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Exertion HR Payroll Outsourcing Services.
Outsourcing your payroll to Exertion HR will help you minimize expenses and quantify visible and hidden costs associated with payroll management.
- By entrusting the responsibility to us, the chances of errors, missed deadlines, omissions, or late payroll tax filings are heavily minimized.
- Payroll and tax responsibilities can be time-consuming and complicated, but essential. Therefore, busy owners are increasingly looking to outsource these functions.
- Outsourcing payroll to us saves potential time for businesses, allowing them to focus on more pressing priorities like building revenue or serving customers.
- The benefits of payroll outsourcing include freeing up time and resources to focus on core tasks, reducing costs and risks, and gaining access to the latest technology and expertise.
- We specialise in payroll processing with a web-based solution, salary structure creation, preparation of Form 16 (including Part A & B), MIS reports, salary register maintenance, PF, ESI, PT, and customized reports.
We also handle leave balances, accruals, and utilization, ensuring efficient management of employee leaves.
FAQ’S
Why is payroll restructuring necessary for a company?
- Improved Efficiency: Payroll restructuring helps improve the efficiency of payroll processes by implementing modern payroll software and systems. Automation reduces manual errors, saves time, and enables accurate calculation and timely disbursal of salaries, allowances, and statutory deductions.
- Decreased Operational Costs: Restructuring payroll can lead to cost savings by optimizing processes. By integrating systems, eliminating manual and duplicate entries, and reducing paperwork, companies can lower administrative costs associated with payroll management.
- Compliance with Legal Requirements: The Indian legal framework mandates adherence to various labor laws and regulations concerning payroll management. Restructuring payroll ensures that the company complies with all relevant legal requirements, such as minimum wage laws, overtime payment, provident fund contributions, social security deductions, and income tax regulations. Proper implementation of these compliance measures mitigates the risk of legal penalties, fines, and lawsuits.
- Policy Implementation: Payroll restructuring facilitates the effective implementation of company policies. This includes policies related to employee benefits, leaves, bonuses, reimbursements, and deductions. By aligning the payroll system with company policies, consistency, fairness, and transparency are ensured, enhancing employee trust and satisfaction.
- Evaluation of Employee Relations: Payroll restructuring provides an opportunity to evaluate and strengthen employee relations. Accurate and timely salary payment, along with adherence to legal requirements and company policies, contributes to positive employee experiences and fosters a healthy work environment. It helps build trust, enhances communication channels, and promotes employee engagement and retention.
Can cloud-based payroll software handle complex payroll calculations and compliance requirements?
- Evaluation of Employee Relations: Payroll restructuring provides an opportunity to evaluate and strengthen employee relations. Accurate and timely salary payment, along with adherence to legal requirements and company policies, contributes to positive employee experiences and fosters a healthy work environment. It helps build trust, enhances communication channels, and promotes employee engagement and retention.
- Compliance with Indian Laws: Payroll compliance in India involves numerous data points and legal information. Cloud-based payroll software provides features and functionalities specifically designed to address these compliance requirements. It incorporates updates to reflect changes in labor laws, tax regulations, and social security contributions. The software helps companies stay updated and compliant with evolving legal responsibilities.
- Accessibility and Data Security: Cloud-based payroll software offers anytime, anywhere access to authorized users, allowing seamless collaboration between different departments and locations. Authorized stakeholders can access payroll data securely from various devices, ensuring timely and accurate payroll processing. Furthermore, cloud storage provides data backup solutions to prevent loss or damage to critical payroll information.
- Scalability and Flexibility: Indian companies experience varying payroll complexities due to factors like multiple locations, different employee classifications, and diverse pay structures. Cloud-based payroll software can handle scalability, accommodating the growth and changing needs of the organization. It allows customization and configuration to meet specific payroll requirements efficiently.
- Reporting and Analytics: Cloud-based software provides robust reporting and analytics features, enabling companies to generate comprehensive payroll reports and gain insights into payroll expenses, compliance status, and workforce costs. These insights help management make informed decisions, identify trends, and optimize payroll-related processes.
What are the advantages of using cloud-based payroll management over on-premise solutions?
- Minimization of Manual Entries: Cloud-based payroll management minimizes the necessity for manual data entry. By integrating with various systems, it can automate the collection of employee attendance, leaves, and other relevant data points directly from biometric attendance systems or HR management software. This automation reduces manual errors and saves time, ensuring accurate and efficient payroll processing.
- Automatic Calculations: Cloud-based payroll management software automates the complex calculations involved in payroll processing. It takes into account various factors such as basic salary, bonuses, overtime, statutory deductions, tax calculations, and allowance components required under Indian labor laws. With these calculations performed automatically, companies can rely on accurate and error-free payroll results.
- Handling Complex Data: The Indian legal framework includes multiple compliance requirements that involve complex data points. Cloud-based payroll management software is designed to handle these complexities with ease. It can process data related to employee classifications, statutory compliance, and various tax deductions, ensuring that companies stay compliant with applicable laws and regulations.
- Data Breach Prevention and Security: Implementing cloud-based payroll management provides added security measures to protect sensitive employee and payroll data. The software follows industry-standard security protocols to safeguard data, ensuring compliance with data protection regulations in India. Measures like data encryption, two-factor authentication, and regular data backups minimize the risk of data breaches and unauthorized access.
- Customizable Payroll Components: Cloud-based payroll management software allows companies to customize their payroll components as per the specific needs of the Indian legal framework. They can easily add or remove components such as gratuity, provident fund, employee state insurance contributions, professional tax, and others to align with applicable statutory requirements. This flexibility ensures compliance and accurate calculations.
How does the software ensure data accuracy and prevent errors in payroll processing?
- Automated Data Validation: Cloud-based payroll software utilizes automated data validation techniques to ensure the accuracy of payroll information. It performs real-time checks and validations to identify inconsistencies, missing data, or discrepancies. This feature prevents incorrect entries and reduces the likelihood of errors in the payroll processing.
- Statutory Compliance Checks: Payroll processing in India involves complying with several statutory obligations and legal requirements. Cloud-based payroll software is designed to handle these complexities by incorporating built-in compliance checks. It verifies the accurate implementation of various components like tax deductions, provident fund contributions, and other statutory deductions according to the prevailing labor laws in India.
- Rule-Based Calculations: The software follows rule-based calculations, taking into account the specific payroll policies and legal regulations applicable to Indian businesses. This ensures consistent and accurate calculations of various components like basic salary, allowances, deductions, bonuses, and other variable pay elements. The software applies these rules automatically, minimizing the potential for errors during the calculation process.
- Integration with HR Systems: Cloud-based payroll software can integrate with other HR systems and databases, including attendance tracking systems and employee information management software. This integration ensures that the payroll system receives accurate and up-to-date data, minimizing the chances of errors caused by manual data entry or data synchronization issues.
- Real-Time Reporting and Monitoring: The software offers real-time reporting and monitoring capabilities, enabling users to review payroll data and identify any discrepancies or errors. These features allow companies to proactively address and rectify issues before finalizing the payroll process, ensuring accurate and error-free outcomes.
- Audit Trails and Reconciliation: Cloud-based payroll software maintains comprehensive audit trails, documenting all changes and updates made to payroll records. This feature facilitates reconciliation and provides a transparent view of the payroll processing history, helping organizations identify and rectify any errors or discrepancies during the review process.
How does the software ensure data accuracy and prevent errors in payroll processing?
- Data Encryption: Cloud-based payroll management software utilizes data encryption techniques to secure sensitive employee and payroll data. It encrypts the data both during transmission and storage, making it unreadable and unusable if intercepted by unauthorized entities. This ensures that data remains protected from potential threats or breaches.
- Data Recovery and Backup: Cloud-based payroll management software provides robust data recovery and backup mechanisms. It automatically creates periodic backups of payroll data, thereby safeguarding against potential data loss due to unforeseen circumstances such as system failures, natural disasters, or human errors. These backups ensure that data can be restored quickly and accurately to maintain business continuity.
- Threat Detection and Prevention: The software employs advanced threat detection mechanisms to identify and mitigate potential security risks promptly. It utilizes intrusion detection systems, firewalls, and real-time monitoring features to identify suspicious activities and unauthorized access attempts. By promptly detecting and addressing these threats, the software ensures the integrity of payroll data.
- Compliance and Governance: Cloud-based payroll management software adheres to industry best practices and regulatory requirements specific to the Indian Legal framework. It incorporates compliance measures such as data protection regulations, labor laws, and other statutory requirements. Adhering to these regulations helps organizations remain compliant with legal obligations and ensures the confidentiality and privacy of employee payroll data.
- Access Controls and User Permissions: The software includes granular access controls and user permissions. It allows administrators to assign specific roles and access privileges to individuals, limiting access to sensitive payroll data to only authorized personnel. This feature prevents unauthorized access and ensures that data is accessed and modified by authorized individuals only.
- Vendor Security and Contractual Agreements: When selecting cloud-based payroll management software, organizations can assess the security measures implemented by the software provider. They can evaluate the vendor's infrastructure security, certifications, and compliance standards. Additionally, organizations can establish contractual agreements that outline the security responsibilities of the vendor, ensuring accountability and enforceable security obligations.