Payroll Outsourcing Services
Streamline payroll with accurate processing, compliance, and hassle-free payroll outsourcing solutions.
Scope of Payroll Outsourcing Services
- Preparation of monthly payroll with detailed employee-wise analysis (basic salary, perquisites, allowances, deductions, net amount payable).
- Maintaining records and tracking payroll-related benefits (Leave Travel Reimbursement, other compensation-linked reimbursements).
- Employee Self-Service (ESS) for online access to payslips, tax calculations, reimbursement claims, tax declarations, YTD reports, and cumulative reports.
- Providing reports as required by the company for internal accounting and MIS needs.
- Preparation of CTC reconciliation.
- Handling employee queries via a dedicated mailbox.
- Option for online ticket-based query management with monthly reporting.
- Preparation of bank letters/upload file as a maker.
- Preparation of payroll JV for company accounting needs.
- Updating new joiner information and compensation data in the payroll master based on company-provided information.
- Updating previous employer data for mid-year joiners to accurately calculate payroll withholding.
- Processing details regarding an employee's last date of employment and deductions (advances, notice period).
- Informing the company about pending documentation from the employee and updating final tax withholding calculations accordingly.
- Processing claims (part of compensation structure) submitted by employees in accordance with company entitlements, policies, and guidelines.
- Computing and paying gratuity as per the Gratuity Act.
- Timely filing of returns (Form L) with statutory authorities.
- Computing and paying the statutory bonus.
- Timely filing of annual returns (Form-D) with statutory authorities.
- Computing and paying the statutory bonus.
- Timely filing of annual returns (Form-D) with statutory authorities.
Key Assumptions
Standard Practices
- Adherence to all statutory practices.
- Standard reports and formats agreed upon at the time of agreement sign-up.
- Additional costs for report customization and reprocessing due to extra inputs.
Payroll Processing
- Single pack of salary inputs in a month in Excel format.
- Full and final settlement processing along with payroll.
Invoicing
- Single invoice per month per company.
- Invoice raised based on the total transactions processed.
- Payment of invoices within 15 working days from the invoice date, subject to penal interest for delayed payments.
Risk Mitigation
- Single pack of salary inputs in a month in Excel format.
- Full and final settlement processing along with payroll.