- Employee Onboarding: The process begins with collecting necessary employee details, including bank account information, tax declarations, and employment contracts, which are essential for payroll
- Time and Attendance Tracking: Accurate tracking of employee working hours, leaves, overtime, and attendance is crucial. This data is integrated into the payroll system for salary calculations.
- Payroll Calculation: Based on the tracked time, attendance, and applicable deductions (such as taxes, provident fund contributions, etc.), payroll is calculated. This includes gross salary, net pay, bonuses, and other adjustments.
- Payroll Disbursement: After the payroll is calculated and approved, salaries are disbursed to employees' bank accounts via direct deposit or checks.
- Statutory Compliance: This involves ensuring all statutory deductions like income tax, EPF, ESI, and professional tax are accurately calculated and remitted to the respective government bodies within the stipulated timelines.
- Payroll Reporting: Regular payroll reports are generated for internal record-keeping, audits, and compliance purposes. These reports provide detailed insights into payroll expenses, tax liabilities, and more.
- Employee Queries and Support: Handling employee queries related to payroll, such as discrepancies, tax calculations, or salary structure, is an ongoing part of the payroll operations process.
- End-of-Year Processing: At the end of the financial year, payroll operations include issuing Form 16 to employees, filing returns, and preparing for the next fiscal year.
More4less Advisory Services offers a comprehensive end-to-end HR payroll operations process, ensuring seamless management from onboarding to payroll disbursement and compliance, tailored to meet the specific needs of your business.