Payroll Processing Services

About Payroll Processing

For any business, managing payroll and its processing is indeed a dreadful project as it consumes quite a few person-hours and is not also income generating. Besides being bulky, it's also tiring as policies and regulations preserve change and consequently, personnel is also required to abreast themselves with new acts, rules, and regulations therein. In order to achieve almost error-free payroll and also to do the compliance with many laws and rules the companies generally outsource their payroll so that they can concentrate on their core accounting functions.

In Payroll Processing, it is not only the payment of salary to the employee but also the compliance of various acts like Income Tax, Provident Fund, ESI, Gratuity, Professional Tax, and Bonus to be taken care of.

Payroll Processing Services

The Income Tax Law and the TDS (Withholding Tax) regulation directs employers to deduct a certain amount of tax before the employee’s salary is paid. It is obligatory to ensure that the TDS calculation is based on the annual compensation payable to the employee and TDS is to be deducted proportionately each month and deposited into government's Treasury. The Government has prescribed a detailed guideline on the process which needs to be followed in calculating the TDS. There are certain deductions available to the employees but these are available only on production of the payment proofs.

As a complete Payroll Processing consultants we offer the services from End to End i.e from Background Verification to Full and Final statement at the time of Exit.

In the Background Check We Send the data to background screening agencies of selected Candidate, Screen of Background reports and maintain the background records for future reference.

 In the Employees Enrollment as per Company Policy procedure we Issue of Offer Letter as per company policy, we collect and keep Personal data of employee, Previous Employer/Job Information and Emoluments, Issue of joining letter, setting up Salary Structure as per company policy and we Issue Confirmation letter after completion of probation period.

In the Attendance module on monthly basis, we keep records of Leave availed, attendance Records, Collection of Timesheet of Billable employees, and maintain a Balance of leave records.

In the process appraisal cycle we raise Notification of Due appraisal from time to time, Issue of Increment Letter, Setting up revised Salary Structure

Some companies have a policy of reimbursement of expenses incurred for business and for doing so we Collect the Reimbursement bills on monthly basis on the basis of Reimbursement Eligibility Records 

In the Exit formalities, we Collect resignation letters and their acceptance, Issue of Experience and relieving letters, and Issue of F & F letters.

As a part of payroll processing the Reports related to Providing monthly salary slips, Tax Projection sheet & Reimbursement slip to the individual employees through e-mail, Reimbursement Management Report, Providing salary Transfer list as per the Bank´s format, Generating monthly salary reports in Excel and PDF file format like Pay register, Pay Slip, Loan statement, Tax Projection, Reimbursement Slip, PF amount, ESI Amount, PT Amount, LWF Amount etc, Providing of Statutory dues statement like PF Challan thru ECR, ESI challan, Professional Tax, TDS Challans & LWF amount for deposit, Preparation of Full n Final settlement of left employees, Preparation of Salary MIS reports.The statutory returns like PF-5, PF-6A, PF-3A, PT-Form 5, PT Report, PF Challan, ESI Form 7, ETDS - 24Q are also generated and filed in time with respective Government Authorities.