Outsource - Payroll/Payroll Processing
We provide quick and affordable Outsource – Payroll processing Service through 100% online process.
₹ 3,000/- onwards
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Payroll Service
Payroll Processing
Payroll service includes managing expense and re-imbursement management along with Payroll process, Disbursement of Payroll and employee re-imbursements, Issuance of Pay slips, Depositing Payroll related Taxes and Employee Contributions to Pension or other funds, Filing of relevant Forms and Returns and Compliances under various Labour Law / Statutes, Salary structuring in Tax efficient ways with clear workings to show employee Take Home salary.
How Does it Work?
Submission of required Documents to WTC Teamthrough E-mail
Our dedicated professional would start the work based on scope
Our Team will send you the list of queries through e-mail
Only after your Discussion & confirmation, we will finalise the data
Finalised & Complete Stock audit report will be sent to your E-mail for your records
Payroll Processing Cost
Basic
For getting started
₹3,000
Per Month
- Generation of salary slips
- Salary registers
- PF report
- ESI Report
- Employee TDS computation
Most popular
Standard
Best for most users
₹4,000
Per Month
- Generation of salary slips
- Salary registers
- PF report
- ESI Report
- Employee TDS computation
- Salary TDS Filing
- Form 16
Premium
For enterprises
₹6,000
Per Month
- Generation of salary slips
- Salary registers
- PF report
- Generation of salary slips
- Salary registers
- PF report
- ESI Report
- Employee TDS computation
- Salary TDS Filing
- Form 16
- PF & ESI Filing
- ESI Report
- Employee TDS computation
Payroll Processing
Tired of spending hours on payroll? We’ve got you covered! Introducing our top-notch payroll processing services designed to save you time and money. Payroll means the company’s financial record of payments made by the employer to the employees, including wages, bonuses, salaries, incentives, etc. The company must prepare an employee’s payroll for all its employees from the time they are hired till retirement/resignation. Processing payroll without delays in accordance with various statutory compliances is a significant activity of a company.
Payroll Processing
What is Payroll Processing?
In India, payroll processing refers to the steps involved in calculating the total remuneration of each employee of the company/organisation. It is an overwhelming process as it consists of calculation of gross salary, bonuses, net salary, daily wages, Provident Fund (PF) payment, professional tax payment, Tax Deduction at Source (TDS), allowances, etc., that are part of each employees’ monthly salary payment.
Payroll processing is one of the essential yet complicated business processes. Thus, errors might happen while processing and executing salaries that might hamper the employees’ morale and productivity. Employees rely on the company’s process to get paid without delays, irrespective of the organisation’s size. Payroll plays a crucial role in a company’s Human Resource Management (HRM).
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Advantages of Payroll Management System
Processing of Payroll from Start to Finish
The payroll management system automates the entire payroll process and reduces the workload of employees.
Faster Salary Calculation and Payments
Because it syncs with the administration system, the salary calculation procedure can be done automatically, rapidly, in a simple way.
Indian Payroll Laws
The Indian government has established laws that the payroll system must abide by. It is tough for a layman to know all of these rules and regulations, so Our expert attorney at WTC can help in payroll and HR Management is the best way to always comply with the recent amendments in the law.
Enhanced Data Security
This feature allows businesses to define user roles and offer employees access to payroll systems in accordance with those roles, boosting data security.
Reports about payroll and employees that are insightful
With only a few clicks, numerous types of analytical payroll and faculty performance-related reports can be generated.
Various methods
Various methods of payroll management
Excel-based payroll management
At the initial stage of operations and when a company has a handful of employees they opt for excel based payroll management.
In excel based payroll management the calculation is done on excel sheets using the standard payroll calculation template. The already set mathematical formulas help the payroll officer to do the computation. But this method has many errors like
- High chances of clerical and mathematical errors as the data are entered manually
- Difficulty in adding and removing employees from the payroll list
- Chances of duplicate data and omission of entries at times
- Need to monitor the tax updates and other statutory changes like the PF, PT, etc.
Outsourcing Payroll
When the payroll is outsourced an external agency is taking care of the payroll function. The payroll service provider based on the pay cycle every month provides various other data such as the attendance, leaves, and reimbursement details.
The external service provider then computes the payroll and takes care of the statutory compliance. Since payroll is a crucial function WTC can help you comply with all the needs.
Challenges in Handling Payroll Management Process
- Complex Payroll Regulations: Staying compliant with ever-changing payroll regulations, tax laws, and employment standards can be challenging. Keeping track of updates, understanding legal requirements, and ensuring accurate calculations can be time-consuming and prone to errors.
- Calculation Accuracy: Accurately calculating employees' salaries, taxes, deductions, and benefits requires attention to detail. Mistakes in calculations can result in underpayment or overpayment, which can lead to dissatisfied employees and potential legal issues.
- Manual Data Entry: Relying on manual data entry increases the risk of errors and can be time-consuming. Transcribing data from timesheets, leave records, and other sources into payroll systems increases the likelihood of mistakes.
- Data Security: Payroll data contains sensitive information such as employees' personal details, bank account numbers, and salary information. Ensuring the security and confidentiality of this data is crucial to protect employees' privacy and prevent unauthorized access or data breaches.
- Deadlines and Timeliness: Meeting payroll processing deadlines is essential to ensure employees receive their salaries on time. However, factors such as incomplete or late employee data, delays in obtaining approvals, or technical issues can pose challenges in processing payroll accurately and promptly.
- Integration and System Compatibility: Integrating payroll systems with other HR or accounting software can be complex. Ensuring compatibility, data synchronization, and seamless information flow between systems can be a challenge, especially when using multiple software platforms.
- Employee Queries and Support: Dealing with employee queries related to payroll, such as salary discrepancies or benefit inquiries, requires prompt and accurate responses. Addressing these queries efficiently can improve employee satisfaction and reduce administrative burden.
