What we do
Payroll Maintenance
Payroll Maintenance
Payroll process involves arriving at what is due to the employees also called as ‘net pay’ after adjusting necessary taxes and other deductions which includes:
- Developing organization pay policy including flexible benefits, leave encashment policy, etc.
- Defining payslip components like basic, variable pay, HRA, and LTA
- The actual calculation of gross salary, statutory as well as non-statutory deductions, and arriving at the net pay
- Depositing dues like TDS, PF, etc. with appropriate authorities and filing returns
Business Need
As you know all the Employee information (needed for EC) is maintained in Employee Profile, however if you are implementing EC Payroll then you would need additional information and HR team will be maintaining using mash up screens from EC or directly in EC Payroll using Info types. Some of this information could be very critical and lack of this could lead to errors while running payroll, some of these could be trapped using Payroll Control Center if you have built comprehensive validations/alerts for one-click monitoring.
It will be more effective if you are able to keep track if additional critical information needed for payroll is updated for new employee as part of New Hire process or could be termination process. This is where Payroll Maintenance Task come handy.
Benefits Of Using Payroll Management
There is a long list of benefits that we can expect from the payroll management process, such as:
- Accurate calculations: Automation make sure the accuracy
- Complete assistance: Keep informed about any changes in tax regulations.
- Access to tax forms: Employers enjoy easy access to important tax forms.
- Maintenance of all records: Keeps all data about the employees.
- Minimum errors: Payroll software helps maintain the deadline for making tax payments.
- Enable employee self-service: The employees can edit their details if needed.
Payroll Services OfferedBy E-TAX HUB INDIA
- Preparing employees’ payrolls, including calculation of salaries, contributions for social insurance and personal income tax.
- Preparation of corresponding payment orders, and transfer orders for employees’ salaries.
- Preparing and filing monthly and annual salary returns.
- Registration/deregistration of employees with relevant social institutions.
- Preparation of calculations for other contracts per Client requests.
The payroll management system is an integral part of any organisation. It helps to maintain a process of paying employees without any hassle. Since it has been done with the help of software, the chances of making errors are almost zero.
Keeping employee details, paying taxes within due date, and most importantly, maintaining transparency regarding the payment procedures can be considered the most valuable features of the payroll management system. E-TAX HUB INDIA is always trying to help small business entities and startups with online legal help.
