Payroll Services: Get your Services in Order
Payroll service is a third-party company that assists you with payroll processing, simplifying its aspects like employee time & attendances, and remunerations. At Brint Consulting we help you simplify payroll processing, reduce costs and ensure your compliance with our expert comprehensive payroll solutions.
General accounting involves interpretation, analysis and summarization of financial data, recorded through bookkeeping to generate detailed financial statements. Key activities include preparation of financial statements, analyzing and interpreting financial data, application of accounting principles and standard GAAP to ensure compliance and consistency.
Bookkeeping is a process of recording daily financial transactions of any business in a systematic and orderly manner. Financial transactions such as sales, purchases, receipts and payments are recorded. These transactions are classified into appropriate categories like assets, liabilities, equities, revenue, & expenses. A ledger is maintained detailing the record of each account.
Payroll services in India revolve around administration of employee salaries, benefits and other related tasks by businesses. It starts from salary calculations, covers statutory compliance, tax withholding and filings, employee benefits administration, leave and attendance management, employee self-service portals, compliance reporting, data security and confidentiality, integration with HR and accounting systems, and finally year-end processing to name a few.
Our Wide Range of Services
At Brint consulting we understand the importance of employee engagement and provide comprehensive payroll services. Our team of experienced professionals would work closely with you to understand your needs and would use the following services to help you.
Payroll Processing & Administration
It involves various tasks related to managing and disbursing employee salaries, complying with statutory regulations and maintaining accurate and detailed records. Employee information management deals with collecting and maintaining accurate information of all employees including all required details.
It is followed by defining and structuring employee salaries, including basic pay, allowances, deductions and benefits. Tracking employee attendances and managing leave records is also important. Taxation and statutory deductions are crucial parts of payroll services.
Payroll calculation helps calculate gross salary based on the salary structure. Setting up a system for payment disbursement is crucial and could include electronic fund transfer or checks. Employers should adhere to labour laws, and must facilitate employee provident fund (EPF) and Employee State Insurance (ESI).
If your state levies professional tax, deducting and depositing this is required. Generation of payslip and maintaining records for salary disbursement, tax deduction and related documents is also required. Usage of payroll softwares or system to automate and streamline payroll processes is highly recommended to reduce manual errors.
Tax Calculations & Deductions
It involves computation of various taxes and deductions from employee’s salary as per relevant tax laws and regulations. Employees in India are subjected to income tax based on their annual income, and employers need to calculate the taxable income of each employee and deduct TDS as per applicable slab rates.
Employees Provident Fund (EPF) is a mandatory saving scheme for employees, and both employer and employee contribute a certain percentage. Both these deducted amounts are then contributed to Employees’ Provident Fund Organization (EPFO).
If your state levies professional tax it should be deducted from employee salary. Employee State Insurance (ESI) is a social security scheme that provides medical and cash benefits to employees. Gratuity is a statutory benefit provided to employees in recognition of their long-term association with the employer.
Various allowances such as house rent allowance (HRA) special allowances and deduction under section 80C, 80D, etc. Employers are required to issue Form 16 to employees at the end of the financial year providing details of salary, allowances, deductions and TDS deducted.
Payslip Generation & Distribution
It’s a crucial process for employers to provide detailed information about an employee’s salary and deductions. Payslip in India typically includes various components such as basic salary, house rent allowance (HRA), special allowances, bonuses and other perks.
Payslips are generally generated on a monthly basis, providing a complete breakdown. Also, the generation of pay slips in India is subjected to legal compliance. Employers are required to adhere to various labour laws and regulations ensuring that the pay slip reflects accurate and transparent information.
Payslip typically includes crucial details, and the mode of distribution can be either physical or digital. Employers are responsible for maintaining the confidentiality of salary information. Access to payslips is generally restricted to the employee, the HR Department and relevant finance personnel.
Employers must comply with various statutory regulations such as the Income Tax Act, the Employee’s Provident Funds and Miscellaneous Provision Act. Also, they are required to maintain records of pay slips for a specified period of time as per legal requirements for audit and compliance checks.
Statutory Compliance & Reporting
It refers to the legal obligations that businesses operating in the country must adhere to in terms of various laws and regulations. These regulations could be imposed by the central or state government, and cover a wide range of areas to ensure that businesses operate ethically, responsibly and in compliance with the law.
Companies Act 2013, governs the registration, management and dissolution of companies in India. A comprehensive indirect tax that replaced multiple taxes at state and central levels is Goods and Service Tax (GST). Businesses are required to register under GST, for obvious reasons.
Income Tax Act governs the taxation of income in India, businesses are required to file annual income tax returns. They should also adhere to various acts including EPF, ESI, etc. If the state levies professional tax, the employers are required to deduct and remit on behalf of their employees.
Some businesses need to adhere to environmental laws, Securities and Exchange Board of India (SEBI) regulations, Foreign Exchange Management Act (FEMA), Custom laws and Compliance reporting. Overall employers must adhere to numerous statutory compliances.
Employee Benefit Administration
It involves management and implementation of various perks and advantages provided by employers to employees. These benefits are aimed at enhancing the overall well-being of employees, job satisfaction, and work-life balance. Some of the benefits in India include.
Provident Fund (PF) where employers and employees contribute to the EPF, as a retirement saving scheme. Gratuity is a lump sum amount paid by the employer to an employee as a token of appreciation for the services rendered.
Some employers offer health insurance plans to cover medical expenses for employees and their families. Employee State Insurance (ESI) is a social security and health insurance scheme for employees. Some also offer Employee Stock Options (ESOPs) as a part of compensation package, allowing employees to purchase company shares.
Other benefits include leave policies, transportation allowances, meal and refreshment allowances, professional development and training, flexible work arrangements, performance bonuses and recognition programs. However not all employers provide a comprehensive package.
Employee Self-service Portals
Employee Self-Service (ESS) portal is a web-based platform allowing employees to access and manage their personal and work-related information without direct intervention from HR or administrative staff. Such portals have become increasingly popular as organisations aim at streamlining the process to improve efficiency and enhance employee satisfaction.
Multiple aspects of ESS system include: Personal Information Management, where they can access personal documents like tax forms, benefit statements etc. Time and attendance allows employees to enter and manage their working hours, request time off and view attendance records.
They can also access payroll information including salary details, deductions etc. Benefit administration allows employees to enrol in or modify their benefits like health insurance, retirement plan etc. Other aspects include, training & development, communication and notification, performance management, employee surveys and feedback, workflow automation, security and data protection etc.
On-demand Payroll Audits
Payroll audit refers to the process of conducting a thorough examination and verification of an organisation’s payroll system as and when required. It is a crucial practice that ensures accuracy, compliance with statutory regulations and the proper disbursement of wages to employees.
The main purpose is to verify accuracy ensuring that calculation and processes of employees’ salaries, allowances, deductions and taxes are performed correctly. Along with ensuring compliance and fraud prevention.
Key components include employee records, salary calculations, tax compliance, statutory contributions, record maintenance to ensure that all the parameters are followed and the employer adhered to the current rules and regulations.
Benefits of payroll audit is timeliness allowing frequent checks and timely corrections. On-demand audits may be more cost-effective than regular ones, plus they mitigate the underlying risks. The process involves planning, data collection, verification along with reporting and recommendations.
Why Choose Us?
At Brint Consulting we strongly believe that any organisation is as strong as its team. Plus improper payroll practices can create issues and weaken the team from within, along with hampering their loyalty to the organisation. Hence we offer a comprehensive range of payroll services to ensure that one of the pain points, salaries, is taken care of.
Reduce payroll costs and improve efficiency
On demand audit forces you to keep all the variables in order, thereby improving efficiency. Our team would work closely with you to ensure your compliance.
Ensure compliance with complex Indian payroll regulation
Indian payroll regulations are complex, we shall ensure that your organisation ensures that you understand the rules and regulations and adhere to them.
Minimise the risk of errors and penalties
Failing to comply with payroll regulations could result in unwanted penalties. We would oversee the procedure mitigating the errors and ensuring that your process follows the guidelines.
Free up your time to focus on core business activities
Maintaining payroll and keeping it uptodate for on-demand audit can be a daunting task. We would ensure that this process is taken care of by our expert so you can focus on core business processes.
Gain access to expert payroll consultants and support
We have a team of dedicated and experienced consultants eager to provide you with support in managing your payroll. Leveraging on their expertise you can be assured that the payroll system is performing optimally.
At Brint Consulting we believe that employees are invaluable assets of an organisation, and that they must get their due remunerations. An optimal payroll system and its on demand audit capabilities ensures that your affairs are in order. So what are you waiting for? Book your free consultation today.