Payroll Services
MEANING OF PAYROLL MANAGEMENT SERVICES PROCESS
A payroll management service is a process that keeps all employees’ financial records in a simple software programme or customises them.Among its records are:
- Employee’s salaries
- Bonuses
- Deductions
- Net pay
- Generation of pay-slips for a specific period.
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Our Process
MEANING OF PAYROLL MANAGEMENT SERVICES PROCESS
A payroll management service is a process that keeps all employees’ financial records in a simple software programme or customises them.Among its records are:
- Employee’s salaries
- Bonuses
- Deductions
- Net pay
- Generation of pay-slips for a specific period.
Payroll management software generates pay stubs automatically or manually, calculates tax deductions, ESIC, EPF, and so on.
NEED OF PAYROLL SERVICES PROCESS FOR BUSINESS
Business activities are divided into two categories:
1. The macro
An organization’s macro activities provide a long-term vision. It includes things like business development strategy, sales, revenue, cash flow, and so on.
2. The micro
The micro-activities of an organisation provide day-to-day business operations.These are necessary for a well-oiled business machine.
Documents Required for Payroll Management Services
- Attendance Sheet
- Salary or Wages Details
- Salary Deduction
- Documents Verification
- Apply for DSC & Obtain
- Draft Application Ready sent for approval
- Final Application Submitted
Indian payroll calculation constitutes four main components:
- Basic salary
- Gross salary
- Deductions
- Net pay
- Basic Salary is the fixed income of an individual. Normally, Basic pay is 50 per cent of gross salary.
- Gross Salary is the sum of basic salary and other allowances before tax and other deductions.
Mandatory deductions.
Deductions include income tax, EPF, ESI, and PT.
Net Pay = Gross Salary – Deductions
- Payroll software
- Microsoft Excel