Payroll Outsourcing

Human Resources are the important Assets for any business

So it becomes necessary to take at most care of them. An important aspect of Human Resource is the payment we make them by way of Salary, meet compliance requirement and do basic tax planning for employees, these bundle of services known as “Payroll Management”.

Why outsourcing of payroll is a must for a startup?

Payroll management is a mandatory but non-billable activity, which takes time and resources but does not add up to your main goal achievements. In the initial year, a startup or a company should try to put more focus on core areas, so that they can achieve it within time period projected. Further having a full-fledged In house HR set up will be a costly and non-required luxury for a startup. It makes more sense to outsource it to any professional firm which can undertake all the activities at a fraction of in-house cost, Plus it frees up the founders and other members of the team to focus on revenue area.

Payroll management can be broadly divided into two heads

  1. Salary calculation: It will be as per the CTC offered by the company to an employee
  2. Compliance with the statutory liability arising relating to employees salary details of which is provided here with.

Assesses has to meet the following compliance as per the respective governing laws:-

  1. Profession Tax (PT)
    It differs State to State. Every employer has to deduct the PT from employees salary as per slab and deposit the same with the government.
  2. Provident Fund (PF)
    An employer is required to deduct PF (If applicable) from the Basic Salary@12% Also, the same amount is contributed by the employer for an employee.
  3. TDS
    As per IT Act, an employer has to deduct TDS from the salary of employee and deposit with the government within due dates.
  4. ESI
    ESI is to be deducted @1.75% from the Gross salary of an employee if the gross salary is UptoRs.15000/- The employer also contributes to the same @ 4.75% for employee tax Saving Documents submission at the year-end.
  5. Others:
    a) CTC Calculation: At the time of joining of new employees, a CTC projection is must understand cost and benefit for that new employee.
    b) Issue of an offer and appointment letter: Out team can draft you one time Offer an appointment letter format, which can be used by the enterprise during hiring processes.
    c) Final calculation: We can also provide formats to be used at the time of exit of Employees

What is Professional Payroll Management?

As explained earlier the professional payroll management ensures that apart from the timely and accurate calculation and disbursement of salary, the payroll management should also ensure that the compliance with related legal provisions and tax planning for employees so that employees can receive the maximum in hand salary post-tax.

Services Provided by Us:-

  1. Complete payroll outsourcing.
  2. Payroll Compliance management
  3. PT, PF & ESIC Services
  4. Payroll Audit

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