The startup and business communities in India have been expanding on a large scale. With growing companies come growing responsibilities and duties of organizations towards their employees.
One of the most important functions to carry out in any organization to ensure a smooth sailing business is paying their employees on time. It’s practically impossible and broadly time consuming to calculate payroll manually in a small or large organization. Here’s where payroll services in India can play a major role.
As though payroll wasn’t already hard, with the digitization of every transaction, it must now be calculated keeping in mind all taxes and deductions. The easiest way to do this is, is to opt for payroll services.
When you say ‘payroll’, it doesn’t just mean paying salaries to employees. There’s an entire process that takes place behind-the-scenes before you get to that point. While it may be difficult to carry out the operation on your own, a payroll software with handle it with ease. The functions that payroll services in India would take of are as follows:
1) Data Management:
Importing data from old excel sheets is as simple as copy pasting a Wikipedia description to your essay assignment. Simply click a button and our software will import all your data at one go. If you wish to see the data at a later date in a spreadsheet, that too is only a mouseclick away.
2) Monthly Salary and CTC:
Payroll software enables you to create multiple salary structures based on varied seniority levels. Once the customized parameters are set and salary slabs are created, they can easily be allotted to employees, old and new. To further decrease your hassles, sumHR automatically sends salary slips to employees via email every month. sumHR salary management system also automatically calculates all deductions/allowances for the final CTC.
3) IT and Deductions:
Experts at sumHR are always updated with the latest IT policies and statutory changes made by the government. We will automatically update them in your account so you don’t have to worry about legal implications arising due to un-updated policies. Based on every employee’s CTC, we calculate TDS estimations, IT projections, gratuity, and generate TDS challans. We also provide statutory reports for forms like Q-24 and 12BA, so you can forget about all these names and leave it to us.
4) PF and ESIC:
Provident funds are a basic need in every organization, even when running payroll services for small business. Lucky for you, sumHR comes preset with standard PF and ESIC rates that are also editable for every employee. PF challans and ESIC challans are auto-generated every month and we also provide annual reports for both.
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