Human resources is the person or group of people at a company who manages all things related to its employees. This includes — but is not limited to — hiring, maintaining a budget, recruiting, managing benefits, ensuring employee satisfaction, implementing a company culture, and training new hires. Based on this definition alone, you can see…
Statutory Compliance All statutory deductions like EPF, TDS, ESI are deducted at the time of processing payroll. The company then remits the amount to the respective government agencies. The frequency can vary depending on the type of the dues. In most cases, payment of dues is made via challans. After all dues are paid return/report…
Payroll Calculation At this stage, the validated input data is fed into the payroll system for actual payroll processing. The result is the net pay after adjusting necessary taxes and other deductions. Once payroll process is over, it is always a good practice to reconcile the values and verify for accuracy to avoid any errors.
Defining Payroll Policy The net amount to be paid is affected by multiple factors. The company’s various policies such as pay policy, leave and benefits policy, attendance policy, etc. come into play at that time. As a first step, such policies need to be well defined and get approved by the management to ensure standard…
A payroll officer needs to do careful planning. There are always ongoing tasks that need attention and a constant need to monitor changes to withholdings, contribution to social security funds, etc. The entire process can be split into three stages, pre-payroll, actual payroll and post payroll activities.
To save time & cost with improved resource efficiency, many businesses from SME’s to large firms now choose to use payroll software and HR Management system over manual working. It helps in providing accurate data and analysis in a secure and easily accessible way that simplifies the calculation of salary and deduction process, generates proper…
To be at the peak of your career, there are some required set of skills which you must have.
The payroll manager is in charge of managing the dispensation of the company’s payroll. They guarantee the correct calculation of salaries, tax withholding, and company payment. They design statistical reports on salary, commissions, and benefits like vacation, sick leave, infirmity and other paid leave, and taxes etc. and make certain to prepare proper governmental reports…
A payroll manager oversees the payroll department and is responsible for preparing and distributing employee payments. They maintain payroll records, calculate taxes, and balance payroll accounts. They ensure payroll procedures are followed and must comply with all federal and state laws, regulations, and payroll tax obligations. They must be able to meet crucial deadlines and…
