A payroll officer needs to do careful planning. There are always ongoing tasks that need attention and a constant need to monitor changes to withholdings, contribution to social security funds, etc. The entire process can be split into three stages, pre-payroll, actual payroll and post payroll activities.
- Developing organization pay policy including flexible benefits, leave encashment policy, etc.
- Defining payslip components like basic, variable pay, HRA, and LTA
- Gathering other payroll inputs (e.g., organization’s food vendor may supply information about the amount to be recovered from the employees for meals consumed)
- The actual calculation of gross salary, statutory as well as non-statutory deductions, and arriving at the net pay
- Releasing employee salary
- Depositing dues like TDS, PF, etc. with appropriate authorities and filing returns
Net pay = Gross income - gross deduction
- Gross income or salary = All types of regular income + allowances + any one-time payment or benefit.
- Gross deduction = All types of regular deductions + statutory deductions + any one-time deductions
Enter your organization details, tax information, employee details, salary components, & payment schedule to get your payroll up & running right away.
While you continue to expand your business, we help you to distribute the same perfect payslips across all your branches in different states.
Choose from the list of preset allowances or tailor-make allowance categories to support your employees while both support your business.
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Use controlled access to invite your qualified staff to administer payroll.
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