Interact HRMS offers a comprehensive solution for managing employee compensation and payroll, seamlessly integrating with other HR modules. This solution ensures accuracy, compliance, and transparency in compensation practices and payroll management.

1. Compensation & Payroll Management

• Define various compensation elements, including earnings, allowances, bonuses, deductions, commissions, expenses and taxes.
• Automate policy assignments by employee group or organizational unit.
• Use advanced calculation methods, including rate tables and expression builders, for complex compensation elements.
• Enable integration with grades and steps for structured pay scales.
• Provide comprehensive reporting and analytics for tracking compensation trends.

2. Payroll Wizard

• Simplify payroll processes with step-by-step guidance.
• Customize payroll workflows to meet organizational needs.
• Automate prompts for required actions, ensuring accuracy.
• Support for error prevention through a standardized payroll workflow.
• Ideal for organizations with large or complex payroll requirements.

3. Expense Management

• Define expense policies tailored to employee roles or organizational units.
• Enable online expense submissions through employee self-service.
• Categorize expenses as billable or non-billable for accurate tracking.
• Support multi-currency expense claims for international operations.
• Attach receipts to ensure compliance and transparency.

4. Loan Management

• Automate loan installment deductions directly from payroll.
• Provide options for early repayment, loan adjustment, and restructuring.
• Track loans comprehensively, with reporting and notifications for repayments.
• Enable employees to manage loans via a self-service portal.
• Customize loan terms, including interest rates and collateral requirements.

5. Labor Costing & Billing Management

• Calculate labor costs with direct, burden, and overhead cost factors.
• Define variables such as allowances, benefits, and taxes for precise billing.
• Automate invoice generation for labor billing.
• Enable real-time tracking and reporting for cost analysis.
• Support flexible billing rate calculations to align with organizational needs.

6. Commission Management

• Configure commission structures based on sales or performance metrics.
• Automate commission calculations and integrate with payroll.
• Generate detailed reports on commission payouts.
• Ensure transparency and efficiency in commission tracking.

7. Garnishment Management

• Automatically deduct garnishments from employee paychecks.
• Comply with legal requirements for garnishment deductions.
• Generate reports on garnishment activities for audit purposes.
• Notify employees about garnishments for transparency.

8. Third Party Payables

• Automate payments to third parties for benefits, taxes, or deductions.
• Ensure compliance with external financial obligations.
• Simplify tracking and reporting for third-party payments.
• Integrate seamlessly with payroll processes.

This modular approach ensures that organizations can manage employee compensation and payroll efficiently while adhering to policy and regulatory requirements.