Payroll

PAYROLL IS ONE OF THE MOST IMPORTANT AND DIFFICULT TASK IN ANY COMPANY TO HANDLE. A COMPANY PAYROLL IS A LIST OF THE EMPLOYEES OF THE COMPANY WHO GET PAYMENT BY THE COMPANY FOR THEIR WORK.IT IS BASICALLY TOTAL AMOUNT OF MONEY WHICH IS PAID BY THE EMPLOYER TO EMPLOYEE FOR THEIR WORK.

THE PROCESS OF PAYROLL IS DIVIDED INTO THREE PARTS OR STAGES:-

  • PRE-PAYROLL ACTIVITIES: – The various consideration has to consider by the company policies such as payment  policy, leave policy ,benefits policy, regular attendance policy, etc. come under this activities to play at that time. Such policies need to be well recognised and get approved by the management  or board of directors to ensure proper payroll processing.
  • ACTUAL PAYROLL ACTIVITIES:- IT IS BASICALLY TOTAL AMOUNT OF MONEY WHICH IS PAID BY THE EMPLOYER TO EMPLOYEE FOR THEIR WORK
  • POST PAYROLL ACTIVITIES.:-This is specific to a company , it include the reporting, declarations, and statements that each employer of the company must produce for the relevant corresponding bodies. Depending on the various different activities the different   comments can be added.

THE OFFICER WHICH IS DELEGATED FOR THE PURPOSE OF PAYROLL PROCESS MUST BE DOING THIS WITH EXTRA VIGILANCE AND COMPLETE PLANNING THEY HAVE TO GIVE CONSIDERATION TO EVERY ASPECT WHILE DOING PAYROLL PROCESS.

PAYROLL PROCESSING FOR AN HUMAN RESOURCE DEPARTMENT IS A TOUGH TASK BECAUSE OF VARIOUS REASONS:

  • HIGH LEVEL OF COMPLIANCES IN INDIA.
  • EMPLOYEES ARE VERY SENSITIVE REGARDING THEIR TIMELY PAYMENT OF SALARY
  • COMPLIANCE OF LABOUR LAW, ESI, PF, ETC.
  • TRACKING OF EMPLOYEES HOURS WORKED
  • EMPLOYEES PAY CALCULATION
  • THE PAYMENT DISTRIBUTION VIA DIRECT CASH OR BY CHEQUE PAYMENT.

IF ANYONE NOT COMPLIES WITH ALL THESE COMPLIANCES THERE IS HEAVY PENALTY PRESCRIBED FOR THE NON-COMPLIANCES.

 

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