Payroll Services
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Table Of Content
Payroll Made Simple with Patron Accounting
Payroll is a process through which employees receive their compensation which includes salary, bonus, and deduction. It is an easy way of calculating gross pay based on several working hours and fixed salaries which includes practices like deduction of taxes, contribution of funds, and all other applicable benefits.
Most of the time, the successful completion of payroll processes is related to efficiency and expertise, data security, employee satisfaction, and, most importantly, cost savings. Patron Accounting handles it all. We offer you top-notch payroll services that are not only efficient and secure but also help in hassle-free processes for both businesses and employees.
Benefits of Payroll Services from Patron Accounting
Accurate and timely payments
A reliable payroll system ensures that employees receive their salaries on time, every time. In addition to timely payments, it also accounts for overtime, bonuses, and any applicable deductions, guaranteeing that compensation is always accurate and transparent.
Efficient Record Maintenance
An effective payroll system meticulously maintains detailed records, including employee salaries, bonuses, deductions, and benefits. Beyond record-keeping, it plays a crucial role in financial planning and ensures transparency in compensation practices, contributing to overall organizational efficiency.
Legal and Tax Compliance
Compliance with Indian labor laws and taxation regulations, such as the Provident Fund Act and the Payment of Wages Act, is one of the most critical functions of a payroll system. By ensuring full compliance, businesses can avoid penalties and legal disputes related to employee compensation and statutory requirements.
Simplified Benefits Management
Managing employee benefits, such as provident fund contributions, employee state insurance, and other deductions, is streamlined through an effective payroll system. It ensures employees receive their entitled benefits and remain informed about their contributions, fostering a sense of trust and clarity.
Automated Payslip Generation
Modern payroll systems embrace digitalization, offering automated payslip generation. Employees can easily access and review their salary details, tax withholdings, and other deductions, promoting a transparent and accountable work environment.
Accounting Services
Patron Accounting leverages these robust systems to offer top-notch payroll services that are not only compliant with regulations but also efficient and secure, ensuring peace of mind for both the business and its employees.
- Zoho Payroll
- Utilized for streamlined payroll processing.
- Ensures accurate and compliant payroll management.
- Razorpay
- Offers real-time updates on payroll activities.
- Facilitates efficient financial transactions.
- Keka
- Provides a user-friendly interface for payroll services.
- Ensures secure management of employee data.
Eligibility Criteria for Patron Payroll
Process of Payroll services
Step 1
Employees Data collection
The most important step is to gather information about employees which contains personal information, job titles, structure attendance and also leave records. This entire data helps inform the basic structure which is important for calculating payment and deductions.
Step 2
Determining Gross Pay
Calculating the base salary bonus incentive and overtime together. This step is also important as it ensures total earnings before any deduction is implemented on the salary.
Step 3
Deduction calculation
Based on Indian government regulations and company policies certain deductions are made from your salary such as Provident Fund (PF), Employees State Insurance (ESI), Professional Tax, and Income Tax (TDS) is calculated.
Step 4
Net Pay Calculation
After all the deductions are subtracted from the gross pay the remaining amount is the employee’s net pay or the salary that has to be transferred to the account.
Step 5
Payslip Generation
Once the net pay has been calculated the parent system generates pay slips for the employees. These payslips contain all the essential pieces of information like earnings reductions and the final salary that has been paid.
Step 6
Record Maintenance
These payslips which were generated by the payroll system are maintained for future reference and audits. This also helps in maintaining legal and financial transparency as well as is also very helpful in solving any disputes or disparities.
Documents required for Payroll
FAQs
What are statutory deductions in India?
The statutory deduction in India consists of Provident Fund, ESI, Income Tax, and other deductions which are mentioned in the company policy.
Why is Payroll important?
Payroll is important as it ensures employees’ salaries, deductions, and payments on time without any hassle.
How is Payroll Calculated?
Payroll is calculated by subtracting statutory deductions such as PF, ESI, and Income Tax from the gross pay. Subtracting the basic allowance amount results in Net Pay or the final salary.
How does Payroll handle Income Tax?
Payroll deducts the income tax from the employee’s salary and their Income Tax declaration under the form 12BB. This deduction of tax from the salary is deposited to the Government of India and the employee receives form 16 at the end of the financial year for the tax filing.
What is a payslip and what information does it contain?
A payslip is a document which is issued by the company or employer that provides a detailed structure of employees’ earnings and deductions under a specific period. The details that need to be mentioned under the pay slip are gross salary net, pay tax deductions, PF contributions, and allowances.
What happens during the final payroll settlement?
In the case of resignation and termination, the employer issues the final payment settlement consistently and pays salary bonuses and leave encashments. This also includes and a deduction is applicable and the final salary is settled.