LSS Payroll is a startup that will be catered towards providing Indian companies with access to a payroll and statutory compliance service. A big component of this service will be a SAAS based software that will have the following front end components:
1) Attendance Management system which monitors employee attendance dynamically, and acts as a substitute for traditional punchcard systems and biometric systems.
2) Leave Management system which allows employees to request leave, supervisors to approve that leave, and ensure compliance with the company's leave policies.
3) Reimbursement management system: which allows employees to input reimbursements, upload receipts, supervisors to approve these reimbursements and ensure compliance with the company's leave management policies.
4) Online Paystub where employee can view their current and past pay statements.
5) Access to filled out statutory compliance reports which the client can then print out and file with the relevant government bodies.
On the backend, the payroll software should have the following functions
1) Master file when each new client registers, which contains leave, attendance, payment mode and reimbursement data as per each client's specifications.
2) Payroll computation algorithm to compute the net wages to employees after making adjustments for the tax rates, statutory deductions etc.
3) Records of all client and employee data ever inputted or outputted from the system.
Through our parent company (headquartered in Mumbai), we already have more than 6000 client employees who we process payroll for, so we would be able to test out the product immediately to assess viability.
We look for this to be a highly interactive relationship with the developer, who will have significant input on the development process.