Payroll processing
Payroll Processing
Payroll is a list of employees who get paid by the company. Payroll also refers to the total amount of money employer pays to the employees. As a business function, it involves: Developing organization pay policy including flexible benefits, leave encashment policy, etc.
Processing payroll means compensating employees for their work. It involves calculating total wage earnings, after adjusting the required deductions like employees’ PF contribution, ESI, TDS, meal coupons, etc. The payroll cycle is the gap between two salary disbursements of an employee. Generally, payroll is processed every month in India.
Payroll
- Preparation of Monthly Salary Sheet.
- Deductions as per applicable laws like Income Tax, Provident Fund, and Professional Tax etc.
- Computation and deposit of ESI, PF , LWF etc.
- Disbursement/ Online Payment of Salary.
- Pay slip by e-mail.
- Periodic Reconciliation of payments/statutory deductions etc. with books of accounts.
- Administration of gratuity, superannuation, pension schemes etc.
