps address most of the questions related to the tax changes by the employees - eg: What is my tax liability going to be based on my investment declaration?
Key features of the IT calculator are:
- Employees are able to see impact on income-tax in real-time
- Employee has an option to change the 'Gross earnings'
- It is linked with investment declaration module and it calculates the tax based on investments declared
- Easy to operate and understand
- Helps address the most fundamental question in employees mind – How much tax did I save?
Compensation Structure
This module allows employees to choose their salary structure that is most beneficial to them. The Compensation Structure can be defined with flexi and non-flexi components, including minimum and maximum allowances in each category. Employees can get a comparison of the selected structure with the old structure.
Key features of the Compensation Structure module are:
- Different type of salary structures can be created and assigned to employees.
- Multiple structures can be defined based on grade.
- Employee can view and edit the flexi components any number of times before the cut-off date.
- System automatically calculates the balancing amount.
- Flexibility in opening up the compensation structure to edit (Monthly Quarterly, Half Yearly & Yearly).
- Detailed reporting to identify the changes in structures and listing those employees that have or have not submitted the compensation structures
Payroll Reimbursements
Employees can update their compensation related claims in the Payroll Reimbursement module. Different components like Medical, Fuel, Telephone and Leave Travel Reimbursements can be claimed. Employees can directly update the claim details (bill amount, date reference, etc.) and upload the bills. These claims are verified with the supporting documents/bills, the company policy in use and the 'acceptance' or 'rejection' is updated on the claim form. There are email alerts that are sent through the system informing the employee of the status of the claim. Click here to view the Payroll Reimbursements workflow.
Key features of the Payroll Reimbursements module are:
- Since the documents are stored online, it eliminates physical storage requirements, thus savings costs for the company
- Email alerts help in keeping the employee informed on the status of the claim prior to the payroll processing. This reduces significant queries from the employees, post payroll
- Various reports are available for the HR/ Finance manager to track and monitor these claims - sample list of reports includes: List of Pending Reimbursements, Reimbursement details, Reimbursement Summary
- Employee can see historical data
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