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Key Benefits of Payroll Compliance

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Payroll is an integral part of all organizations. The payroll department is not only responsible for employees’ salary compensation, but it also plays a vital role in protecting the company’s reputation by ensuring compliance with various legislations.

When we talk about regulations and laws made by the government, our thoughts are directed towards the Indian Labor Laws and Acts. Previously laborers had to face severe discriminations like no right to work choice, unfair and inhuman working conditions, no job security, unfair wages, elongated work hours (OT) with meager wages, child labor and no redressal of their grievances. Thus the government had come up with numerous labor laws to safeguard laborers from those discriminations. One such revolutionary law is fair practice of payroll, where laborers are given fair minimum wages under Minimum Wages Act of 1948. Continue reading “Key Benefits of Payroll Compliance”

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Need for a Statutory Compliance and Payroll Management Services

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The advent of globalization has essentially opened up a lot of opportunities for businesses to expand their horizon. At the same time, regulations have undergone a sea change to keep up with the new challenges. Companies now have to be compliant to the legal laws and regulations in regards to how they manage the business, their employees, and their treatment towards their consumers. The concept of compliance is to make sure that corporations act responsibly and operate within the legal framework.

A lot of the company’s effort and money goes into ensuring compliance to these laws which could deal with a range of issues; from the payment of minimum wages to maternity benefits or professional taxes. Continue reading “Need for a Statutory Compliance and Payroll Management Services”

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5 Crucial Reasons to Outsource Payroll

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Business consultants have long advocated outsourcing non-core functions.

A non-core function is one that is not a profit center. A non-core function may be essential, but doesn’t differentiate your business strategically from competitors.

In most businesses, administrative and back-office activities such as payroll are non-core functions. Continue reading “5 Crucial Reasons to Outsource Payroll”

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Payroll Trends In India

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Traditionally businesses, especially smaller ones, carry out their payroll process in-house and manually. A manual payroll system typically requires a great deal of paperwork and time consuming. A manual process also creates an administrative burden for your HR staff.

Errors in data entry, can create payment issues. This can be resolved by using an integrated software, which can be far more cost-effective than hiring additional staff to handle a growing manual process. Continue reading “Payroll Trends In India”

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Common mistakes people do while processing payroll

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Payroll is the most discuss topic when it comes to employees in HR department. As mentioned in all our articles, payroll is critical, sensitive & needs to be compliant.

Let us understand what needs to be done to avoid basic mistakes while processing payroll.

There are 5 key stages for payroll generation, let us see at each stage what are typical mistakes that can be avoided
Continue reading “Common mistakes people do while processing payroll”

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Pointer for designing Indian payroll Compensation & Benefits

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In the book GOAL, the author asked his readers what is your goal, with lot of brainstorming discussion & thoughts. The answer was MONEY.

For every employee in an organisation, with challenging career & loyalty comes employee’s salary / payroll compensation & benefits that He / She deserves.

Payroll primarily is designed with 3 KEY components keeping in mind.

1. Salary of the employees
2. Payroll statutory compliances state wise
3. Employees salary taxation

Continue reading “Pointer for designing Indian payroll Compensation & Benefits”

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List of laundry items to check for accurate payroll processing

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Payroll process is one of the key & high rated KRA for an HR team. But payroll process is not just all about KRA. People in the organisation but all their skin for the whole month, so that they get their dues for the efforts done, that too ACCURATE and ON TIME.

Includes necessary support for meeting all statutory compliances like PF, ESI, PTAX and various other Personnel Laws.
Payroll process has evolved over the centuries, the best part of payroll process is, that is evolves every month, the dynamics & exceptions are always changing.

With the onset of Technology, payroll process has been must easier than the old days of traditional payroll.

So what are we here up for!
Continue reading “List of laundry items to check for accurate payroll processing”

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Things to set-up In-House to establish successful outsource payroll services model

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We all understand the advantages of payroll outsourcing, but we are sure many of us would have a different connotations for the same.

We always face with payroll blues and nightmares to the best outsourcing services. So, then, what and why is it that lot of us do not have a relatively good experience in Payroll outsourcing services?

Let us all understand for any successful payroll outsourcing process, the beneficiary and the service provider, both needs to own the responsibility and accountability.

Advantage of Payroll outsourcing means we have the additional bandwidth of a core & domain expert payroll team, to take complete advantage of outsourcing, we have to adhere to the rules of the outsourcing game.
Continue reading “Things to set-up In-House to establish successful outsource payroll services model”

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4 Things Companies Must Check for Selecting a Successful Payroll Outsourcing Partner

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Outsourcing is the buzz & it’s growing multi fold. We all know this.

Traditionally back offices for big corporate houses were outsourced & than sales, customer support & so on.
Continue reading “4 Things Companies Must Check for Selecting a Successful Payroll Outsourcing Partner”

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