Payroll Best Practices for your Business

Payroll Best Practices for your Business

Keeping up with your employee’s payroll is time-consuming and complicated, and you are the one on the line if the taxes are not calculated correctly. This takes valuable time away from running your business as you concentrate on complying with payroll

Regardless of how you process your payroll, putting your employees on a salary or paying them hourly, making the task easier is necessary for efficiency. Using payroll in cloud technology can significantly decrease the amount of time you spend calculating pay and withholdings.

But for managing payroll for your employees you need to adhere to certain things, below is a list of things and a small description of what they are.

New Joinee/Exit

  • Updating the payroll based on the new joinee and exit employees.

Salary Revisions

  • Updating any hikes or other changes to the salary.

Updating all required salary inputs.

  • Incentives
  • Bonus
  • PF
  • ESIC
  • Tax

Clearing all pending leave approvals
Updating attendance.

  • Loss of pay
  • Casual Leaves
  • Sick Leaves
  • Etc.

Finalizing payroll processing & verification

  • Verifying all the details and then sending it across for releasing the pay.

If you calculate your payroll manually, you must keep track of every employee withholdings and complete the proper state. Using a payroll software or a payroll services company can help you with this record keeping as well as paying the proper amount in your monthly taxes. You can store your records electronically rather than taking up a valuable real estate in your office.

Paying a payroll services company to do your pay calculations is an easy option. Most require a monthly fee based on how many employees you have. The company typically handles the direct deposit process for you.

Now we have financial professionals at Husys who tend to stay on top of all the law changes to make sure that your employees get paid right on time. We at Husys have also designed ApHusys in a way that the company can define a number of pay structures and leave structures to make the payroll much easier to use.

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About the Author:

Husys Ltd
Husys® Consulting Ltd is India's only true HR Function Outsourcing firm dedicated to build and manage HR departments for small & medium enterprises(SME's).Husys believe that Human Capital Management is a must and is often ignored in the SME segment. Husys Consulting Ltd was born in 2002 out of this vision, and soon became the first who walked the talk in this space with a unique concept of HR Function Management for Organizations. It still rules the roost as a leader and is soon becoming respected as a thought-leader for all Small and Medium enterprises. Today India has one of the largest New HR Business potential in HRFM/HRFO. HUSYS pioneered the concept and a copyrighted process to our credit called “HR Function Outsourcing & Management (HRFO/HRFM)” in building and managing HR function for organizations.

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