Payroll Processing

Payroll Processing
 
 


Payroll Processing


Payroll is one of the integral parts of HR policies. Employees are the backbone of all entities. Hence, it is very important for any business or organisation, to ensure that their level of interest and motivation is maintained. Timely and accurate payment of salary and wages make the employees feel satisfied and secured. Payroll processing implies accurate calculation of salaries or wages of employees, at different positions, taking into consideration all the Statutory Compliance set by the Government. Payroll processing has become complicated nowadays due to multiple statutory requirements, MIS requirements, calculations based on slabs and formulas and other HR policies. Thus, Payroll Processing and payment thereof has its own importance.


Every employee has to agree on the specifications of the payroll at the time of joining. He/ she has to be aware of the allowances, deductions, leave rules etc approved by the employer and all the formulas for P.F, E.S.I.C, Profession Tax, Income Tax etc. Payroll processing plays a crucial role when it comes to the calculation of definable and changeable payrolls in accordance with the changing compliances. A profitable business entity employs more and more employees every year. This increases the chances of doing payroll which would be tiresome, time consuming and hazardous. It may also give rise to a jungle of unknown deadlines and unforgiving rules which may land you in trouble by paying tax penalties.

The total payroll process has created the need for skilled professionals and experts to provide cost effective service and that too without compromising on the quality. Outsourcing of payroll projects is most reliable and flexible bargain as it minimizes risks, saves time, avoids penalties and blend the right mix of services and solutions to get the job done. Many BPO’s and KPO’s have emerged with payroll processing services like handling tax reporting, wage calculations, direct deposits, and delivery of checks or stubs.




Payroll Management services take care of all the requirements relating to accounting and management of employees' payroll. They offer individual solutions as no two businesses are alike. All they need is complete record of the employees’ compensation package. This helps them to generate pay slips, compute all allowances and deductions and generate all Statutory and MIS reports. Payroll processing service providers also offer Online payroll-processing solutions featuring web enabled/ Internet based payroll processing to help the employers to better manage employees & handle online payments. Through online processes employers can perform payroll processing through web-based interface and have a secure webpage that feeds information directly to payroll processing service provider. The online payroll processing is done through automated and customized software, which is capable of processing huge amounts of data, thus ensuring end to end service starting from generation of pay slips to filing of IT returns. It is significant to understand customer’s payroll needs and deliver what they require. Payroll processing has eliminated all the regulatory and compliance hassles that an employer faces. Providing value addition and offering innovative solutions to payroll problems is the motto of the payroll processing service providers.

 

   
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