Payroll is a process of calculating and disbursing employees pay every month. Company’s payroll is one of the largest business expense and involves an understanding of the current regulations and detailed knowledge of tax. Being a people centric sensitive area, it is necessary that there is accuracy and reliability in processing payroll.
Greenvissage is a leading payroll outsourcing company in Pune; we specialize in Payroll management, online web Payroll system, managing statutory filing, processing end to end Payroll and providing customised outputs. Our payroll processing services team manages the entire payroll function for a company covering designing the components of salary structure as per India laws, monthly calculations, reconciliations, deductions, bank uploads, payslips, tax, and other compliances, employee query resolution, etc for domestic as well as expat staff.
The payroll function is normally complex on two major counts: Handling numerical data and complying with regulatory provisions. With the passage of time, data that initially appears to be small and manageable becomes voluminous and complex. With practically no margin for error, it becomes imperative to put in place necessary checks, controls and mechanisms for reconciliation for razor sharp accuracy.
Apart from the payments, deductions too need to be handled with meticulous care. There are several diverse regulatory authorities which require deductions to be made from the employees’ salary like provident fund, profession tax, employees state insurance etc. Because of the tax withholding provisions, payroll in India involves a number of tax considerations and compliances. The employer is required to deduct tax on not just the salary payable to the employee but is also required to consider prospective investments and expenditures of the employee while deducting it. This can be possible only if there are appropriate forms, procedures, deadlines, etc set to achieve the desired goal. The mechanism keeps changing as laws in India too keep changing.
Our payroll processing service imbibes the above need of a client and ensures that regular law updates are sent to client and timely appropriate actions are taken.