Getting started with your Payroll Process

Once you decide to hire your first employee, payroll process automatically becomes an essential component of your business irrespective of the size. This fact is inevitable that you have to have the proper knowledge of payroll to ensure smooth functioning of your business. However, the truth of the matter is, the payroll process is not as simple as you may think. It comes with certain rules & multiple elements such as tax system, company policies, deductions, attendance etc. Proper payroll processing requires a thorough understanding of all laws & policies. All these can spin your head while shifting your focus from the important operations for growing your business.

To release the burden from your shoulder, you need an intuitive HR payroll software to help you understand the complexities and providing ease of doing business. The software will assist you in selecting the right payroll method, understanding the timekeeping system, providing multiple payment options, and filing payroll taxes along with other essential features.

Important elements of Payroll Management Software

Ideally, complete payroll management software comes with these following elements. You can always customize the features as per your requirements.

Paying the employees

Paying your staff the correct amount on the scheduled date and in a most effective way is the key to achieving employee satisfaction and trust. Whatever your policy is, irrespective of that, this feature includes everything from tracking employee working hours to processing & filing of taxes, issuing payslips & paying salary directly to employee’s accounts.

Processing & paying the taxes

After deducting taxes & other deductions (ESI, PF, insurance, loan etc.) from your staff’s salaries, it is necessary for you to submit those amount to the concerned authorities without fail. 

Filing tax forms

Undoubtedly filing tax forms is a tedious and tiresome task for every business owner. However, as an employer, you are compelled to fill the tax form & TDS returns on time. Subject to your business flexibility, you may file taxes on a monthly, quarterly or yearly basis.

Tracking Employee working hours

Like any other business owner, you might also want to keep a record of employee working hours. However, keeping track of the total working hours is one of the biggest concerns of your payroll, and if overlooked, may result in financial losses. Regardless of the size of your business, it is essential to put leave management software to effectively maintain records of your employee’s activities. Using software for counting the total working hours of an employee, you get the error-free records and can compensate your employees appropriately.

Adding a new employee to your company

Hiring a new employee is an exciting process and provides a clear confirmation that your company is growing. Having said that, it becomes crucial to add the new employee into the payroll system for smooth payroll management. A good payroll software lets you add the new employee easily with all the necessary details at one go.

Conclusion:

Apparently, the payroll process is one of the most important operations of any business. It is imperative to set up the entire system properly for ease of doing business for the rest of the year. A reliable payroll system will not only save your efforts,  time & money but will also greatly help in your business growth.