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 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 service providers 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 mouse-click away.
2) Monthly Salary and CTC:
Payroll services providers 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 unupdated 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 for 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.
5) Profession Tax and LWF:
We know our customer base is spread out throughout the country. Every state has its own PT slab and some organizations have their employees across multiple states. Managing professional tax slabs for employees in different states can get hard, and that’s why our software comes preset with PT slabs for every state. Just like PT slabs, the labour welfare fund slabs also differs statewise. LWF slabs are also preset in sumHR, and we provide challans for both.
6) Loans and Bonus:
Giving bonuses to employees annually is a great way or employee retention and appreciation. But the backend process of calculating it and making separate records for salary slips is a headache for the management. The same goes for loans given as advance. sumHR'S Payroll services calculate bonuses to be given based on every employee’s CTC and generates separate salary slabs for the same. Our loan management feature also handles accounting and prepares your Loan Ledger, Balance Summary, and Monthly Recovery Report.
7) MIS Reports and Asset Management:
Creating reports for crucial analysis of employee records is a usual routine that takes up days at the end of the month. To completely eliminate this entire process, sumHR offers automated reports for every possible thing. The features we cover are increment analysis to track employee growth charts, comparison charts, monthly registers for payroll data, loan registers, and employee turnover and CTC reports.We also solve all your asset management troubles with powerful tools to track all company assets including details like what is assigned to whom.
8) FnF Settlement:
On beginning the full & final settlement process for any employee leaving the organization, sumHR automatically starts generating important payroll figures. Detailed information like payables against salary, yearly bonus, LTA, medical, gratuity, leave, etc. is made available immediately. sumHR’s payroll process for medium-sized business also takes care of any recoveries to be made in terms or assets or loans.
9) One-click Payroll Management:
Now that all of the above are taken care of by us, all you need to do is click a button to process the payroll.