Odoo ERP is equipped to manage, integrate and automate all processes that support wage management, attendance tracking, and employee administration, including payroll procedures, for a business of any size and from any industry.
Leverage the power of Odoo’s integrated platform with Odoo’s Payroll solution that connects seamlessly with Odoo Accounting & HR Apps, helping you track and manage payroll expenses all in one place. Odoo Payroll is built around robust enterprise-level features related to the payroll of an active employee, such as automatic payments, payroll tax calculation, deduction policy definitions, and more, enabling the automated computation of pay slips, reports, and journal entries. You can also customize the Odoo Payroll App to meet your unique payroll and employee management needs.
This blog gives you an overview of Odoo’s Payroll module and how it can help you streamline and optimize your payroll process.
What is a Pay Slip?
A pay slip, also commonly known as a paycheck, is used to validate the evidence of wages. It is a document issued by an employer to its employees at the end of each week or month, stating how much money he or she has earned, containing a detailed list of the various components of the salary, including information on the tax and insurance deductions.
A pay slip is also of importance when applying for a loan or mortgage, or can be of use when negotiating a higher wage when applying for a new job.
Following are the key elements included in a pay slip:
- Basic Pay
- Allowances
- Taxes
- Income
- Pay cut
- Reimbursements
- Expenses
Workdays, holiday days, work hours, shifts, overtime, and other allowances are also recorded on pay slips.
How can Odoo help you better manage your Payroll?
Odoo’s Payroll is one of its more advanced applications and hosts a with advanced features and tools that facilitate optimized payroll management. The Payroll module can be integrated with Odoo’s HR and Accounting applications, enabling automation for increased accuracy, faster results, and higher efficiency.
Automated Payroll
When recruiting a new employee, the first thing drawn up is an employment contract. In accordance with the designation of the employee is likely that your company has a specified salary structure, the revision and compensation of this salary structure depends on one or more salary rules. Odoo’s Payroll management system can help you easily automate the actual computation of salary, its innate and intuitive platform facilitates the configuration of computations based on predefined salary rules and deduction policies that can be applied. Simply define your payroll frequency at a company-wide level or for each employee individually, and link your payroll account with ease.
In addition to this, Odoo Payroll can be used in conjunction with other Odoo modules such as Attendance, Time Off, and Expense. Simply set up company-wide overtime and double overtime rates and Odoo will automate the computation of workdays, holiday days, work hours, shifts, and overtime.
Reminders can be configured to ensure you never miss a pay period, giving you the option to confirm prior to running. The HR manager need only generate standardized pay slips in categories or department-wise batches, ensuring utmost accuracy and guaranteeing desired results in less time and with less labor. Odoo Payroll can then generate a report to be filed with your bank to initiate direct deposits, you can also integrate with payment gateways such as Stripe to process direct deposits directly from Odoo to your employees.
Employee Support
Odoo Payroll provides full support to its salaried, full-time, part-time, hourly employees, and contractors. Simply create employee profiles to maintain important information such as employee filing status, contact information, address, deductions, payroll frequency, payment method, and employment type. Odoo Admins with viewing permissions can also view employee attendance, timesheets, leave, and working hours. Employees can also be provided with a self-service portal where they can view their contact information and payroll details.
Project Payment
Some projects in particular may require unique tracking to ensure payments are issued properly to employees. Odoo Payroll can be integrated with hardware or software to support varying methods of project recording or task tracking, these include but are not limited to barcode scanning, time clocking, and platform login/logout, ensuring accurate payment disbursement can be properly linked to each project.
This functionality can be useful when managing time tracking and compensation for both internal and projects, easily monitor your employees’ work on customer projects, invoice your customers accordingly, and calculate compensation for your staff based on their working hours.
Wrapping Up
Paying and employing staff is one of the challenging procedures for businesses across all industries and regions. Effortless management of your payroll process is highly beneficial to your company, a standardized, accurate, and automated payroll solution can help you better manage employee compensation, and stay updated on vital employee information, which can in turn, result in enhanced job satisfaction and lower employee turnover, empowering businesses with high retention rates and ultimately enhanced customer satisfaction.