To ensure the smooth functioning of the salary payments of your company, there is a system of payroll management. The payroll management system is usually handled by in house human resources and accounting departments. However, there are various organisations which are in their inception stage, which do not have payroll departments. For these types of organisations, there is a requirement of a proper payroll process outsourcing.
In a traditional payroll model, the organisation has separate professionals in accounts to handle the accounts and payroll departments. The payroll department ensures the timely payment of wages to the employees, deductions which are required to be taken as per the Income Tax Laws, Pension Laws and Labour Labours. Apart from this, the payroll department also ensures that the deductions have been made and the employees receive their respective Cost to Company (CTC).
In the payroll outsourcing model, the payroll needs would be handled by a third party company which is independent of the company that is availing the outsourcing service. The payroll outsourcing company, also known as the third party company, will ensure that they handle all the payroll work. Payroll outsourcing will help in providing the maximum value of your current business goals and objectives. Payroll outsourcing management uses the mix of traditional payroll processing models with the use of technology. In this day payroll outsourcing has moved on to the cloud-based payroll processing models.
Our payroll outsourcing system can be established in the following way:
• Payroll Management.
• Filing of Income Tax.
• Statutory and Regulatory Compliance.
• Forms related to deductions such as taxation – Form 16A and 16B.
• Tax Calculation.
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