Many IT companies in India handle account payable and receivable, insurance account, and payroll functions. Manual work will not give the correct result so the companies use software for those three processes. Many software developing companies outsource the management software for many banks, companies, institutions and organisations.
Insurance claims management:
Insurance claims management included all sorts of processes for companies that suffer from damage to properties. It claims the money should be paid for their damned property. For example, if a person claimed insurance for a property and when that property gets damaged by an accident or by another person the insurance claimed person can get money for the property from the companies or government.
Claim = Loss Suffered x Insured Value/Total Cost. This the formula for calculating the claim which is used in the companies.
Accounts payable and receivable:
The main process in the bank is Account payable and receivable. AP(Account payable) is the Money that is paid by the owner to another company whereas AR(Account Receivable) is the Money that is received from another company to the owner company for business purposes.
If an organization or a company invests a huge amount in a new business that is known as account payable. If those companies provide a product to the customer and the money paid by the customers is account receivable. So these accounts transactions are recorded and calculated in balance sheets by using the Account payable and receivable software.
Payroll management in a company :
Payroll management is the information and calculations of accounting activities like crediting the salary of an employee, deduction, penalties, increments in salary, and used to handle general pay of a company. This payroll software stores and manage the working hours, attendance, performance of the company employee. There were payroll management companies that outsource or software designed to manage payroll activities i.e tracking performance of workers, distributing pays via deposit or check slips.