Need for a Payroll Management & Statutory Compliance Services
- Published on December 14, 2018
Payroll Management being the most critical & important activity in any organazation, it carries a very emotional & sentimental value to all it’s employees. Hence it becomes extremely important for any organization or a payroll company to ensure accurate & timely payroll processing within the framework of all leagl statutory compliance.
A majority of population in India are salaried and are dependant on it every month, all organizations have to ensure they have a good payroll software or a technologically advanced payroll service provider. Since in India there are various laws which are state specific which makes it more complex to compute different statutory deductions. Hence all organization have to ensure they have well qualified legal expert with domain knowledge handling such function.
Every month managing payroll internally for all employees considering their attendance, change in pay, deductions, arrears etc.with atmost accuracy & confidentiality makes it a repetative job for the HR department. Statutory compliance refres to legal framework within which organization must operate, in the treatment of their employees.
Statutory compliance consists of different labor laws & taxation, not adhering to these laws companies might face penalty, fines or leagal action. Payroll process should adhere to statutory compliance laws as per state to calculate salaries.
These are the reason why organizations need Payroll Management & Statutory Compliance Service,Payroll Management System calculates,
- How much tax should be in employee salary
- How much net salary is to be paid to employee.
- Calculate arriers in the salary.
- Calculate deduction in salary if any.
- Generate payslip of each employee.
Payroll Management gives an advantage to organziations,
- To Save time to focus on core activities.
- Generate Accurate & Compliant Payroll.
- Updated payroll & compliance data.
- All reports & change in employee master are maintained.
- Security & confidentiality is maintained.
- All employee queries are answered by Payroll Management provider.
- Web based system makes all data available 24x7.
Payroll, Statutory Compliance Management System streamline payroll process for employee as well as for employer.
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