AI-powered Employee-Centric Payroll System Mool Gets Seed Funding From NextGen Technology Fund

Mool Innovation Labs, which operates as a SaaS Tax saving & salary optimisation product, has caught the attention of investors and has received seed funding from Next Generation Incubation Scheme (NGIS) of Software Technology Parks of India (STPI). 

Pontaq Ventures India LLP is the fund manager of the aforesaid fund.

Mool's co-founders Seemant & Subhashree receiving check from MeitY Joint Secretary and other govt officials

Founded by Seemant Shrivastav and Subhashree Mishra in 2019, Mool aims to fundamentally change the way people deal with money starting from salary. It employs smart algorithms and machine learning technologies to personalise finance and taxation and offers smarter investment and borrowing options. Mool is planning to invest the funds into charging up their go-to-market strategy, product development, and expanding the team.

Mool’s innovative approach to automation and personalization has given it an edge in attracting a strong client base. Speaking about the funding, Seemant, co-founder at Mool said, “We thank STPI & Pontaq Ventures for showing confidence and trusting our vision to build a world-class fintech platform. Mool has built technology to simplify the tax & financial jargon by optimising compensation benefits and also provides financial literacy to its customers. Today, our youth is crippled by limited knowledge of salary structure and needs guidance on saving and investment options. We’re intensely passionate about solving this problem and providing users the option to grow their money through effective planning.”

Prem Barthasarathy, Managing Partner, Pontaq Ventures India LLP stated, “Mool has identified a crucial problem being faced by employees today and is trying to build financial discipline for today’s generation by simplifying taxation and finance. We like their approach to solving personal taxation conundrum and giving their customers a user-friendly platform that has an objective to optimize their savings. We are excited to partner with Mool in this journey."

Mool Innovation Labs is a leading fintech startup that aims to leverage technology for corporate employees by facilitating effective tax planning, smart investments, insurance, and borrowing options. Mool simplifies the personal financial and taxation jargon and makes it accessible to all. With the products of Mool, organisations and employees can now maximise the value of their salaries without a hassle. Mool’s mission is to create a platform to educate everyone, optimize the growth of their money, and empower them with rich facts and proven analysis for decision making.

A Primer To The Benefits And Types of Payroll Software

Payroll administration is one of those processes that a business has to which does not generate direct revenue. At the same time, it is also one of the most tedious and time-consuming processes carried out by a business. So, it is in the best interest of the business to reduce the time and cost allocated to this process as much as possible. And this is where Payroll Software steps in, and it helps you by automating various tasks related to payroll administration so that you can dedicate your time and energy to much more profitable tasks.

On average, payroll software systems reduce costs to a great extent. It is possible because payroll systems require very little human input. Most of the times, all it needs are the details of the wage and the working hours of a particular person. And all the other functions such as the calculation of total wage, necessary tax deductions, awarding of bonuses, etc. are done by the software on its own.

Benefits of Payroll Software

The following are the major benefits of using Payroll software:

Reduces Errors - Most of the payroll processes are tedious and time-consuming. And as with any long, time-consuming process, they are prone to a lot of errors. Errors can sometimes even turn out be a havoc. For example, adding an extra zero or two to the end of an employee's wage would result in a lot of headaches and further rectification works. The use of payroll software removes all such risk by fully automating the entire process.

Cuts costs - The lesser the need for human involvement means lesser the cost. Also, since there is a very little possibility of errors occurring, it also saves any future rectification expenses.

Helps build transparency - If the payroll system is cloud-based, it means that the data is available to everyone with access to the right credentials anywhere at anytime. It allows HR personnel, employees, accounts, etc. to check their data so that if at all any errors arise and it leads to disputes, it can be settled then and there.

Improved security - Since payroll processes take up a lot of time, it is general practice to outsource it to third parties, but it can compromise the security of payroll details. Payroll software helps alleviate this threat by enabling businesses to do the process on their own.

Types of Payroll Software

Payroll software systems are of two types - dedicated payroll systems and integrated payroll systems.

Dedicated Payroll Systems - Dedicated payroll systems are built to carry out payroll processes. Such processes are what they specialize in, but at the same time, they also do certain other added functions depending upon the software you buy.

Integrated Payroll Systems - These are part of a more comprehensive Human Resource Management System which includes other functions like attendance management system, employee leave management system, etc. Payroll Software usually comes as a part most of the famous HR software India uses, or you may need to pay extra to avail the service.

Payroll software systems are a must for small and large scale businesses alike, the advantages of having such a system far outweigh the ones of not having one.