ICI provides you with an entirely accomplished, standard payroll service, whether your firm has one employee or thousands around the world.
We provide HR solutions ranging from payment of salary to provident fund compliance. We will look after your payroll activities so that you can focus on your business!
Payroll processes help in maintaining financial records of employees such as net salary payable, tax deductions, provident fund, employee state insurance, gratuity, etc. Effective payroll systems make it possible to pay employees on a timely basis thereby increasing employee morale and positively reflecting on the company’s financial position.
In India, payroll compliance, also known as statutory compliance, refers to the legal framework to which businesses and organizations must conform when it comes to how they handle their workers or employees.
A payroll management system is software that allows you to easily and automatically handle all of your employees’ financial data. Employee wages, deductions, other conveyance, net pay, bonuses, and pay-slip generation are all managed by this payroll administration system.
Payroll Management helps in simplifying and organizing your company’s wage payments. The software calculates salaries, tax deductions, incentives, and bonuses on its own, sorting out payment and deduction issues and digitally recording them in its database.
Payroll is the process of paying a company’s employees’ salaries. It is the procedure for calculating what is owed to employees for a given payroll cycle after taking into account essential deductions such as TDS, employee PF contributions, meal coupons, etc.
Compliance ensures withholding the appropriate amount of taxes from each applicable employee’s wages (e.g., TDS). Depositing tax liabilities with the relevant state and local tax agencies on time.
» In the pre-payroll stage, the organization needs to define their payroll policy such as leave policy, reimbursements policy, overtime policy, etc. Also, interact with multiple departments, gather employee data such as attendance & overtime data, & then validate the data based on the above policies.
» The validated data is fed into the system in the actual payroll stage, and we get the net salary payable to the employee.
» In the post payroll stage, all the statutory dues are paid, accounting for the payroll is done & the final payment of salary is done to the employee’s bank account.
Payroll contains a list of employees who the company pays. If employees are not paid on time or are paid inaccurately, it can seriously affect employees’ morale, thereby affecting their productivity.
Also, it is essential to adhere to various labor laws such as Profession tax (PT), Provident Fund (PF), Employees state insurance corporation ESIC), TDS on salary paid to employees, etc. Non-compliance with these laws can lead to legal consequences for businesses.
» Developing the pay policy of the organization such as leave encashment, gratuity, pension, CTC, etc.
» Defining the salary components such as variable & fixed pay, allowances, HRA, etc to gain tax benefits for the employees.
» Arriving at the net salary payable to the employee after deducting all the statutory dues & other deductions
» Making payments to the employee at the start of every month
» Filing PF, PT, ESIC, TDS returns monthly