No one can deny the hard fact that one of the most difficult departments, which is also non-revenue generating, to manage is the Payroll department. However, at the same time, its existence in a company is inevitable, as this is the department that ensures that the employees in a company get their salaries on time. And at the same time also makes sure that the business is compliant with various laws that govern the business. The situation more or less is the same in each and every company.
How to handle Payroll Department efficiently?
The only way to shed off the burden of running the payroll department and concentrate on the core business is by outsourcing the payroll department. There are a lot of payroll outsourcing companies in India that can help your company in handling the hefty task. However, there is only a handful of these which are actually reliable to contract and Paysquare Consultancy Ltd. is one such company that can make your life easy. Following are some of the tasks with which the payroll company can help your business to handle the payroll department and also ease out the burden at the same time:-- It can help your business in maintaining a master's data of all the employees including personal information and details about salary.
- Handle the budgeting task for salary and reimbursement.
- Involve the team to update the payment of bonuses, salary, incentives, shift allowance, overtime, etc.
- Help the business by updating various financial attributes like installments, loans, interest, etc. and at the same time, maintain a loan ledger.
- Update various one time deductions like transport, canteen, etc. as per the input received.
- Handle the complex task of accurate computation of payroll-related compliances.
- Easy management of the full and final settlement of the employee leaving the company
- Deal with complicated transactions especially of the manufacturing companies like daily, monthly, trainee, apprentice payroll, DA index, bonus calculation, wage agreement related arrears, interim payments, various payout dates, etc.
- Handle the responsibility of document scanning, CTC based reimbursement like medical, LTA, fuel, telephone, etc.
- Handle the tax computation and provisional journal voucher preparation.
- A payroll company can help your business in calculating the prerequisites on the account of furniture, accommodation, concessional loans, etc.
- Manage various third party deductions like bank loan, life insurance premiums, cooperative society deductions according to the inputs received from the business.
- Preparation of the journal voucher in the actual format for the purpose of cost booking.
