Go Paperless With Your Payroll: Here are 7 Reasons Why

 

Companies need to get away from the archaic processes of paper-based payroll calculations and salary disbursals, to remain efficient, relevant, and environment-friendly.

No longer do payroll functions mean tedious and painstaking calculations for the HR department, with tons of documentation. Companies can deploy technologies now to automate payroll processes and make them completely paperless.

Everything from planning shifts, to recording attendance, can be done electronically. It saves time, resources, and efforts, and helps companies reduce costs significantly. Not to mention, it is environmentally friendly as well.

Payroll policy and process

Defining organisational payroll policy around payslip components like basic & variable pay, HRA, LTA and more

Calculating salary

Calculating gross salary, statutory and non-statutory deductions like PF, taxes, etc

Creating and maintaining records

The payroll function also creates and maintains payroll records such as payslips, time and attendance records, earnings, deductions, etc.

Tax and compliance

Payroll is also responsible for depositing dues like TDS and PF with appropriate authorities to comply with tax and other laws

Issuing salary

The primary duty of the payroll department is to disburse salary to the employees every month or week, depending on the payroll cycle as determined in the payroll policy.

Audit and reporting

Payroll function is also responsible for ensuring that proper documentation and reporting systems are in place for any audits or checks.

Answering queries

Both employees and management constantly have payroll and payslip-related queries. It is up to the payroll department to answer these queries and ensure all stakeholders have all the information they need.

Previously, businesses relied on spreadsheets or manual methods to calculate and disburse salaries. Today, automated payroll software helps businesses manage these complexities effortlessly.

A payroll cycle is the time gap between two salary disbursements. Businesses can opt to pay salaries on a weekly, bi-weekly, or monthly basis. Generally, in India, it is processed every month.

#Payroll Tax, #Payroll Attendance, #Paybooks