What is Payroll Management?
All employers must preserve records of the number of workforces they employ, the amount that they pay them, deduct taxes on their salaries, pay those taxes to the government, keep track of the number of leaves they take in a month, among much else. This is a time-wasting job that necessitates assistance, principally when your business is too small to make it feasible to do it in-house. Given how vital it is to keep these records, payroll is important from the moment you hire your first employee. Not only is it obligatory required from a legal and compliance standpoint, but also from an accounting viewpoint, as payroll and payroll taxes significantly affect the net income of most companies.
Advantages of Payroll Management
- Informed Decisions
It's only with reports that you can make knowledgeable decisions on attendance, employee-related expenses, increments, number of leaves. Our payroll management services, you have all the data you need as a small business owner.
- Stay Compliant
There are a group of compliance-related issues with reference to a payroll that gets taken care of when you choose for our facilities. We will work out all the tax-related issues, file employee taxes, preserve all the leave records and produce pay slips.
- Access to Templates
Our templates help you with standard employment agreements. We also have any other documentation need you may have taken care of.
Frequently Asked Questions
Payroll is defined as the remuneration paid by the employer to the employees of the company for a set period of time or for a given date.
Any employer or a business owner can run their payroll system by providing or outsourcing their payroll to a payroll specialist or run it through hand or by using any payroll software.
Any such person or a broker who holds any specialization in payroll and employee benefits is called as a payroll manager.
Payroll is deemed to be important from the time when any company hires its first employee. This helps in maintaining legal and compliance records and also helps in keeping a record of the net income of most of the companies.
Yes, any tax-related issue of an employee can be solved with the help of records of payroll. Thus, it benefits both the business as well as the employee.
The people involved in the process of payroll management to function smoothly are timekeeper, approver, one who authorises in the absence of approver that is proxy, department administrator along with the financial manager.
Any such document which provides all the details required for the generation of the salary of the employee are termed as payroll source documents. These include time sheets, time recorders, job sheets and so on.
Any health or retirement benefits which are paid before taxes are called as non-taxable wages.
Benefits like medical reimbursements, encashment of leave, paid vacations, health insurance along with ESI, PF, pensions, insurance policy are provided by any company to its employee.
Yes, all the data provided by the company to any outsource for the purpose of management of payroll remains highly confidential.