Payroll Service in Chandigarh
We offer customized payroll preparation solutions from initial setup to monthly processing offering reliable and effective payroll system for small/ medium-sized companies.
Payroll plays a starring role in your business when you have employees you have to pay. If you’re relinquishing the payroll reins to an employee or hiring someone to take over payroll responsibilities, writing down the payroll procedures can shorten the learning curve. Writing payroll procedures also ensures the same outcome each time the payroll is processed—accurate and timely employee payouts.
Step-by-Step Payroll Process
Payroll involves performing many tasks to ensure accurate and timely payouts and payroll tax and record-keeping compliance. These duties cannot be rushed, and they should be performed with painstaking detail. Otherwise, erroneous payouts and improper payroll tax and record-keeping procedures can result. The former situation can cause employees to become upset; the latter two situations can cause penalties from the Internal Revenue Service and the Indian Department of Labour. Consequently, when doing payroll, apply a step-by-step process.
Company Payroll Policies
In order for your employees to know what to expect on payday and for your payroll department to run smoothly, you must establish related policies. Procedures depend on the structure of your business and the tasks you must perform to comply with central, state and local laws. Some policies are related to your employees as a whole; others are designed strictly for the payroll department.
Payroll Accounting Procedure
Payroll accounting is the specific accounting discipline concerned with calculating and disbursing compensation for company employees. Small business owners can find themselves responsible for a wide range of accounting duties, and becoming familiar with payroll accounting can help you to ensure that your employees receive their pay on time. Payroll accounting is not as simple as it may seem. Considerations must be made for payroll taxes, fringe benefits, garnishment issues and overtime pay, among other things.
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