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Tax & AccountingPayroll
Service
Payroll is defined as the process of paying salary to a company's employees. It starts with preparing a list of employees to be paid and ends with recording those expenses. It's a tangled process that needs different teams such as payroll, HR and finance to work together.
Payroll process refers to the maintenance of the employees’ financial records with respect to salaries, wages, net pay, tax deductions, incentives and other statutory requirements like PF and ESI. Paying on time to your employees with no delays increases the morale of your company while reflecting the company’s financial stability, thereby leaving no implications. Hence, an e-payroll system is essential for every organization alike – startup, medium-sized or large-scale.
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Benefits of
Payroll
Service
An effective payroll process involves a robust payroll system, compliance with payroll laws and labour laws as well. Some of the reasons why a business needs a complete Payroll Management in place are:
Easy Tax Filing And Reports :
Under the Income Tax Act, every salaried individual is liable to pay taxes as prescribed by the State and Central s depending on the salary and exemption limit. A payroll software regularizes and avoids any mismanagement of taxes that could leave workers paying penalties. It takes care of all the compliance and statutory requirements which benefit the company in filing the taxes easily.
Economical And Time-Saving :
Usually, payroll software are designed to integrate with the existing accounting system, and hence organisations can save time and money on calculating large amounts of data. Also, some advanced versions have the provision to forecast and plan budgets that companies spend on each employee.
Determine Compensation :
As every individual’s compensation, including salary, incentives, bonuses are built into the payroll system, it becomes simpler for companies to evaluate the employee’s performance during their time of appraisal cycle.
Maintain Reputation :
In addition to fulfilling its financial obligations, a company must also ensure to maintain adherence to all the country’s tax obligations and labour compliances like TDS, ITR, ESI, PF, etc. This enhances an organization’s reputation as a stable employer and also helps in increasing the brand proposition.
Tax & Accounting
How
Payroll management done?
- Designing CTC Structure
- Labour Compliance
- Tax Planning For Employees
- TDS Deduction And TDS Compliance
- Setting Up Of Reimbursement
- Drafting Employment Agreement
- Drafting HR
- Drafting Leave
- Planning Increments And Appraisals For Employees