Payroll
Basic
Standard
Payroll management for a business with upto 20 employees. Includes 1 dedicated HR Manager, ConqHR HR Suite, attendance system, leave management, employee portal, employee onboarding, payslip generation, Form 16 issuance and PF/ESI compliance.
Premium
Payroll management for a business with upto 30 employees. Includes 1 dedicated HR Manager, ConqHR HR Suite, attendance system, leave management, employee portal, employee onboarding, payslip generation, Form 16 issuance and PF/ESI compliance.
Payroll
Payroll is a list of employees who are paid by the company. Payroll is the number of money employers pay to employees. The payroll function involves the formulation of a pay-per-view organization that includes flexible benefits, a leave encashment policy.
Payroll management includes parts of the payslip as basic, flexible payment, HRA, and LTA. And collect other payroll inputs such as the organization’s food supplier, etc.
Payroll and personnel management includes deducting employee salaries, depositing payments such as TDS, PF, etc. to the appropriate authorities, and completing compensation.
Compiled Payroll processing includes Net Pay accounting after-tax adjustments and other deductions.
Payroll processing and HR management
Payroll processing and HR management are very difficult tasks for many small businesses due to the various compliance requirements in India.
Many startups do not even have a well-established HR system and processes that lead to differences in hiring high talent, retaining good staff, even creating a productive workplace culture.
By releasing paid staff and HR management into AK taxes, one can enjoy a leadership cycle free of stress and mistakes every month.
Also, our HR experts can assist in implementing world-class HR processes in the organization from day one to support business growth.
Payroll processing in India
Defining payroll policy
The first step is when the policies that go to the bank during the payment process need to be established. These policies need to be approved by management to convert these policies into standards. Policies such as Pay policy, participation policy, leave policy and benefits, and more.
Input confirmation
It is necessary to verify the validity of the data once it has been collected as a moment error can ruin the entire payment process.
It is important to ensure that the list contains all active employees and that there are no inactive employee records. Checks data for compliance with company policy. Confirm right now in the correct format.
Payment Calculation
This step is when verified input data is entered into the payment system to process the actual payment. The result is Net pay after adjusting the required taxes and other deductions.
Once the payment process is complete it is best to synchronize prices and ensure accuracy to avoid further errors.
Post-Payroll
Compliance with the law
The payroll administrator requires religious compliance to comply with the law. There are various official deductions such as EPF, TDS, ESI that are deducted during salary processing.
These deductions are then paid to the relevant authorities or organs of state.
Payroll accounting
Every organization is required to keep an accurate record of the account and the salary paid for certain important contributions to the books of account.
Payment
After complying with the above steps salaries may be paid in cash or by check or by bank transfer. For trouble-free transfers, it is best to have staff salary accounts.
Report
Preparing a report is the final step and it is necessary to prepare an accurate report that contains information such as departmental or employee understanding of the area.
Various methods of payroll management
Excel-based payroll management
In the first phase of operation even when the company has several employees it chooses to be paid with excel pay.
In excel-based payroll management calculations are performed on excel pages using a standard payroll calculation template. Established statistical formulas help the paying officer to perform the calculations. But this method has many similar flaws
- High probability of writing and mathematical errors as data is entered manually
- Difficulty adding and removing employees from payroll
- Chances of duplicate data and occasional input extensions
- You need to monitor tax reviews and other legal changes like PF, PT, etc.
Outsourcing Payroll
When the payroll is issued the foreign agency takes care of the payroll function. The payroll service provider based on the monthly pay cycle provides a variety of other data such as arrival, leaves, and return details.
The external service provider then calculates the salary and monitors compliance. Since payment is an important activity AK taxes can help you comply with all requirements.
Challenges in Managing the Payroll Management Process
For these two reasons, processing payroll management becomes difficult
Step: 1 The need for obedience to the law
Failure to comply with legal requirements may result in disciplinary action and the worst-case scenario may also threaten the viability of the business. However, when you sign up for AK taxes you automatically process your payment by complying with legal requirements.
Step: 2 Relying on input sources for multiple payments
Before the payroll is processed it is necessary to compile all the information from various sources such as the available record transfer register, data from the HR team such as salary review information, etc. which makes it a tedious process.
For many years HR and payroll executives have managed payroll in excel pages but excel papers have problems such as relying on excel formulas for calculating salary, complexity in adding and retrieving staff, and other limitations such as data entry, and difficulty in extracting information.
Frequently Asked Questions
Wage jobs include monthly payroll data and employee presence, details of new and remaining employees, new salary structures, and details of their bank accounts if there is any advanced or incentive to pay and if there are any changes special things to be done in the salary system.
Payroll is under both HR and finance departments.
The Human Resources Office prepares the payroll as it holds the attendance records and overtime provided to employees, the accounting department prepares the payment and is approved by the head of the Agency or a representative.