Let Us Take Care Of The Salary Woes
Employees are the backbone of every company. Paying them on time maintains their morale and reflects the company’s financial health. However, releasing salaries on time is not the only aspect of payroll management. Companies must also ensure that they adhere to the labor laws, PT, PF and other statutory compliance and laws. Failure to do so can have serious legal implications.
So, whether your company has 5 employees, 50 or 1000, managing their payroll efficiently and regularly is a must. Managing all payroll functions yourself will take time away from other aspects of your business such as generating sales, exploring new opportunities,etc. The good news is that you don’t have to do this yourself, we can help.
Our payroll team can look into all the aspects of managing the employee payroll records. We’ll look into all the three stages of payroll management, pre-payroll, actual payroll and post payroll.
Pre-payroll Management
- Developing a pay policy for your organization
- Developing policies for attendance policy, leave encashment, flexible working, etc
- Defining basic pay, variable pay, HRA, LTA and other components of employee pay
- Collecting information about other payroll inputs such as amounts to be recovered from employees for meals consumed in the office canteen, Loss of pay, loan recovery, or any other additional payments like bonus, incentive etc.
- Gathering information from other departments such as attendance data, bonuses payable, salary revisions,etc
Payroll Management
- Calculating the net amount payable to each employee after statutory and non-statutory deductions
- Verifying values for accuracy
- Releasing salaries to all employees on time
- Releasing payslips
Post Payroll Management
- All salary and reimbursement data is entered into the company’s accounting books
- Statutory deductions such as TDS, PF,and other such dues are deposited with appropriate authorities
- All documentation of relevant statutory deductions is complete
- Returns are filed on time
- Monthly reports of department wise costs, location wise costs,etc., are made available to the relevant authorities within your company
- Issuing of Form 16 or tax certificate
- Explaining the Income tax provisions and help the employee understand the tax deduction amount