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Best Payroll Software in 2024

What is Payroll Management Software?

Payroll software helps small businesses calculate logged hours for every employee and calculate paychecks. Taxes and deductions can also be managed efficiently with payroll software. You can take payroll software as an independent application or incorporate this as a module with your HRMS software. Read Buyer’s Guideimg

Best Payroll Software

(Showing 1 - 10 of 172 products)

Most PopularNewest FirstTop Rated Products
Keka HR

Keka HR

Brand: Keka

4.6img

4.6 out of 5

(37 user reviews)

KekaHR is a trusted software for modern HR teams that helps them streamline the processes related to employee performance, payroll, expense tracking, atte... Read More About Keka HR img

₹6,999 /Month

View Plansimg

Spine HR

Spine HR

Brand: Spine Technologies

4.3img

4.3 out of 5

(52 user reviews)

Software designed to streamline and automate HR processes while offering advanced analytics for strategic decision-making.... Read More About Spine HR read review arrow

Price On Request

Saral Paypack

Saral Paypack

Brand: Relyon Softech

4.2img

4.2 out of 5

(6 user reviews)

Saral Paypack is a comprehensive payroll processing software, designed to meet salary, reimbursement, leave management, attendance and employee data manag... Read More About Saral Paypack img

₹53,700 /Quantity

View Plansimg

InfowanHR

InfowanHR

Brand: Infowan Technologies

4.9img

4.9 out of 5

(14 user reviews)

A comprehensive solution designed for the HR team to manage their employees and related processes.... Read More About InfowanHR read review arrow

₹1,500 /Month

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Beehive HRMS

Beehive HRMS

Brand: Beehive Software

4.7img

4.7 out of 5

(13 user reviews)

HRMS system that simplifies and automates HR operations, offering comprehensive functionality for employee data management, payroll processing, performance... Read More About Beehive HRMS read review arrow

₹2,699 /Month

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Payroll Software Product List Top Banner - 1
Payroll Software Product List Top Banner - 2
OfficeKit HR

OfficeKit HR

Brand: M2H Infotech

4.7img

4.7 out of 5

(13 user reviews)

OfficeKit HR is a talent management solution that helps with applicant tracking, talent acquisition and onboarding. The human resource management software... Read More About OfficeKit HR img

₹1,500 /Month

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Employee Vibes

Employee Vibes

Brand: EmployeeVibes

4.8img

4.8 out of 5

(15 user reviews)

EmployeeVibes is the ultimate HR and Payroll solution in India and automates end-to-end HR processes. It is fully designed for startups, SMEs, and Enterpri... Read More About Employee Vibes read review arrow

₹110 /User/Month

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Farsight HR

Farsight HR

Brand: Farsight Technologies

4.7img

4.7 out of 5

(10 user reviews)

Farsight software is HR management software that helps an organization with core HR processes like recruitment and onboarding process, payroll management... Read More About Farsight HR img

₹1,750 /Month

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OpportuneHR

OpportuneHR

Brand: OpportuneHR

4.7img

4.7 out of 5

(8 user reviews)

OpportuneHR is an industry specific HRMS solution on cloud. Designed on 15% HR Automation principle framework, already implemented in industries ranging f... Read More About OpportuneHR img

₹4,500 /Month

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Spine Payroll Software

Spine Payroll Software

Brand: Spine Technologies

4.4img

4.4 out of 5

(25 user reviews)

Spine Payroll Software is an accurate, flexible and user-friendly employee payroll management solution. It takes care of multiple salary-related requireme... Read More About Spine Payroll Software img

Price On Request

Last Updated on : 12 Jun, 2024

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Best Payroll Software FAQ’s

Software questions,
answered

No, most of the payroll online software options are cloud-based, so you don’t need to purchase new IT infrastructure to use payroll online. Many providers offer scalable and flexible solutions that can be easily integrated with your existing systems. However, it's always best to check with the software provider to confirm their requirements and any additional costs associated with infrastructure setup.

It depends on the size and complexity of your payroll processes. Even with a small workforce, payroll management software can help simplify and automate tasks, reduce errors, and save time and money. If you find yourself spending excessive time on payroll calculations or have multiple employees handling payroll duties, investing in software can be beneficial.

When deciding between on-premises software and cloud payroll management software, there are a few factors to consider. On-premises software requires you to purchase and install the software on your own servers, while cloud software is hosted and accessed through the Internet. On-premises software can provide more control and customizability, but it also requires more upfront investment and maintenance. Cloud software offers increased flexibility, scalability, and accessibility, but it relies on an internet connection. Therefore, you need to consider all your business needs, budget, as well as your IT infrastructure before making any decision.

Most payroll management software providers do not charge any annual maintenance fees. However, some might offer premium features for an additional fee. Therefore, it becomes necessary to review the pricing structure and terms of service before selecting a software provider.

Many employee payroll software examples offer modular pricing, allowing you to purchase individual modules separately based on your business needs. This can be a cost-effective option if you only need a limited number of features. To purchase modules separately, you can check with different software providers to determine which modules are available for standalone purchase and at what cost.

Payroll management software helps organizations streamline and automate payroll processing, reducing errors and saving time. It also provides real-time updates on employee salary, ensuring compliance with tax laws and regulations. Additionally, it also offers flexibility in managing different pay rates, bonuses, and deductions. By leveraging payroll management software, organizations can improve accuracy, save money, and reduce the administrative burden associated with payroll processing.

Payroll management software offers several benefits to employees. It ensures accurate and timely payments. With such software, employees can access their pay slips and other important financial information online. Additionally, employees can easily track their working hours, leaves, and deductions to have complete transparency. Apart from that, payroll software can also facilitate easy tax filing by automatically generating tax forms and calculating deductions. Overall, it streamlines administrative tasks, reduces errors, and saves time for employees, enabling them to focus more on productive tasks.

For small businesses in India, some of the best payroll software India options are Zoho People, PaySprint, ClearTax, and more. These platforms offer easy-to-use interfaces, automated tax compliance, and seamless integration with accounting software. They also provide features like attendance tracking, leave management, payroll reporting, and much more.

Payroll Software Reviews

KH

Keka HR

4.2

“Nice HRMS tool and suggestable platform. It was a great product overall experience was very nice.”

- Anuj

See all Keka HR reviewsimg
SH

Spine HR

5

“Spine HR is a powerful tool that is also simple to use. Unlike any other HRMS software, it focuses on daily mundane processes rather than flashy graphs.”

- Ritu Chauhan

See all Spine HR reviewsimg
SP

Saral Paypack

5

“Have been using Saral application for 2years, it's very user-friendly and they give good service with regular auto updates. I like the product, it helped me alot.”

- Ankitha Anki

See all Saral Paypack reviewsimg
I

InfowanHR

5

“User-friendly software. Covers all features from recruitment to retirement also available at an affordable price with the good and quick support team.”

- Omkar Kadam

See all InfowanHR reviewsimg
BH

Beehive HRMS

4.2

“The software is easy to use and understand and customize according to the company requirements. The Work Processes are getting more effective and efficient.”

- Ujwala Pardeshi

See all Beehive HRMS reviewsimg

Payroll Software Price List In India

Payroll Software Cost
Top Payroll Software Starting Price Rating
Keka HR₹6999.00 /Month4.6
Saral Paypack₹53700.00 /Quantity4.2
InfowanHR₹1500.00 /Month4.9
Beehive HRMS₹2699.00 /Month4.7
OfficeKit HR₹1500.00 /Month4.7
Employee Vibes₹110.00 /User/Month4.8
Farsight HR₹1750.00 /Month4.7
OpportuneHR₹4500.00 /Month4.7

Buyer's Guide for Top Payroll Software

Found our list of Payroll Software helpful? We’re here to help you make the right choice and automate your business processes. Let’s discover some of the essential factors that you must consider to make a smarter decision!

  • What is Payroll Software?
  • What are the types of payroll management systems?
  • How Do We Select the Best Payroll Management Software in India for You?
  • Top Features of Payroll Software
  • How Does Payroll Software Work?
  • Who Uses Payroll Software?
  • How Much Does Payroll Software Cost?
  • Who Needs Payroll Management Software?
  • Why Organizations Use Payroll Software?
  • Payroll Management System Modules
  • How Does Payroll Software Streamline Tax & Compliance?
  • Advantages of HR Payroll Software
  • Benefits of HR Payroll Software
  • Factors to Consider When You Buy Payroll Software
  • Payroll Software Trends - The Future of Payroll Management System

What is Payroll Software?

Payroll software helps small businesses track logged hours for every employee and calculate paychecks. Taxes and deductions can also be managed efficiently with payroll software. You can take payroll management software as an independent application or incorporate this as a module with your HRMS software.

By easily calculating paychecks with payroll management software, your accounts professionals can quickly deposit funds into employee accounts as per their pay structure and ensure that they are remunerated on time. This is the ideal software to ease your payroll burden in a few clicks. From calculating accurate salaries to reimbursements, advances and loans, all can be managed with payroll software.

What are the types of payroll management systems?

Several types of payroll management systems are available in the market. One can select any of these according to their organization’s requirements. The types of systems available include:

  • On-premises payroll software: These types of software are installed and operated on the business's servers or computers, rather than being accessed online. The responsibility for maintaining and updating the software, as well as providing necessary hardware and infrastructure, lies with the business.
  • Cloud-based payroll software: These systems are accessed and used online, with all data and functionalities stored in the cloud. This offers increased flexibility, and accessibility, and often reduces IT costs.
  • Full-service payroll software: Offers a wide range of features and capabilities, including support for multiple pay frequencies, tax rates, and deductions. They can also be integrated with other business systems like accounting or HR software. Some full-service payroll software providers also offer services like tax filing and compliance support.
  • Online payroll software: These companies provide payroll management and monitoring capabilities through a secure web browser, eliminating the need for additional software and equipment. With online payroll software, businesses can enter and update payroll information, track employee vacation and sick days, and even offer payroll tax filing and payment services.
  • Bookkeepers and CPAs: Small to midsized businesses without any internal resources can choose to outsource their payroll processing to a third-party bookkeeper or certified public accountant (CPA). When you are outsourcing, it is important to select a service provider who has expertise in all the required services and can accommodate last-minute changes to avoid errors.

How Do We Select the Best Payroll Management Software in India for You?

It becomes difficult when it comes to selecting one of the best payroll management systems. Therefore, you can simply follow the below-mentioned pointers to pick the best one for yourself:

Create a checklist of essential payroll features by assessing your requirements and ask yourself a few questions like: Are you in need of support for multiple pay frequencies, tax rates, and deductions? Do you require time and attendance tracking? Apart from that, identify the tools you want your payroll ERP software to integrate with. Compile a list of your specifications and seek an HR payroll system that aligns with your needs.

  • Prioritize data security capabilities: HR payroll software handles sensitive financial and personal information, so it is essential to select a solution that provides robust security measures. Ensure that the software offers features like data encryption and secure access controls to safeguard your data.
  • Look for employee segmentation: Employee segmentation holds particular importance if your business hires both full-time employees and independent contractors or freelancers. Opt for software that distinguishes between these employee types, allowing you to process payroll and file taxes separately for each group. Additionally, verify whether the software enables you to generate customized payroll reports for different employee categories.
  • Evaluate available customer support options: Assess the level of customer support provided by the cloud-based payroll software provider. Look for FAQs, user guides, video tutorials, and other helpful resources available. Confirm the availability of a dedicated support team to address queries and provide assistance.
  • Ensure compatibility with your existing system: A suitable payroll solution should seamlessly integrate with your current accounting software, HR software, or workforce management tools, facilitating automatic data migration. Before making a purchase, thoroughly examine the integration options offered by the software.

Top Features of Payroll Software

Features of Payroll Management Software

  • HR Payroll Processing: By automating the payroll process, you can automatically calculate the employee’s gross pay based on days worked in the month. This information can be exported from a time & attendance module or manually entered from a timesheet. Apart from this, it considers tax deductions, EPF contributions, insurance policies, etc. Also, it provides details of bonuses and salary hikes while preparing the monthly salary.
  • Payroll Tax Calculator: The best payroll management system helps efficiently execute the tax management process of employees. It helps calculate deductions and benefits such as any investment made under Section 80 C, any charitable contributions, and EMIs on home and educational loans. HR payroll systems also update any changes in tax policy and send out alerts to the user to notify them.
  • Reporting: Top HR payroll software solutions come integrated with reporting functionality that helps with compensation analysis, deduction analysis, gross-to-net payroll register, tax reports, and more. Users can create custom reports and take advantage of pre-installed reporting templates.
  • Mobile App Functionality: The best payroll system offers a mobile app through which users can log in to their accounts and view their salaries. Employers can process employees’ payroll easily through the app. And that’s not all. You can add bonuses, generate payroll summary reports, and more. Through the mobile apps of top HR payroll software in India, you can add reminders to receive updates about employee birthdays, bank holidays, and other events.
  • Payslip Generation: The best payroll & HR software helps generate pay slips with just a click. The pay slips carry necessary information concerning taxes employee allowances and benefits. You can also print or download these pay slips without any trouble using HR payroll software India.
  • Benefits Administration: Payroll management solutions offer an integrated benefits management module through which the company owner/HR manager can monitor the benefits offered to employees. Usually, companies offer health insurance, retirement, gratuity, pension/welfare packages, vacation/sick leaves, and other benefits. Payroll solutions allow employees to pick and choose the benefits they want from their basket of allowances. The employees can also submit their claims and upload proofs for online approval.
  • Cheque Deposit/Online Payment: Payroll solutions allow you to print or electronically send paycheques. You also have the option of directly depositing employee salaries in their bank accounts.

How Does Payroll Software Work?

Payroll system software helps organizations manage compensation and other employee payment-related details accurately and automatically. HR & payroll software can be integrated with the leave & attendance system to track working days, and overtime of employees at the time of salary processing.

The payroll management system supports employee compensation in multiple ways, such as cheques, bank deposits, payment cards, etc. The software also provides insights about employee earnings and expenses across different departments. Such insights help the management make informed decisions to stay in control of their finances.

Overall, payroll systems make the entire payroll flow simple to help businesses manage tax and compliance for different branches across different locations. Employees can use payroll HRMS software to manage their personal information, reimbursements, tax declarations, and other details.

Who Uses Payroll Software?

The payroll management system is primarily used by businesses and organizations to manage employee salaries, benefits, and taxes. Small to medium-sized businesses, Fortune 500 companies and government agencies are some of the common users of HR payroll software. It is primarily used by HR departments or payroll teams to manage the entire payroll process. It serves as a tool for businesses to process employee payments, track hours, and handle tax paperwork. By automating payroll calculations and paperwork, it simplifies the process for business owners. Apart from that, it helps streamline payroll processing, reduces errors, and provides valuable insights and reporting capabilities.

How Much Does Payroll Software Cost?

Payroll software price varies depending on the provider and the level of functionality required. Basic versions start at $20-$35 per month, while more comprehensive plans can range from $100-$500 per month. Some providers also offer free or low-cost options for small businesses or those with limited payroll needs. It's important to research and compare different providers to find the best fit for your business budget and needs.

Who Needs Payroll Management Software?

All kinds of businesses, having twenty or two thousand employees, require payroll systems software to take care of their payroll needs. The essential purpose of any payroll solution is to process employee salaries on time without any hassle. The software helps manage all types of payment records related to your employees.

Payroll is an integral function of any growing business, whether it is a small business or a large enterprise. To track and manage employee payments, it’s better to invest in payroll systems software. Taxation is also simplified as the HRIS and payroll software help manage tax-related details as per the pay structure of every employee.

Why Organizations Use Payroll Software?

Why Organizations Use Payroll Software

Payroll management software helps accounting professionals save time and money in tax preparation, payroll processing, rewards, and remunerations. Most importantly, payroll systems software is critical for accountants and small business owners who otherwise spend a lot of time in manually calculating wages and benefits.

With the use of payroll processing software, businesses can stay up to date with tax rules and compliance tools. Above all, the software is secure to use and keeps the data of your employee's salary confidential.

The payroll management system is equally preferred by employees, who can access all their salary, loans, and advance-related details at a single portal. They can also access their pay slips and update important tax-related documents.

Here are the reasons why organizations use payroll software:

  • No more manual errors
  • Saves time and money
  • Ensures data security
  • Timely payment to employees
  • Easy to manage expenses and earnings

Here are the reasons why employees prefer payroll software for organizations:

  • Easy to access salary pay particulars
  • Quickly view and download pay slips
  • Seamlessly update important tax-related documents
  • Advanced taxes and expense management

Payroll Management System Modules

Payroll Management System Modules

  • Attendance and Payroll Management: Payroll solution’s time and attendance management module helps record the check-in and check-out time of employees. By using the attendance and payroll software, employers can track the clock-ins and outs of their workforce. You can also keep an eagle eye on the vacation/sick leaves of employees. The majority of payroll software has an in-built time & attendance module however, others may require integration with an attendance module separately.
  • Expense Management: All kinds of expenses, deductions, loans, advances, and other employee costs are recorded, monitored, and calculated in this module. Quite a few payroll systems have an integrated loan ledger feature that keeps a list of all approved employee loans. You can also manage reimbursements for employees based on approved expenses.
  • Leave Management: This is another module offered by HRIS and payroll software that helps employees submit their leave claims and monitor their leave balance. Managers can review these leave requests and either approve or deny them, sending a notification to the concerned employee. This module helps in calculating, the loss of pay, if any for employees based on their leave balance.
  • Full and Final Employee Payroll System: This module helps auto-generate full and final settlement reports for employees. An integral part of any top HRIS and payroll software, makes employee exits a breezy affair. You can quickly make final payments to employees on their last day without missing a beat.
  • Tax Calculation: Payroll system helps businesses deal with changing tax laws and legal readings. It helps fill different tax-related forms automatically and ensures timely return filing. This way, organizations can avoid legal penalties and stay compliant with the latest business laws.

You can access and print all-important tax and salary-related forms. Employees can also access forms at ease and ensure updated tax-related records.

How Does Payroll Software Streamline Tax & Compliance?

Payroll software helps accounting professionals and business owners streamline all the processes related to regulatory compliance, employee salary processing and taxation. It helps with tax calculations based on the salary structure of every employee and bonus and ensures timely tax filing based on pre-set timelines.

With the help of payroll management software, accounting professionals and auditors can track any discrepancy in taxation and salary processing. This way, all data related to employee benefits, company expenses and earnings are maintained accurately for audit purposes.

Advantages of HR Payroll Software

  • Pay Slip Management
  • Up to Date with Tax & Compliance
  • Accurate Processing of Employee Salary
  • Timely Payment of Taxes
  • Builds Transparency
  • Quick Access to Employee Data
  • Customized Reports

Benefits of HR Payroll Software

Top payroll software solutions offer quite a few benefits to businesses and help bring a level of efficiency, efficacy, and order to the organization. Some of the benefits of payroll software are:

Advantages of HR Payroll Software

  • Payroll Solution with Pay Slip Management: Acting as a central repository of employee salary records, payslips, expense, and reimbursement claims, payroll processing software ensures secure document management. It helps in the handling of documents such as offer letters, experience letters, payslips, and employee profiles.
  • Avoid Data Entry Errors: The major benefit of a payroll solution is you save time and avoid making silly mistakes. You know the kind you used to make when you were a kid. (Some of us still make them…you know old habits, hard to break!) Payroll processes are susceptible to manual errors and can be time-exhausting. Even a misplaced ‘0’ can have severe repercussions and send your finances in a tizzy. To keep your finances in good health, you can automate your payroll to avert inaccuracy in financial statements.
  • Stay Up to Date with Payroll Taxes: With the help of the payroll solution, employers can keep track of any changes which have taken place with respect to payroll tax policies. Payroll tax generally falls into two different categories, namely deductions from an employee’s salary and taxes paid by the employer in lieu of employee wages. In the situation where any tax updates have taken place, the same is updated on the software automatically.
  • Accurate Processing of Employee Salary: Incorrect salary transfers can leave an employee dissatisfied and may even affect their morale. This is where payroll management software comes in the picture. Through a payroll management solution, you can ensure that no miscalculations occur. You can automatically factor in several key factors like salary grade, benefits, expenses, allowances and deductions at the time of processing employee salaries.
  • Correct Payment of Taxes: If your employees are spread across different states of the country or other countries, tax compliance can bog you down. Most payroll systems offer users the facility to pre-set tax rules based on location. With the help of automation, the HR manager can easily compute the taxes owed and paid per employee. He/she can also make use of templates to speed up the submission of scheduled reports to regulatory agencies.
  • Build Transparency: Payroll software solutions help bring transparency with respect to timesheets, benefits, agreements and other related data. With the help of payroll systems, you can settle disputes related to leaves, absences, expenses, adjustments, and other wage-related items with pinpoint accuracy.
  • Quick Access to Employee Data: With all employment data available at a centralized location, payroll solutions can easily automate employee contracts, performance records, leaves, timesheets, and conversations. Authorized users can quickly access related data through various devices. Furthermore, keeping a repository of data is helpful beyond just payroll, like for example, job evaluation, apex costing, etc.
  • Customized Reports: The majority of attendance and payroll solutions offer the ability to customize reports based on a time period, accounting method, location, etc. You can also set parameters with respect to what goes in a report such as payslips, benefits, expenses, current or historical data related to finance & accounting. By making use of smart alerts, you can easily generate, and schedule recurring reports based on a standard format.
  • Enhanced Data Security: By having an online payroll solution, you protect yourself from outside threats that may leave you vulnerable and expose your sensitive data. Only the HR managers, accountants, business owners, and authorized staff will have access to payroll-related data.
  • Scalability: Scalability plays a huge role when deciding which payroll management system software is right for you. You must consider the size of your organization, whether you have offices at multiple locations, cities or countries. Are you looking to downsize your company or hire new recruits? So, make sure you go for a payroll solution that offers you the ability to scale up or down.

Factors to Consider When You Buy Payroll Software

If you’re looking to buy offline or online payroll system software, there are certain criteria that you may need to evaluate first before taking the leap. Let’s find out what you need to keep in mind before investing in a payroll management solution:

Factors to Consider When You Buy Payroll Software

  • Define the Need: The first step on your journey to buy payroll software is an assessment of your needs. Do you want a standalone payroll solution that takes care of your major payroll tasks like salary processing, and leave and expense management? Do you need an integrated payroll system that can be used along with your existing HRMS software?
  • After you’ve performed the internal assessment, you’ve to choose the best HR & payroll software according to your defined needs.
  • Consider the Budget: You have several options for payroll management software to choose from. Options that are available at different price models. If you’re working on a limited budget, you can take a monthly/yearly subscription with cloud-based payroll system software. You also have the option of ‘pay per use’ where you pay as per the amount of bandwidth you utilize.
  • Ask for a Payroll Software Demo: Check if the payroll software vendor offers free demos or a trial version. This is especially useful if you don’t want to make a significant investment without having a look at the software features. Find out if the payroll management software fits the bill and offers the features/modules you’re looking for. After going through the demo, evaluate if you’re comfortable and willing to take the jump.
  • User Experience (UX): User Experience plays an important role when it comes to choosing a solution for salary payroll software. The design aesthetic of the system, how pleasing it is to the eye, and its user-friendliness can swing the buyer’s decision. A top payroll system with advanced modules will not overwhelm the user if it's backed by a clean interface.
  • Customization Possibility: Whether you want a robust payroll software with all key features or the basic modules for timely salary processing and benefits administration. Accordingly, you can ask for customized payroll software with specific modules.

Payroll Software Trends - The Future of Payroll Management System

  • Cloud-Based Payroll Systems for High-End Data Security: Cloud-based payroll software provides role-based access to different employee payment-related data anytime and from anywhere. Also, the software ensures that the employee-related data is updated in real-time with every onboarding and offboarding.
  • AI-Enabled Payroll Systems: Such solutions ensure that all compensation, bonus, loans, advances, and reimbursement-related queries of employees are answered instantly with AI-powered chatbots. This will save the time of your HR & payroll professionals.
  • Integrated Payroll Management System: Integrated payroll systems with HRMS, leave and attendance software provide a better view of the work hours of every employee. The software ensures accurate payroll processing without any scope of redundancy or duplication.

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