Lawdocs

Payroll Maintenance

Infuse high morale.

A business essential. A must for the team.

Benefits

Directly proportional to the high morale, efficiency of the team.

  • Proper fulfilment of labour law compliances

An effective payroll process involves a robust system that is compliant with payroll laws and labour laws as well. Here are some of the benefits of a complete Payroll Management system:

  • Easy Tax Filing And Reports:

Under the Income Tax Act, every salaried individual is liable to pay taxes as prescribed by the State and Central governments depending on the salary and exemption limit. A payroll software avoids mismanagement of taxes that could leave workers paying penalties. It also takes care of all the compliance and statutory requirements which helps the company in filing taxes easily.

  • Economical And Time-Saving:

Usually, payroll software is designed to integrate the existing accounting system. This helps organisations save time and money on calculating large amounts of data. Also, a few advanced versions have the provision to forecast and plan budgets for what companies spend on each employee.

  • Determine Compensation:

Every individual’s compensation, including salary, incentives and bonuses are included in the payroll system. This makes it easier for companies to evaluate employee performance at the time of appraisal and determine compensation.

  • Maintain Reputation:

A company must ensure to maintain adherence to all the country’s tax obligations and labour compliances like TDS, ITR, ESI, PF, etc. This enhances an organization’s reputation as a stable employer and also helps in increasing the brand proposition.

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Services on offer

Super simplified with LawDocs.

  • Customized payroll processing
  • Exclusive CRM support
  • Salary disbursement support
  • Statutory compliance support
  • MIS – routine, statutory and management decision aide
  • Continuous updating & improvement
  • Consultation on compensation structuring from the compliance perspective
  • Registrations, amendments and renewals
  • Processing wage data for generating contribution challan
  • Online timely remittance of statutory contributions
  • Filing statutory returns as per statutory timelines
  • Maintenance of relevant statutory registers and other records
  • Transfer-in, transfer-out and settlement of EPF accounts
  • Compliance under various ESI sub codes
  • Generation and dissemination of customer specific error-free data, MIS and statutory documentation
  • Assistance to the employees in processing applications for getting rightful benefits
  • Foster rapport and sustained coordination with diverse authorities
  • Facilitate clients in efficiently handling inspections by authorities.
  • Help desk for pay roll related compliances (only in exclusive resource model)
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Documents required

Complete information relating to the employees.

(Checklist) for an Effective E-Payroll system

  • Company Documents: Certificate of Registration, Electronic Challan cum Return (ECR) document, Company GST AND TIN and other company documents are required to set up an efficient payroll management system.
  • Choose a payment schedule: A flexible and fixed schedule – weekly, bi-weekly, semi-monthly, and monthly payroll schedules.
  • Classify employees: Classify employees on the basis of contractors, freelancers, permanent employees, interns, and schedule payments accordingly
  • Terms of compensation: To keep a tab on employee hours, office timings, over time, etc company compensation terms have to be updated in the E-Payroll system.

(Documents Required) for a E-Payroll system

  • Certificate of Registration (CoR):
  • Electronic Challan cum Return (ECR) document
  • GST (Goods & Services) Certificate
  • TIN (Taxpayer Identification Number) Certificate
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Why LawDocs?

A virtual HR Manager.

  • Our team of accounting professionals and payroll specialists
  • work closely to calculate and manage your organization’s payroll.
  • provide your employees compensation, including bonuses, reimbursements, provident funds and other benefits on time,
  • process taxes, keep tabs on your new joinees’ information,
  • prepare and execute pay orders through an electronic system.
  • Our legal professionals ensure that labour compliances such as EPF registration, TDS returns, IT returns and others are filed on time.
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FAQs

Statutory deductions are P IT (income tax), EPF (employee provident fund), TDS (tax deducted at source), ESI (Employees’ State Insurance) which are deducted according to the individual’s annual compensation and the state legislations.

An allowance is a fixed sum that a company may decide to pay its employees to cover additional expenses. For example travel allowance, overtime allowance, medical allowance, etc. All financial benefits that employer offers under the head “salaries” are taxable. Certain allowances are partially or fully exempted. Reimbursements are the amounts that a company pays back to its employees who may incur business-related expenses. For instance, many companies provide medical reimbursements where employees can claim the amount by presenting appropriate bills and proof of expenditure.

Our payroll system is well-secured, and guarantees to protect your company data and employee information. With a robust security system in place, we do not compromise on the security of bank account numbers, addresses, pay rates, and other details required to process the payroll and tax forms.

Payroll management can be outsourced, managed on our own or through software. But it is best when outsourced as it is cost-effective and saves time and money. Not to mention, the opportunity to closely work with the payroll specialists and financial experts who are well versed on the latest tax rules and compliances.

Some of the common benefits that companies offer are medical reimbursements, health insurance, paid vacations, leave encashment programmes, wellness program fundings, etc. However, the statutory benefits as mandated by law are earned leaves; social security like ESI, PF, pensions, group insurance policies, maternity benefits; payment of gratuity, etc. These benefits differ depending upon the type of company and the state where it is located.

Managing accounting, payroll, tax and other financial responsibilities is very tedious and complex, especially more so if your business is a start-up venture. Hence, by outsourcing payroll process, you can save time and money; be assured of accuracy in calculation and deductions; get expert guidance from payroll specialists, and accounting and financial professionals.

  • Maintaining payroll records
  • Setting up payroll
  • Running weekly / bimonthly / monthly payroll
  • Making payments to its employees via direct transfer
  • Issuing pay stubs
  • Payment of withholding taxes
  • Filing of payroll tax returns
  • Payroll reports
  • Collection and vetting of investment proof at the end of each year
  • Providing administer reports such as payroll register, bank file, variance report and payroll summaries.
  • Providing employee reports like payslips, tax statements & other related statements
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