What is the service about ?
High quality, reliable, most-sought-after, cost-effective, automated, and integrated payroll management is what we promise to deliver to all our clients. Payroll on the cloud is the value addition that really propels the world of payroll management and that is exactly what we promise to deliver. To enhance this process, we incorporate our in-house made software tools named We-Process and AI-based Compliance Chatbot, which play their part in making our payroll management an extremely seamless one. Our payroll automation platform not only combines the latest practices but also adopts a futuristic approach to take the experience a step beyond, right from Biometric hardware implementation to time & attendance and leave management
The first step is the Payroll Audit. A payroll audit is an analysis of a company’s payroll processes to ensure accuracy. Payroll audits examine things like the business’s active employees, Pay Rates, Wages, Statutory Deductions, and Tax Liability of employees & the employer’s duty to file the returns. Payroll Managers have a big task of playing with numbers, checking & releasing the salary, statutory deductions, filing the returns, etc. It’s important to check & review the processes at least once in a quarter.
Payroll Audit procedures can help:
- Maintain accuracy and compliance.
- Identify any potential issues or problems
- Strengthen your financial controls.
- Verify pay rates
- Verify that everyone who received a paycheck for the prior pay periods actually worked during those pay periods.
- Review payroll tax submissions
Payroll Audit procedures can help:
A salary structure is a hierarchy of jobs that are assigned to salary ranges within an organization. These are composed of pay grades that reflect the value of a job within both the internal organization and the external job market. Providing a foundation for pay policy decisions and a method for fair pay practices, a salary structure lays out a strong foundation that helps the organization to thrive in the future.
The third step is the Employee Data Management
The fourth step is Management Information Systems (MIS)
1. Pay Process
- Pay Register – Earnings & Deduction Listing
- Pay Slip
- Pay Variance report (very useful to check & verify the current month’s salary by comparing earlier months’ salary & trends)
- Deduction Statements
- Annual Reports
- Bonus Eligibility List with earnings
2. Management AID Reports
- Salary Statement – Department wise
- Any analysis report related to employees as required
3. Bonus & Gratuity Processing
- Bonus calculation as per the Payment of Bonus Act.
- Calculation of Gratuity
- Transfer of deductions to and from the payroll system.
- Bonus, Gratuity, etc. pay slips, disbursement reports.
4. Statutory Statements
- PF Register
- Pay Slip
- Professional Tax Deduction register
- Labour Welfare Fund deduction register
- TDS Statement, based on investment declared by the employee using ESS
What value does the client get ?
Conducting a payroll audit regularly can help you any organization to safeguard themselves against payroll fraud. It also ensures that your tax calculations & deductions are accurate, along with making sure that proper payments and employee contributions are being made which are completely compliant with the necessary rules and regulations. With the payroll structure, it is easier to process the categorization of jobs into classes and/or grades. It also keeps track of the salaries of new employees and the dates of their annual increments and promotions. With MIS, our clients, at a glance can have a look at the financial statements of his organization.
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