Our Payroll Services in Chennai
Payment of salary
Our Payroll Services in Chennai Along with the payment of salary and related amounts, recovery will be made towards compliances including PF, EPF, ESI, Group Insurance, Profession Tax, Income Tax, Employees Welfare Fund, etc., according to the compliance regulations of the authorities and organisations and as agreed by the employee and the client company. These will be remitted into the proper accounts for each remittance, with immediate intimation to the employee, the client company and any receiving organisation or authority if required. Payroll Services in Chennai
Prosourz maintains a Calendar, separate for each State, showing central and state holidays and restricted holidays followed in each State and keeps it carefully updated with the latest inputs from official sources.
Grievances of The Employees
Prosourz issues statutory certificates like Relieving Certificate and Experience Certificate with the concurrence of the employer or the client company. Further grievances of the employees received from time to time are referred to the grievance cell within the office of Prosourz and initiatives taken to settle them amicably without harm to the employee or employer. Prozourz Issues regular periodical statements on the different segments of the payments made and recoveries deducted and remitted and generates and supplies department-wise, category-wise and location-wise expenses under different items of payment, recovery and remittance.
Payroll processing mistakes can happen faster than you think. For a moment, think about the employees for whom monthly salary is the only source of income. Imagine what if the salary is not paid on time or there is a hold up in releasing salary. Such irregularities can take a toll on the morale of the employees and ultimately affect the business productivity.
Apart from payroll processing, we also provide payroll Services in Chennai. While ensuring accurate and timely payment of salary is important, adhering to the various laws and regulations such as labor law, PF, PT and other statutory compliance is also critical. Non-adherence with these laws can attract serious legal and financial consequences.
To make sure that your employees are happy and you are law compliant, you need to have a proper understanding of what payroll is and how to run payroll effectively. We will start with the basics of payroll.
The following are the four important statutory deductions for payroll processing in India:
Payroll in short is a list of employees who are by the company. Payroll also refers to the total amount of money employer pays to the employees. As a business function, it involves:
Build up organization pay policy including flexible benefits, leave encashment policy, etc.
Defining payslip components like basic, variable pay, HRA, and LTA
Gathering other payroll inputs (e.g., organization’s food vendor may supply information about the amount to be recovered from the employees for meals consumed)
The actual calculation of gross salary, statutory as well as non-statutory deductions, and arriving at the net pay
Releasing employee salary
Depositing dues like TDS, PF, etc. with appropriate authorities and filing returns
Define payroll policy
The net amount to be paid is affected by various factors. The company’s various policies such as pay policy, loan policy, leave and benefits policy, attendance policy, etc. come into play at that time. As a first step, such policies need to be well outlined and get approved by the management to ensure standard payroll processing.
Payroll process involves co-ordinating with multiple departments and personnel. There can be information like mid-year salary revision data, attendance data, etc.
In smaller organizations, these inputs are received from a consolidated source or fewer teams. However, in a larger organization, the task of gathering data may look overwhelming. If you are using a smart payroll software having integrated features like leave and attendance management, employee self-service portal, etc. inputs collection process does not remain a problem.
Salary Input Validation
Once salary inputs are areceived, you need to check for validity of the data concerning adherence to company policy, authorization/approval matrix, right formats, etc. You also need to ensure that no active employee is missed out and that no inactive employee records are included for salary payment