fbpx

About This service

A payroll is a company's list of its employees, but the term is commonly used to refer to: • the total amount of money that a company pays to its employees • a company's records of its employees' salaries and wages, bonuses, and withheld taxes • the company's department that calculates funds and pays these. Payroll in the sense of "money paid to employees" plays a major role in a company for several reasons. From an accounting perspective, payroll is crucial because payroll and payroll taxes considerably affect the net income of most companies and because they are subject to laws and regulations. From a human resources viewpoint, the payroll department is critical because employees are sensitive to payroll errors and irregularities: Good employee morale requires payroll to be paid timely and accurately. The primary mission of the payroll department is to ensure that all employees are paid accurately and timely with the correct withholdings and deductions, and that the withholdings and deductions are remitted in a timely manner. This includes salary payments, tax withholdings, and deductions from paychecks.

+More

Includes/exclude

in service

  • Bifurcate a salary into its components like basic, hra etc, while minimising tax liabilities
  • Management of legal and compliance issues like TDS, provident fund, ESI, professional tax etc
  • Provide pay slips,
  • Handles leave and attendance

Whom

it’s beneficial

  • Business persons and professionals having more then 10 employees
  • any type of ventures having more then 10 employees

Process

  • Purchase Plan
  • Provide required information and details
  • Get transaction instruction application as per your banking needs
  • Get pay slips of all the employees

Information/Documents

needed

  • The documents needed shall depend on the service at a particular point of time. The same shall be communicated to you by our experts based on your requirements.

Other Information

Online payroll software imparts more clarity in salary processing as it classifies salary under different heads such as deductions and gross earnings and leaves no scope for any sort of confusion. It does not require the employees to enter the ad-hoc earnings manually every month as the payroll software considers the same, prior to salary computation. It also efficiently calculates all the deductions pertaining to statutory compliances such as Provident Fund, ESI, and Professional Tax as well as TDS. The data from an Excel spreadsheet can also be imported directly into the payroll software.

With payroll software, it is easier to lend transparency to the employees with respect to their salary computation. The automated payroll management helps them to track their compensation details in terms of deductions that have been made or the ad-hoc earnings that have been added. It also gives the employees the flexibility to view their salary slips online and also take a print of it, if they so desire.

Administration of payroll can be challenging, both at home and overseas, with no two countries’ procedure and authorities, the same. Managing payroll, in one or multiple jurisdictions, can be a difficult and resource draining task that takes up hours of time in interpreting legislation, complying with local rules, regulations and documentation.
Any difficulties faced by you or the entity in payroll management, we are here to assist and offer the best possible payroll managing services.

FAQ’s

What are the different methods to manage payroll?

 The different methods to manage payroll are:

  1. Done by self.
  2. By using payroll software.
  3. Outsourcing payroll.
  4. Assisted payroll.

When to Outsource Payroll?

 Payroll should be outsourced when,

  1. A small company where the owner does payroll.
  2. You don’t come across last minute changes that frequently
  3. You don’t want to invest in in-house system and infrastructure
  4. You have to pay at multiple locations

What is a Payroll System?

A payroll system is a software which organizes all the tasks of employee payment and the filing of employee taxes. These tasks can include,

  1. Tracking employees working hours
  2. Calculating wages
  3. Withholding taxes and deductions
  4. Printing and delivering checks
  5. Paying employment taxes to the government

How to avoid Payroll errors?

To avoid Payroll errors, the following can be done accordingly:

  1. Ensure that all employees details are correct
  2. Track leaves start and end dates. calculate at the end of employment for holidays accrued
  3. Review your reporting process- for instance filling up your annual reconciliation form
  4. Remain updated with changes and new rule in payroll tax rules
  5. Don’t ignore payroll requirement deadlines- for instance paying withholding, payment summaries to the employee, etc.
  6. Make sure the correct employer premiums are taken out if insurance is covered.

What are the common mistakes that happen during Payroll process?

Common mistakes happen during Payroll process:

  1. Setting up Payroll Incorrectly
  2. Paying or deducting more money to employees account
  3. Forgetting to Record Paper Checks
  4. Submitting Deposits Late or Incorrectly
  5. Ignoring to run payroll on time.

How to set up Payroll for small business?

To set up Payroll for small business, follow below steps

  1. Identify your payroll responsibilities,
  • Employees payment details
  • Pay taxes
  • File forms
  1. Choose the payroll system that suits your business
  2. Pay employees properly
  3. Pay payroll taxes and file tax forms
Submit your review
1
2
3
4
5
Submit
     
Cancel
Create your own review
₹ 2,555 onwards
OR
Have queries? Talk to an expert

Name

Email

Phone