We manage the entire payroll function covering structuring the salary, monthly calculations, reconciliations, deductions, bank uploads, pay Slips, tax, and other compliances, employee Form -16, employee query resolution, etc for domestic as well as expat staff.
Why need of payroll expert:
- The payroll function is normally complex on two major counts: Handling numerical data and complying with regulatory provisions in very tight deadlines. With the passage of time, data that initially appears to be small and manageable becomes voluminous and complex. With practically no margin for error, it becomes imperative to put in place necessary checks, controls and mechanisms for reconciliation for razor sharp accuracy.
- Apart from the payments, deductions too need to be handled with meticulous care. There are several diverse regulatory authorities which require deductions to be made from the employees’ salary like provident fund, profession tax, labour welfare fund, recovery of loans, etc. Because of the tax withholding provisions, payroll in India involves a number of tax considerations and compliances. The employer is required to deduct tax on not just the salary payable to the employee but is also required to consider prospective investments and expenditures of the employee while deducting it. This can be possible only if there are appropriate forms, procedures, deadlines, etc set to achieve the desired goal. The mechanism keeps changing as laws in India to keep changing.
Confidentiality
Companies have a definitive rationale behind getting their payroll administered by an external agency. Companies are wary of their internal staff to be aware of the other employees’ salary particularly because the employees mingle together and even a casual discussion on payments can create problems for them. Any leak can seriously affect the retention of the employees.
Considering all the above aspects we cover end-to-end payroll services which take care of accuracy, timeliness, confidentiality and simplicity in processing the salaries. In fact, our predefined templates and processes ensure that the company only provides minimal information of joiners/leavers and increments/deductions from salary on a monthly basis.
High Confidentiality:
Some of the confidentiality measures that we have incorporated are:
- All communication from our end happens with the authorized person at the client which is usually the management and the HR department
- All attachments, be it pay slips to individual employees or payroll, reports to the management are password protected
- The helpdesk replies to authorized persons only on payroll-related queries
- We follow a process manual for the entire end-to-end salary functioning along with specific SOP with the client
- Back-to-back confidentiality agreement is signed with the client and employees
- Our internal team working on payroll is made aware of the critical nature of the data and access is restricted to specified persons only through user rights
- An optional feature provided to the employees is that they can access their monthly payments, deductions, tax computations, master data, etc online.
With the entire payroll functionality under our purview, the HR departments can divert their energies towards selection and recruitment of resources, development and maintenance of performance-measurement matrices and conduct of training programs, among other things. These invariably have a positive impact on the way the company fares on all fronts.