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Payroll Service
- Comprehensive HR and Payroll Software: Filingchamps.com offers a complete package for HR and payroll management, simplifying tax compliance and payroll processing for your company.
- Specialist Accountant Assistance: Our team assigns a dedicated accountant to handle your tax files and payroll, ensuring adherence to laws and preventing legal issues.
- Range of Services: We provide services including monthly payroll processing, TDS filing, ESI filing, and PF filing to streamline your HR and payroll operations.
- Easy Management with LEDGERS: Manage employee data, track attendance, generate pay slips, and automate payroll processes effortlessly using our LEDGERS compliance software.
- Real-Time Financial Insights: Our software offers a real-time snapshot of your finances, empowering you to make informed decisions for your business.
- Best Service in India: Our goal is to offer the best HR and payroll software service available in India, ensuring compliance and efficiency for your company.
- Connect with Us: Contact our professionals today to learn how we can enhance compliance and efficiency for your company.
What is Payroll processing?
- Definition: Payroll processing involves managing the list of employees who receive pay from a business, including the total amount employers pay their staff.
- Payroll Functions: It encompasses creating pay policies, such as flexible benefits and leave encashment, and collecting additional inputs like food vendor supply for payroll administration.
- Activities: Payroll administration includes releasing employee salaries, filing returns, and depositing obligations like TDS and PF with relevant authorities.
- Calculation: During payroll processing, net pay is determined after various deductions and tax adjustments are applied.
Payroll processing and HR management
- Challenges for Small Firms: Payroll processing and HR management pose significant challenges for small firms in India due to complex regulations.
- Lack of Structure for Startups: Many startups lack a robust HR structure, hindering their ability to attract top talent, retain employees, and foster a positive workplace culture.
- Stress-Free Outsourcing: Filing Champs offers stress-free and error-free payroll and HR management services, simplifying the monthly cycle for individuals.
- Expert HR Support: Our HR specialists can assist in establishing high-quality HR procedures within the company, supporting its growth and expansion.
Payroll processing in India
- Pre-Payroll Activities: Before processing payroll, certain activities need attention.
- Defining Payroll Policy: Establishing policies regarding payroll processes is the initial step. These policies, including pay, attendance, leave, and benefits, require management approval to become standards.
Gathering inputs
At this stage, the inputs are gathered from various departments to ensure the accurate calculation of the payroll.
| Source of Data | Data Example |
|---|---|
| Employees | Income tax declaration, facilities availed, etc. |
| HR Team | Salary structure, eligibility for benefits |
| Finance Team | Deductions for recoveries |
| Leave and Attendance | Attendance records, current work shift, etc. |
| General Service Providers | Data from transport service provider, canteen vendor, etc. |
Input validation
- Data Validation Importance: After data collection, validating its accuracy is crucial as even minor errors can disrupt the payroll process significantly.
- Active Personnel Check: Ensuring no records of inactive personnel exist and that the list comprises only active staff is vital.
- Compliance with Guidelines: Examining the data to ensure it aligns with corporate guidelines is essential for accuracy.
- Formatting Verification: Checking that the data is correctly formatted adds another layer of validation to maintain accuracy.
Payroll Calculation
- Loading Input Data: Verified input data is loaded into the payroll system for processing payrolls.
- Deducting Taxes and Amounts: Taxes and other applicable amounts are deducted from the input data to determine the net pay.
- Reconciliation for Accuracy: After processing, it’s important to reconcile figures to ensure accuracy and avoid further errors.
Post- Payroll
- Statutory Compliance: The payroll administrator ensures compliance with laws by making statutory deductions like ESI, TDS, and EPF during payroll processing. These deductions are then submitted to the respective government agencies.
- Payroll Accounting: Organizations are required to maintain accurate accounts and record salaries for each entry in the accounting books.
- Payout: After completing necessary procedures, salaries are paid through bank transfer, check, or cash, preferably into employees’ salary accounts for smooth transactions.
- Reporting: A precise report is compiled, detailing labor costs for departments or locations.
Various methods of payroll management
Excel-based Payroll Management:
- Suitable for Small Companies: Excel-based payroll management is commonly used by newly established companies or those with a small employee base.
- Standard Calculation Templates: Employers utilize standard payroll calculation templates within Excel sheets. These templates incorporate predefined mathematical formulas to facilitate payroll computation.
Challenges:
- Error-prone Data Entry: Manual data entry increases the likelihood of clerical and mathematical errors.
- Difficulty in Employee Management: Adding or removing employees from the payroll list can be challenging.
- Risk of Data Issues: There’s a risk of duplicate data entry or omission of entries.
- Requirement for Monitoring: Continuous monitoring is necessary to stay updated on tax and statutory changes, such as PF and PT regulations.
Outsourcing Payroll
- Handled by External Organization: Payroll outsourcing involves entrusting the payroll function to an external organization.
- Provision of Additional Data: Alongside payroll processing, the service provider may handle other data like attendance, leave, and reimbursements based on the monthly pay cycle.
- Legislative Compliance and Payroll Calculation: The external service provider takes charge of ensuring legislative compliance and computing the payroll.
- Essential Service: Payroll is a critical function, and outsourcing it can help meet all requirements effectively. Filing Champs offers assistance in fulfilling payroll needs.
Challenges in Handling Payroll Management Process
Statutory Compliance Requirement:
- Noncompliance with statutory laws can jeopardize a company’s survival and lead to fines.
- Registering with Filing Champs ensures automatic payroll processing in compliance with statutory laws.
Dependence on Multiple Input Sources:
- Gathering data from various sources such as attendance registers, transportation records, and HR team data is a labor-intensive process.
- Traditional methods like using Excel sheets for payroll management pose limitations such as difficulty in extracting information and reliance on complex formulas for calculations, making tasks like adding or removing employees cumbersome.
Why Choose Filing Champs' HR and Payroll Management?
- Tailored Solutions: We understand the challenges companies face in managing payroll and HR tasks. Our services are customized to meet your specific needs.
- Comprehensive Support: Benefit from our all-in-one payroll management and HR solution, accessible through advanced mobile and web tools for real-time paycheck monitoring.
- Virtual Legal Assistance: As a valued client, access virtual CA/CS/Law services for any legal support your business or employees may require.
- Compliance Management: Stay compliant with government labor law standards with our dedicated staff keeping you informed and ensuring adherence.
- Streamlined Processing: We simplify employee payroll management, including compensation and PF payments, using the latest payroll software and specialist accountants and tax experts.
- Additional Services: Beyond payroll, our legal professionals handle EPF registrations, TDS return filings, and IT returns, among other labor compliances.
- Electronic System: Our electronic system facilitates pay orders, new hire information tracking, and more.
By choosing Filing Champs, you can trust that your payroll and HR processes are hassle-free and compliant with all relevant laws. Contact us today to learn more about how we can support your company.
Payroll Service FAQs
Payroll activities involve managing attendance data, new hires, departures, salary structures, bank details, advances, incentives, and special changes to salary structures.
Yes, payroll falls under both HR and finance departments.
The HR office manages attendance and overtime records, while the accounts department processes payments, subject to approval.
A software tool that automates payroll tasks, such as salary calculation, tax compliance, attendance management, and generating pay slips.
Automation reduces errors and saves time, improves compliance, facilitates direct deposit, and provides easy access to payroll information.
To automate tasks, reduce errors, improve compliance, enhance employee satisfaction, and adapt to changing needs.
Automated processing, tax compliance, direct deposit, time and attendance management, employee self-service, mobile accessibility, and reporting.
Ensuring accuracy, staying updated with laws, managing attendance and leave.
Varies based on business size, required features, and number of employees.
Frequency depends on company size, industry norms, and labor laws.
Tax withheld from employee paychecks, including federal and state income taxes, Social Security, and Medicare taxes.
Managing human resources, including recruitment, onboarding, training, performance management, and employee relations.
Attracting and retaining talent, improving performance and productivity, reducing turnover, ensuring compliance, and fostering a positive culture.
