Payroll (Payroll Processing Simplified)

Payroll management can be a challenging task, as firms may not be aware of resources or have expertise to manage it effectively. Payroll is an important document that is used by organisations and companies to perform day to day staff management activities.

But what exactly is payroll management, and why is it so important?

Payroll management refers to the administration of a company’s financial records related to employee compensation, including details of salaries, incentives, bonuses, deductions, and net pay or precisely the document that contains a list of all the employees of a company who receive remuneration of work carried out or services offered to that company. It is mandated by law and non-compliance can result in legal consequences.

Maintaining a regular and reliable payroll system is crucial for any business. Not being able to pay salaries on time or delays in payments can lead to questions about the financial stability of the company, which can, in turn, affect employee morale.

What Yosaney helps you with?

We provide end-to-end payroll services that include maintaining and reviewing detailed records of all payroll-related transactions, accurate calculation of employee salaries and deductions, preparation of a detailed salary schedule, and ensuring compliance with applicable tax laws.

Our services also include validation of payments made to contract staff to ensure adherence to organisational policies and contractual obligations. Additionally, we calculate and deduct TDS from employee salaries as per applicable tax laws, ensuring complete compliance and accuracy in all payroll-related transactions.

Compliances in Payroll

In India, Payroll compliance is the legal framework that companies must adhere to in treating their employees. It ensures the protection of both employees and employers and helps prevent legal issues.

Yosaney gives you assistance with labour law compliances related to EPF, ESI, and Gratuity. We accurately calculate and generate payment requests, file necessary returns, and maintain proper records to ensure compliance with regulations. Additionally, we help create a gratuity trust fund to ensure compliance with gratuity regulations.

Outsourcing your payroll management to us can help you avoid discrepancies in hiring and retaining top talent while ensuring that your firm remains compliant with the latest labour laws. Contact us to know more.

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