NYGGS Payroll Software Features Designed Especially to Help Start-ups

As a start-up founder, you’ve likely invested countless hours and resources into building your company, but payroll management is one critical aspect that continues to cause headaches. Fortunately, NYGGS offers a lifeline to start-up founders and payroll management teams by providing efficient and accurate Payroll Software.

In this blog, we explore the key features, functions and benefits of NYGGS Payroll Management Software that will empower you and enable you to overcome your start-up’s payroll challenges, setting it up for success. So, let’s start!

Features of NYGGS Payroll Software for Start-ups

Start-ups need a complete payroll solution that is agile and responsive to changing workforce requirements. Whether you need to hire and pay freelancers or want to use the employer of record (EOR) model to hire full-time workers or eventually expand using your own entities, you can manage them all in one place with NYGGS.

Competitive Compensation and Benefits Payroll Software for Workers

It is widespread that Indian small businesses are facing skilled labour shortages and struggling to fill vacant positions. Therefore, to attract and retain top talent, start-ups must offer competitive compensation packages.

Therefore to help, NYGGS Payroll Software offers tools you can use to set salaries and benefits that align with industry standards and go beyond. With features like salary structure, salary subtype, and benefits management, you can ensure new team members receive fair and competitive compensation.

Payroll Software and Employment Compliance

Complying with payroll, employment, and tax laws at the local level is crucial for start-ups. NYGGS has a built-in feature to fetch local statutory compliances across India. In other words, you just have to choose the locality for which you generate payroll; the software will fill all the tax and benefits percentages to the dashboard.

For example, when paying a team that works across India, you must comply with central, state, and local payroll laws for each person. Failure to do so may result in government sanctions and heavy fines. Before processing payroll, you can avoid payroll compliance obstacles by:

  • Standardize your payroll process.
  • Protect your data through a cloud-based system.
  • Integrate your HR and Payroll software.
  • Ensure proper categorization of employees.
  • Meet minimum wage requirements.
  • Set up payment methods according to local banking regulations.
  • Withhold and file income and payroll taxes for employees.
  • Distribute localized payment receipts.
  • Maintain digital records indefinitely.
  • Keep up to date with changes in legislation.

Automated Payroll Processes

Hiring and paying remote employees has become commonplace for start-ups. However, managing onboarding processes and contracts across different geographies can be time-consuming and put your company at risk of non-compliance with local labour laws if done incorrectly.

With NYGGS Payroll Software, you can say goodbye to manual payroll processing and hello to automated efficiency.

Therefore, NYGGS simplifies onboarding new candidates and paying your entire workforce with comprehensive automation capabilities:

  • Use pre-designed templates that meet all legal requirements for employment contracts.
  • Automatically collect necessary employee information for payroll and HR, such as permits, banking information, and compliance documents.
  • Allows workers to upload files themselves from the employee’s self-service portal.
  • Synchronize your invoice data with your preferred accounting software.
  • Automatically create invoices for freelancers.
  • Instantly generate 24Q, 12B, and Form-16 forms for Indian team members.
  • Easily file freelancers’ ITR-4 and Form 26AS right from your dashboard.

Real-Time Payroll Data

Real-time access to accurate payroll data is crucial for start-ups to make informed decisions and maintain financial transparency. However, manually collecting and compiling payroll data from various sources takes time and increases the risk of human error. This challenge becomes more significant as the workforce grows and the complexity of payroll management increases.

Furthermore, NYGGS Payroll Management Software provides you with a customizable dashboard with real-time payroll data, eliminating the need to collect and compile data manually. With NYGGS, payroll administrators have instant access to up-to-date information and can:

  • Process payroll reports by location.
  • Compare employer costs, bonuses, and taxes between entities.
  • Customize your dashboard to analyze spending on social security, health insurance and more.
  • Review workforce costs in one place.
  • View workforce payroll history on one dashboard.

More precisely, with this real-time visibility into payroll data, start-up founders can make informed financial decisions to ensure transparency within their company. It lets them experience greater accuracy, leading to better financial management and streamlined payroll processes.

Accounting and Bookkeeping Integrations

Seamlessly integrating payroll data with accounting and bookkeeping systems is often a top priority for start-ups. Because manually transferring data between payroll providers and accounting software can lead to errors, duplication, and redundancies.

Ensuring accurate financial reporting and maintaining compliance is difficult without a streamlined integration process.

Moreover, NYGGS Payroll Software offers integrations with accounting and bookkeeping systems already integrated into your workflow for seamless financial management. This integration allows payroll data to flow seamlessly between NYGGS’s solution and accounting software, eliminating the need for manual data entry and reducing the risk of errors.

Experience NYGGS’s Impact on Compliance for Start-ups

To sum up, for entrepreneurs, finding the Best Payroll Software at the beginning of their venture future-proofs their processes and allows for smooth, hassle-free growth.

No matter who or where you hire as you scale, NYGGS can take care of payroll compliance, payment processes, and taxes for you, while offering 24/7 support.