BBNC

Payroll


Payroll is the total of all salaries a business must pay to their employees for a set period of time or on given date. Payroll is managed by accounting and human resource department together.
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Overview

Payroll process includes tracking of hours worked of each employee, calculation of employees pays, and distribution of payments via direct deposits to their bank accounts.

Companies must record payroll, taxes withheld, bonus, sick time, overtime pay, and vacation pay in the accounting functions. And also put aside and record any amount of money that needs to be paid to the government on behalf of employees, such as TDS, Employee state insurance, Professional tax and provident funds.



Benefits of Payroll

Always on top of compliance

Payroll is a mandatory process that a company having employees need to follow. Every employer needs to file for various tax filings which are related to payroll. Such as PF, ESI, PT and TDS. Incorrect filings of these will lead to fines and penalties for the organization.

Enhanced Accuracy

Payroll needs to get it done right or else you will let your employees down due to mistakes in payment calculations. You won’t lose your employees trust by forgetting their overtime pay or calculating their hours wrong. Hence maintaining payroll helps an organization to keep the accuracy.

Help in finalization of books

Payroll helps in maintaining the books of accounts on a monthly basis and helps in finalization of books at the time of preparation of audit report.

Useful while filing ITR to employees

As Payroll helps keep record of employee’s data, and TDS tax deductions from the employee salaries. By using payroll data employees can easily calculate the taxes paid each month and file Income tax returns accordingly.

Checklist/Requirements

  1. Number of employees
  2. Employee Salary structure, eligibility for benefits, etc.
  3. Working hours, leaves taken, and over time details of each employee

Process of Payroll

Step 1: Provide all the required documents and information

Step 2: Calculate the taxes and benefits for each employee

Step 3: Process the salaries

Step 4: Include the payroll report in account

Key Deliverables

  1. Payroll calculated detailed sheet
  2. Statutory compliance report

Payroll

Why Choose Us

  Entrepreneur Friendly

We make the process so easy and fast that you will not even feel the headache of all the paperwork, and our professionals will provide you all the promised deliverable within a given span of time.

  Experienced Professionals

All our professionals are qualified and specialized in that particular work. Making sure no mistakes are done at the time of filings with the authorities so that company won’t have to pay any penalties due to mistakes.

  One Stop for All Your Requirements

We support you throughout the journey of your business, from the incorporation, Accounting and taxation support, Secretarial compliance support, and Legal support.

  Cost-Effective

We believe that cost plays a vital role in any company’s growth stage, that’s why we do not surprise our clients with hidden charges, you pay what you see in the initial proposal.


Frequently Asked Questions


What is the various statutory compliance applicable in payroll?
The various statutory compliance applicable in payroll are listed below
  1. TDS deduction for employees
  2. Employee state Insurance
  3. Professional tax
  4. Employee provident fund
  5. Gratuity
This is the payroll tax that you withheld from your employee’s pay and pay to the Government on the employee’s behalf. This is the liability because you’re collecting taxes from your employee and are liable to pay to the Government.
This is the tax that you pay from your own “pockets” to the Government. It’s still a payroll tax because the amount of this tax depends on the gross wages of your employees.