How to Setup Bonus and it’s Process?

 

Easily Manage Employee Bonuses with AntMyERP

AntMyERP makes handling employee bonuses simple and stress-free. You can decide who gets a bonus, how much they receive, and when it should be paid get all of this within the system. To get started, click the Settings icon and go to Organization Setup.

Once inside, click Edit Organization and select the Team option. You’ll see a list of all team members. From here, you can assign bonuses according to your company’s policy. For example, select an employee like Kapil Singh and click Edit to open their profile. You can add or adjust the bonus anytime making it flexible to match your plans.

Next step is that indicate whether the employee is eligible for a bonus. If yes, set when it will be paid like monthly, quarterly or in a specific month. For instance, if the bonus is scheduled for March then it will automatically generate with the March salary. You can enter the bonus as a fixed amount or as a percentage of gross or basic salary. Once saved, the system takes care of the rest, so nothing is missed.

In HR Reports, the Bonus Approval section lets managers review and approve bonuses. Once approved, you can see all details in the summary such as employee name, code, voucher number, department, payable month and amount. When the finance team processes the payment, the status updates to Paid, giving you full visibility.

With AntMyERP, managing bonuses becomes effortless. You can plan, approve and track employee rewards all in one place ensuring everyone gets their due on time without any hassle.