Payroll or employee compensation management is a multifaceted, multi-layered process. It is the sum total of all compensation that a business must pay to its employees for a set period of time or on a given date. Payroll is usually managed by the accounting department of a business. Payroll Service is a complete, full – service solution for managing your payroll. It even handles all filings and deposits for government departments and local jurisdictions. With Payroll Services, you get fewer payroll headaches, less tedious paperwork, and peace of mind.Payroll process starts with collecting wage information for each employee. Payroll processing can be manual, computerized, or outsourced. In today’s fast-paced world where organizations are going through rapid transformations, resource-intensive tasks like payroll and compliance can distract them from focusing on their business’s core objectives. Hence, more and more Employers today prefer to outsource the payroll functions to an outside agency as outsourcing gives them lots of benefits.
Benefits of Payroll Outsourcing
Here are some of the major benefits an employer derives from Payroll outsourcing.
- Saving lot of time that is better utilized focusing on core activities.
- Avoiding burden of records maintenance.
- Issues handled by experienced experts.
- Increasing operating efficiency.
- Avoid technology headaches.
- Direct transfer of Payments.
- Increase Payroll efficiency.
- Avoidance of Non-compliance penalties which are often very stiff.
- Lot of money is saved.
- Risks are reduced.
Payroll Services by CV Info
CV Info with its highly sophisticated, specialized and advanced Technology & highly qualified Professionals is able to offer a comprehensive package of Payroll Services with timely, accurate, error-free calculations performed with painstaking detail, compliance of all the related statutory requirements, and with complete confidentiality. By outsourcing your payroll to CV Info, you will benefit from:
- Increased efficiency. CV Info has specialized software for producing reports according to exact specifications required by the Tax authorities and banks. This leads to increased payroll efficiency compared to manual methods and non specialized programs such as Microsoft Excel.
- Increased accuracy. CV Info has experienced and expert staff, who are better able to prevent errors such as over or under paying employees, late distribution of salaries or non compliance with mandatory social insurance contributions. Such errors can cause human resources issues or government fines for non-compliance - both of which are potentially very costly.
- Increased transparency. Throughout the whole payroll process, any error can be reported immediately and directly to management without complications of inter-departmental reporting structures.
- Increased confidentiality. The more employees who are aware of salary details in an organization, the higher the risk that the salary details shall become public knowledge within the company. Outsourcing payroll to CV Info would allow for only a very small number of senior people in your organization to be aware of payroll details.
- Decreased liability. Outsourcing payroll management to CV Info would lower the risk of filling incorrect information to the tax authorities. Assuming the correct information has been provided to us by the agreed deadline, CV Info would ensure that there is no under-reporting of tax or no late filing, thus avoiding any penalty.
- Decreased Cost. Running payroll internally involves staffing costs, software / IT costs and other miscellaneous costs. Many companies that do their own payroll processing ultimately discover that it is not all that cheap and simple - especially considering the time that is spent in managing the entire process. Outsourcing payroll to CV Info would allow our client Company to have a slimmed-down internal human resources department, and rather focus on managing the company’s core business including relationship with employees and other strategic issues.
CV Info payroll services would include:
- Maintaining and updating employee master data base. Changes if any, in employee information such as withholding exemptions and pay rate, are updated.
- Details of Attendance data, Leaves, Overtime, Monthly Reimbursements if any, Adjustments from previous periods, or Payments related to the initial hiring or the termination of employees are all entered.
- Loans recovered from monthly salary are updated.
- Changes to the standard deductions from employee pay, such as for medical insurance, garnishments, and charitable contributions are updated.
- Taxes to be deducted at Source from the salaries of Employees are calculated and deducted.
- Details of PF, ESI, TDS, Professional Tax, etc. are calculated and submitted to the Company for payment to the concerned Government Department.
- Once the analysis of reports indicates no errors, payments to employees are processed, Pay Slips distributed and Payments made.
- Once the payroll has been completed, a backup is done for the data related to it.
- In order to prevent any unauthorized changes to the payroll data, the payroll period is locked down.
- Ensuring that Payroll taxes are deposited and their transmission to the government are verified.
CV Info shall also help its client Companies to comply with following Statutory Requirements:
- Calculation of PF,ESI as per rules.
- Calculation of PT
- Compliance with PF, ESI, Bonus, Pension, Gratuity, statutory rules and registers.
- Monthly/ Quarterly /Half-Yearly/Annual statutory reports for PF, ESI,PT and bonus etc.,
- Forms of employees pension scheme,
- Employees state Insurance regulations.
- Minimum wages, payment of bonus, payment of Gratuity etc., Employees’ Provident fund.
CV Info’s Payroll package to its client Companies would also include the services related to Income Tax and TDS filing:
- Calculation of Tax on salary as per IT
- Calculation of TDS is to be deducted.
- Preparation & E Filing of Form 24Q & 26Q
- Preparation of Salary computation sheet.
- Preparation of form 16, F 16A,F 12BA
- Preparation of draft computation sheet.
- Generating digitally signed forms Like, F 16, F 16AA.
- Filing of Income tax returns form ITR 1.
Management Information Systems (MIS) Reports:
Payroll system generates a multitude of reports. Accuracy and timeliness of providing these reports to the Management is very essential. CV Info provides reporting templates to managers who then can quickly and easily find out what their payroll costs are for any given period, and can check other important facts such as headcount, vacation balances, and the employees that are the highest and lowest earners. These templates would particularly help the Management for:
- Preparation of Payroll registers with salary computation and maintenance of updated payroll records for each employee.
- Attendance comparison sheet.
- Pay slip, Arrears slip and Bonus slip.
- Pay voucher, advance voucher.
- Exp report, DOB report.
- Paid leave, unpaid leave, over time, bonus, PF, ESI, PT, TDS registers etc.
CV Info can customize its payroll services to suit our Client Company’s requirements. For instance, we can provide the following online access facilities:
- Employee Self Service (ESS): Online technology for employees to view salary slip, submit IT declaration, decide FBP, submit query.
- Online Access to View/Print Salary Slip
- Automated Attendance, Leave Import/Export Solution
- Web-based Leave Solution
- Reimbursement Management
- Replace Excel to Web-based Processing of Payroll, Reimbursement, F&F, Reports Generation, E-challan Generation
We are here to support all your payroll and compliance needs. We provide innovative and completely customized solutions to all organizations regardless of their size and the domain that they are in. Our payroll solutions will directly address all the requirements of your payroll management. Besides, we offer a high level of customer service wherein regular and prompt communication response is integral. To schedule a consultation, call us at 96321 91188 or have one of our sales representatives contact you.