Payroll Management
We will help you set up your entire payroll process at the best prices in the industry.
Contact us to know more about how we can help you with Payroll Management
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
- Complete cloud-based setup accessible throughout the world
- Analysis of staff payments through graphical representations enabling you take better decisions
- Stress & error free payroll cycle every month
- Top class payroll processes for your organisation
- Expert advice on various labour laws
Our Services
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Structuring of Payroll
Our experts will help you in structuring your payroll to maximise tax-savings for all your employees -
Calculation of Gratuity, Leave Encashment, Bonus & Pension
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Preparing Legal Employee Documents
Our experts shall help you prepare professionally crafted documents like appointment letters, offer letters, confidentiality information and many more -
Reimbursement & Employee Benefit Expense Management
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Employee Attendance Management, Leave Approvals & Reports on Balance Leaves
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TDS Compliance
Our experts shall help you deduct TDS & file TDS returns for all those employees whose income is taxable as per the Income Tax law -
Issuance of Form 16
If you have deducted TDS on the employee's salary, then you are required to issue Form 16 to the employee at the end of the financial year. Our experts shall prepare and issue Form 16 in the prescribed format for all your employees -
Filing of Income Tax Returns
All employees whose income is taxable as per the Income Tax Act, are required to file an Income tax return at the end of financial year. We shall assist in income tax return filing for all your employees & also provide solutions to any tax query raised by them -
Provident fund registration & return Filing
Any entity with more than 20 employees has to compulsorily register with the provident fund authority. Our experts shall help you register, deduct PF contribution from employee’s salary, make suitable contribution from employer’s account & file TDS returns -
Employee State Insurance Registration & Return Filing
Any entity with 10 or more employees who are drawing wages of less than Rs 21,000 per month are required to register under ESIC. Our experts shall help you register under ESIC & comply with the ESIC regulations -
Professional Tax Registration & Filing
Professional tax is paid to the state government. Our experts will help you register under the Profession tax act & file your PT returns.
How will we help you?
- Submit a service request by clicking here
- Our team will get in touch with you, to understand your requirements
- We shall first do a comprehensive study of your business to understand the needs
- Based on the study, we shall develop & setup a payroll system best suited for your organization
- In case, you already have a system in place, we shall help you make it more efficient
- We shall then allocate a dedicated Payroll manager who shall keep a check on the implementation of the payroll system that has been setup as well as make sure that monthly compliances are completed
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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