Payroll/HR Management Processing

Taxhint Advisors streamlines tax compliance and payroll processing for businesses with its all-inclusive HR and Payroll Software service. Our team of professionals assigns a specialist accountant to handle your tax files and payroll, guaranteeing adherence to laws and averting legal troubles.

Processing monthly payroll, TDS filing, ESI filing, and PF filing are among the services we offer. You can simply manage employee data, track attendance, create pay slips, and automate payroll procedures using our LEDGERS compliance software. Making educated selections is made possible by our software, which also provides you with a real-time snapshot of your finances.

Our goal at Taxhint Advisors is to give you the best payroll and HR software service available in India. Speak with our professionals right now to find out how we can improve compliance and efficiency for your company.

What is Payroll processing?

A list of employees who get pay from the business is called payroll. The entire amount that employers give their staff is known as payroll. Creating an organization's pay policy, which includes flexible benefits and leave encashment policies, is a payroll function.

Payroll administration encompasses the collection of additional payroll inputs, such as the company's food vendor supply, in addition to payslip components like basic, variable pay, HRA, and LTA.

Along with releasing employee salaries, filing returns, and depositing obligations such as TDS and PF with the relevant authorities, payroll and HR administration also entails these activities.

When payroll processing is combined, net pay is determined after various deductions and tax adjustments.

Payroll processing and HR management

• Because of all the many regulations in India, most small firms find payroll processing and HR management to be extremely complicated tasks.
• The majority of startups lack a solid HR structure and procedures, which makes it difficult to hire top talent, keep good workers, and even create a positive workplace culture.
• Payroll and HR management can be outsourced to Taxhint Advisors, allowing an individual to have a stress-free, error-free cycle each month.

Payroll processing in India

Pre-Payroll Activities

Defining payroll policy

Establishing bank policies for the payroll procedures is the first step in the process. Before these policies may become standards, the management must approve them. policies such as those pertaining to pay, attendance, leave, benefits, and other topics.

Gathering inputs

At this point, information is received from multiple departments to guarantee that the payroll is calculated accurately.

Source of Data	Data Example
Employees	Income tax declaration, facilities availed, and more
HR team	Salary structure, eligibility for benefits
Finance team	Deduction for recoveries
Leave and attendance systems	Data from attendance systems, current work shift, etc.
General service providers	Transport service provider, canteen vendor, etc.

Input validation

Once the data has been collected, it is imperative to confirm its accuracy because even the smallest error can completely undermine the payroll procedure.

Making ensuring that there are no records of inactive personnel and that the list only includes active staff is crucial. examining the data to make sure it complies with corporate guidelines. Make sure the present is formatted correctly.

Payroll Calculation

In order to process payrolls, the verified input data is loaded into the payroll system in this stage. After deducting the appropriate taxes and other amounts, the net pay is the end result.

It is usually preferable to reconcile the figures and confirm the accuracy after the payroll process is finished in order to prevent more mistakes.

Post- Payroll

Statutory compliance

The payroll administrator must strictly follow the law in order to comply with it. When processing payroll, a number of statutory deductions are made, including ESI, TDS, and EPF.

Following that, these deductions are made and sent to the appropriate government agencies.

Payroll accounting

It is mandatory for all organisations to uphold a precise book of accounts and to record the salary paid for each key entry in the books of accounts.

Payout

Following completion of the aforementioned procedures, salary may eventually be paid by bank transfer, cheque, or cash. It is preferable to have the employees' salary accounts for seamless transfers.

Report

The next step is to compile a report, which must be precise and include details like the department's or location's labour costs.

Various methods of payroll management

Excel-based payroll management

A company that is just getting started or has a small number of employees will use payroll administration based on Excel.

The standard payroll calculation template is used to do calculations on Excel sheets in payroll management that is based on Excel. The payroll officer can perform the computation with the aid of pre-established mathematical formulas. However, this approach has other flaws, like as

• 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 function is outsourced, it is handled by an outside organisation. Other data, like attendance, leave, and reimbursement details, are provided by the payroll service provider depending on the monthly pay cycle.

After that, the external service provider handles legislative compliance and payroll computation. Payroll is an essential duty, and Taxhint Advisors can assist you in meeting all requirements.

Challenges in Handling Payroll Management Process

Because of these two reasons, payroll management processing becomes difficult

The requirement of statutory compliance

In the worst situation, breaking the statutory laws may even put the company's survival in jeopardy. Noncompliance might result in fines. However, you automatically conduct payroll in accordance with the statutory rules when you register with Taxhint Advisors.

Dependence on multiple payroll input sources

It is a laborious procedure that requires gathering all the data from several sources, such as the attendance register, transportation facility utilised record, and HR team data such as compensation revision information, before the payroll is processed.
For many years, the payroll and HR managers handled the payroll using Excel sheets. However, Excel sheets have several drawbacks, including the inability to extract information and the reliance on formulas for salary calculations, as well as the complexity of adding and removing employees.

Why Choose Taxhint Advisors' HR and Payroll Management?

At Taxhint Advisors, we are aware of the difficulties that companies have in overseeing their payroll and HR procedures. We provide a thorough HR and payroll administration service that is customised to meet your needs because of this. Our group of payroll specialists and accounting professionals collaborate closely to offer you the following advantages:

• Comprehensive Support for All Your Payroll Needs: Our HR and payroll management service is built to offer all-inclusive support for your payroll requirements. You can keep an eye on the status of your pay cheque in real time with state-of-the-art mobile and web tools.
• Virtual Legal Assistance: For any legal assistance your business or workers may need, you, as a valued client, will receive virtual CA/CS/Law services.
• Compliance Management: Our committed staff will make sure you are always in compliance by keeping you informed about all government rules pertaining to labour laws.
• Simplified Processing of Payroll: strong>In accordance with your company's payroll cycle, we streamline employee payroll management, including employee compensation and PF payments, by utilising the most recent payroll software and hiring specialised accountants and tax professionals.
• Extra Services: In addition to payroll management, our legal specialists take care of other labour compliances such EPF registrations, TDS return filings, and IT returns.
• Electronic System: You may establish and carry out pay orders and keep track of the information on new employment with our electronic system.