Payroll Management

We will help you set up your entire payroll process at the best prices in the industry.

Payroll Management

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What is Payroll Management?

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.

Table Of Contents

Overview

Payroll is an integral function for any organization. For start-ups & small businesses, setting up a Payroll system can take a lot of time & energy of the founding team. As a result, the founding team finds it difficult to focus on more important areas such as product development, customer satisfaction & marketing. Also, Payroll functions if not handled properly can become a very complicated & time-consuming process. Since, there are various statutory requirements surrounding payment to employees, it is better for entities to outsource this function to an expert entity like ours.

Small businesses, start-ups as well as Large MNC’s can outsource their payroll processing to ICI thereby focusing on growing their business rather than solving complicated labour laws & miniscule payroll issues.

Benefits Of Outsourcing Your Payroll Processing To Us

InCorp Payroll Management Infographic

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FAQs

a. Why is effective Payroll Important?

Payroll contains a list of employees who are paid by the company. If employees are not paid on time or are paid inaccurately then it can have a serious toll on the morale of employees thereby affecting their productivity. Also, it is important to adhere to various labour 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 on the businesses.

b. What functions does payroll involve?
  • Developing the pay policy of the organization such as leave encashment, gratuity, pension, CTC etc.
  • Defining the components of the salary 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 on a monthly basis
c. What are the 3 stages of payroll?
  • In the pre-payroll stage, the organization needs to define their payroll policy such as leave policy, reimbursements policy, overtime policy etc, interact with multiple departments and gather employee data from them such as attendance & overtime data & then validate the data based on the above policies.
  • In the actual payroll stage, the validated data are fed into the system 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.
d. Still have doubts?

Speak to our experts who shall solve all your doubts.
Call us at  +91 7738 066 334  or Mail us at info@indiacompanyincorporation.com

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