Finova HR & Payroll: Complete Setup Guide for Your Business

Finova's HR & Payroll module handles everything from employee onboarding to monthly payslips, statutory contribution calculations, and income tax withholding — all in one place. Here's how to set it up for your business.

Step 1: Add Your Employees

Go to HR → Employees → Add Employee. Fill in the employee's personal details, designation, department, date of joining, and base salary. Finova automatically calculates statutory contributions based on local regulations.

Step 2: Configure Salary Components

For each employee, set up their salary structure: basic salary, housing allowance, transport, medical allowance, and any other allowances. Finova uses this to calculate gross salary and applicable deductions.

Step 3: Statutory Contributions Setup

Finova automatically calculates statutory contributions based on your country's requirements. Both employee and employer contribution rates are applied and updated whenever regulations change.

Step 4: Income Tax Configuration

Finova applies the applicable income tax bands automatically for your jurisdiction. For each employee, the annual salary is calculated, tax is computed at the correct rate, and divided by 12 for monthly deduction. Tax certificates are generated automatically at year end.

Step 5: Run Monthly Payroll

Go to HR → Payroll → Run Payroll, select the month, review all calculations, and approve. Finova generates individual payslips for every employee, posts the payroll journal entry to your accounts, and marks salaries as paid.

• ✓Statutory contribution reports — ready for regulatory submission
• ✓Region-specific compliance rules
• ✓Gratuity accrual tracking — automatic calculation
• ✓Leave management — casual, sick, annual
• ✓Advance salary management with automatic deduction
• ✓Employee documents vault — contracts, ID documents, degrees