Payroll process refers to the maintenance of employee financial records with respect to their salaries, wages, net pay, tax deductions, incentives and other statutory requirements like PF (Provident Fund) and ESI (Employees' State Insurance). An effective payroll management system ensures timely payment of salaries to employees, which reflects positively on the company's financial stability, thereby leaving no room for legal implications. Thus maintaining a high morale within the company! A payroll management system is essential for every organization alike - startup, medium-sized or large-scale. A pivotal role in the business.
Directly proportional to the high morale, efficiency of the team.
Proper fulfilment of labour law compliances
An effective payroll process involves a robust system that is compliant with payroll laws and labour laws as well. Here are some of the benefits of a complete Payroll Management system:
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 governments depending on the salary and exemption limit. A payroll software avoids mismanagement of taxes that could leave workers paying penalties. It also takes care of all the compliance and statutory requirements which helps the company in filing taxes easily.
Economical And Time-Saving:
Usually, payroll software is designed to integrate the existing accounting system. This helps organisations save time and money on calculating large amounts of data. Also, a few advanced versions have the provision to forecast and plan budgets for what companies spend on each employee.
Determine Compensation:
Every individual’s compensation, including salary, incentives and bonuses are included in the payroll system. This makes it easier for companies to evaluate employee performance at the time of appraisal and determine compensation.
Maintain Reputation:
A company must 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.
Super simplified with LawDocs.
Customized payroll processing
Exclusive CRM support
Salary disbursement support
Statutory compliance support
MIS – routine, statutory and management decision aide
Continuous updating & improvement
Consultation on compensation structuring from the compliance perspective
Registrations, amendments and renewals
Processing wage data for generating contribution challan
Online timely remittance of statutory contributions
Filing statutory returns as per statutory timelines
Maintenance of relevant statutory registers and other records
Transfer-in, transfer-out and settlement of EPF accounts
Compliance under various ESI sub codes
Generation and dissemination of customer specific error-free data, MIS and statutory documentation
Assistance to the employees in processing applications for getting rightful benefits
Foster rapport and sustained coordination with diverse authorities
Facilitate clients in efficiently handling inspections by authorities.
Help desk for pay roll related compliances (only in exclusive resource model)
Complete information relating to the employees.
(Checklist) for an Effective E-Payroll system
Company Documents: Certificate of Registration, Electronic Challan cum Return (ECR) document, Company GST AND TIN and other company documents are required to set up an efficient payroll management system.
Choose a payment schedule: A flexible and fixed schedule - weekly, bi-weekly, semi-monthly, and monthly payroll schedules.
Classify employees: Classify employees on the basis of contractors, freelancers, permanent employees, interns, and schedule payments accordingly
Terms of compensation: To keep a tab on employee hours, office timings, over time, etc company compensation terms have to be updated in the E-Payroll system.
(Documents Required) for a E-Payroll system
Certificate of Registration (CoR):
Electronic Challan cum Return (ECR) document
GST (Goods & Services) Certificate
TIN (Taxpayer Identification Number) Certificate
A virtual HR Manager.
Our team of accounting professionals and payroll specialists
work closely to calculate and manage your organization’s payroll.
provide your employees compensation, including bonuses, reimbursements, provident funds and other benefits on time,
process taxes, keep tabs on your new joinees’ information,
prepare and execute pay orders through an electronic system.
Our legal professionals ensure that labour compliances such as EPF registration, TDS returns, IT returns and others are filed on time.
