PAYROLL ACCOUTING

What is Payroll Accounting?

Payroll accounting is a method used to calculate aggregate expenditure on wages and salaries of employees incurred by a business in an accounting period. This method of accounting for payroll includes the company’s recording of its employees’ gross wages, salaries, bonuses, commissions and other benefits as well. Payroll accounting distinguishes between employee taxes which are deducted from employees pay and employer taxes which are paid by employers. This accounting also keeps records of employer’s fringe benefits such as health insurance, vacations, paid holidays, workers compensation insurance as well as pension and savings. Payroll not only is responsible for employee’s salary compensation but also plays a vital role in protecting the company’s reputation.

Payroll Accounting Procedure

Payroll accounting helps businesses to ensure that their employees’ receive their pay on time. Here is the procedure on how this is carried out by a business:

TIME REPORTING

There are many tasks involved in payroll accounting but the first task is to collect necessary data regarding the time worked by an employee on a daily, weekly and monthly basis. Companies must issue time cards to every individual to record exact working hours of that employee. This helps the accountant to measure the pay of the employee accurately. The task of time reporting also helps a business to curb payroll tax burdens and workers compensation premiums.

PAY COMPUTATION

As payroll accounting is done to calculate the compensation owned to each employee. By knowing the hours worked by an employee and multiplying it with the pay rate, it becomes much easier to calculate the pay of that particular employee. Also review your pay policies and procedure to look for inefficient workflow patter. Changes regarding salary structure and pay grade will be initiated in case of promotion of a worker.

TAX COMPUTATION

Employees must submit payroll tax as well as income tax to its employer so that they fill and submit it to the tax authorities. The accountants hired by a business calculates the exact amount of income tax owned by every employee after the gross compensation owned. Then the total tax collected will be given to the Internal Revenue Service so that there is no tax burden on the business.

OTHER BENEFITS

Many businesses provide their employees with certain benefits such as paid vacations, pensions and many more such things. These things make it more difficult for the company accountant to calculate the payroll amount as most of them get paid for holidays also. Any other contributions offered by the employer must also be done in payroll accounting.

PAY DISTRIBUTION

After every task has been completed, that is, working hours of every employee has been recorded with their income and payroll tax been given to the tax authorities. The net pay is given to every worker in the form of cheques, direct deposit into their accounts or through cash.

IMPORTANCE OF PAYROLL ACCOUNTING

MORALE OF EMPLOYEES

Payroll accounting impacts the morale of the employee as they need to feel assured that they will get paid on a timely basis. When the pay is on time then the employee will be motivated to work more efficiently to get bonuses with their pay but if the pay is late then the employee will feel that the company is not financially stable. This will result in bad performance of employees in q business, so the organisation must keep in mind the importance of its employees.

COMPANY’S REPUTATION

The business must see to it that the payroll activities followed by them are adhering to the tax policies and also complying with employment legislations. The business will uphold its reputation only when they are efficient in meeting tax obligations on time. This will attract more worker in the market to work in the business as the business will provide timely pays to them.

 RE-ALLOCATION OF RESOURCES

Payroll accounting has to be performed regularly to ensure more precise payroll calculations. Payroll can be very time consuming, so it needs more resources to work with and regular activities help the business to know the required resources. As payroll is now automated, it allows organisations to save on costs in the long run. Furthermore, it frees up valuable resources for the organisation to focus on other business activities.

It is advised for any new business that they should take help from a financial consultant as there are many laws regarding payroll accounting. This will help them to stay out of trouble and also to devote their time on something else. An efficient payroll department reflects the organisation’s way of working and how they respect their workforce.

Checkout our Payroll Management Services to know more about the Payroll Management. You can also connect to us through mail or form incase of further queries.

For more information on Payroll Accounting, feel free to reach us on, info@gapeseedconsulting.com or call +91-9599444639/+91-9599444630

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EMPLOYEES PROVIDENT FUND

Employee’s Provident Fund is a scheme which helps in providing financial assistance to the workers by saving their own money for future use after retirement. This scheme of Employee Provident Fund has been carried forward by the government for the welfare of its retired citizens and also for those who are disabled to work. The employees and their employers have to contribute a fixed amount of money from their salaries at a constant rate within a particular time interval in the Provident Fund to get interests after retirement. When the Provident Fund matures, it provides a good return and interest of the invested money as the money received will be Tax-free. The Employees Provident Fund can also be used before retirement in case of an emergency such as when a person is unfit for employment, this provides a type of monetary security to the employee. This scheme is growing at an increasing speed and is backed by many intellectual people in the business and finance industry.

APPLICABILITY AND ELIGIBLITY IN IMPLEMENTATIONOF PROVIDENT FUND

APPLICABILITY

• A company or any other Business entity having 20 or more employees working for the business must register for the Employee’s Provident Fund.
• The employers and the employees have to issue an amount of Rs.1800 per month into their Employees Provident Fund.
• When the amount has been transferred into the Employees Provident Fund, a small contribution is also made to the Pension, Insurance and Administrative Cost account.
• In case of a company which has more losses than its entire net worth can contribute 10% of their compensations in their Employees Provident Fund.

ELIGIBILITY

• An employee working under any company is qualified to participate in the scheme of Employees Provident Fund.
• Any company having 20 or more employees is eligible of participating in this scheme.
• Whenever an employee exceeds the amount of Rs.6500 in their salaries, then they have the eligibility to join the scheme with the permission of its employer.
• When a person becomes the member of this scheme, they have to contribute 12% of their rewards in the Employees Provident Fund.

BENEFITS

Insurance

In most of the organisations employee’s insurance schemes are not available to the employees of the company, Employees Provident Fund provides that scheme for the security and stability of the employee in the future. For getting insured, the business entity just need to provide a sum of Rs.6500 on a monthly basis to ensure an insurance premium benefit. Insurance helps an employee in case of an emergency, also provides a good amount of money after maturity for the survival of their family.

Pension

When an employee has retired, and does not have any source of monetary income, pension provides that source for the employee. A part of the employees pay also goes into the Employee’s Pension Fund, which provides an employee a sense of security after retirement.

Tax Free

Upon maturity of the Employees Provident Fund, the interest received by the employee’s will be tax free. This results in proper stability and security of employees as they get vast interest on their invested amount.

Financial Security

The Employees Provident Fund provides financial security for the employees at the time of retirement, emergencies and at loss of income. Employees Provident Fund provides a source of financial assistance to the retired personnel as well as gives funds to the employee to meet their requirements in case of an emergency, early drawings are allowed only in case of an emergency. When an employee cannot work, or has any disability to work, provident fund helps them to overcome their loss of income and provides means to survive. Also, if the employee has passed away then the funds are passed on to their applicant to provide them with financial assistance.

Long Term

The Employees Provident Fund allows the employees to have some kind of monetary security in the long run, it also ensures that the employee can have certain investment or any other goal after retirement. Resources can also be borrowed in the Long Run for marriage, education, medical reasons and also for housing purposes.

Withdrawal

Employees Provident Fund also provides the benefit of withdrawal to the employee. An employee can withdraw their money only when they are unemployed, self-employed or have left the current job to work in another company. In case of any emergency, an employee can withdraw the amount in its provident fund before the time of maturity. Pre-mature withdrawal can also be treated as a loan as an employee can use the money for education, marriage, medical expenses. These withdrawals must not be more than 50% of the amount in the provident fund.

Transfer

An employee can also transfer its provident fund account rather than closing it whenever they are leaving their current job and joining a new employer. Transferring of the funds from an old account to a new one is a better option because if an account is closed before 5 years then the money contributed in that account will then become tax deductible whereas by transferring of funds, an employee will get the money in full at maturity.

REGISTRATION PROCEDURE FOR EMPLOYEES PROVIDENT FUND

The Employees Provident Fund registration is now mainly done Online as it is more convenient and accessible for an organisation. A business entity having less than 20 employees can apply for the scheme voluntarily, but an organisation having more than 20 have to register their company for this scheme to avoid penalties in delaying the registration. The procedure for registering for the Employees Provident Fund is as follows:

• The company must provide the name, address, branch details, head office details and the Date on which the company was established.
• The organisation must also provide the total strength of employees working as well as the services provided by the company.
• They must also provide the legal proof that if the company is a partnership, private limited company or a public limited.
• The total salary distribution to the employees of the company must be provided with the details of the bank in which the company has its account.
• The Directors or the owners of the company have to provide legal documents to prove that the documents are verified. The address of all the owners must be given with the details of all the employees including date of joining, salary.
• A copy of the partnership deed must be given to prove that the company is registered with the Registrar of Companies.
• PAN details of the Business entity must also be provided.

For more information on EMPLOYEES PROVIDENT FUND, feel free to reach us on, info@gapeseedconsulting.com or call +91-9599444639/+91-9599444630

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Simple Tips to Design a Salary Structure for an Employee

Having an absolute salary structure makes it easier to manage your salary expenditure. Not to mention, it can help you retain your current employees, as well as make your recruiting, hiring and promoting efforts more focused and easier to execute.

If you’re considering creating a salary structure, here are a few tips to help you get started.

Benchmark jobs

It should start from here, you need to know the value of each position you offer in your organization. Know the market, know your competition and see what others are paying for similar jobs. There are a variety available salary survey sources that can provide you with data related to salary information for various positions and different industries. You could easily know about benchmark jobs, but this mostly works out for jobs in which duties and responsibilities are generally defined. Once you have identified the benchmark jobs you can compare the market rate according to your budget, you could use statistical procedures to plan it up. Or you can simple get in touch with our HR department.

Consider company’s competitive position

The competitive position of company is its overall salary level compared to market average when compared with the benchmark jobs. This helps you answer if the salary rates for your employees currently above, below or comparable to the rates of your competitors. You should decide what competitive position suits best to your company. Some other things which could be solved by doing this could be if you need to pay at a higher-than- market level so to retain your current employees? Pay according to the market level which attracts better quality candidates or pay according to your budget.

Set-up compensable leverage

Compensable leverage refers to how much more or less salary rate increases in your company, overall, compared to the market rate increase for higher-paid positions in the organizational hierarchy. See this for an example, when employees are promoted to a higher position within the organization, will they receive an increase in salary rate that is similar to, greater than or less than the rate increase provided, on average, in the market. It’s important to determine the desired compensable leverage for your company. This will allow you strike a balance between providing attractive salary increases to employees for promotional opportunities and maintaining an affordable salary practice.

Develop a salary structure

Now that you have the data from the market and your internal and external resources together using this information, you can develop the salary structure for your company. You should also decide if you want to offer a specific salary range – with a minimum and maximum rate – for each position, or if you want to create pay grades in which multiple positions with similar market rates are grouped together within the same range.

Get your current employees up to par

Once you have established a salary structure, possibly with pay grades, then you’ll want to look at your current employees’ salary rates compared to the range to see if anyone is being paid below the minimum rate or above the maximum rate. This involves determining whether the salary rates of any employees should be adjusted to achieve market alignment to have competitive position as created through the structure. If an employee is being paid below the range minimum, it’s recommended that you increase the salary rate, either immediately or incrementally over time, until it hits the minimum rate. If an employee is being paid above the range maximum then it’s recommended that you suspend the person’s next salary increase until market movement warrants an adjustment.

Sometimes these practices are acceptable if the positions in question have a significantly greater or less of strategic importance to an organization than it has to competitors. You’ll want to do a systematic analysis of all of these things mentioned in above steps. This will help you have a good basis for creating your salary structure.

If you would like to get your organization’s salary structure in place feel free to drop us an email at info@gapeseedconsulting.com or you can also call us +91-9599444630 else drop us a line here.

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Payroll Services for Startups

Our love for startups is forever increasing. And with our experience of working with them, we have realized that, Startups are natural rule breakers you got to come out of that comfort zone if you want to be the next big thing in the industry.
But there is one area where you wouldn’t want to mess around with the rules and that is payroll and HR. To avoid any legal and financial litigation you must comply with payroll and HR laws. Some of your actions might drive you out of the business as well. Keeping this in mind we offer Payroll services.

Like other business strategy and planning, payroll services for startups need to be taken seriously and keeping our client in mind the following are the important consideration on the basis of which we provide our services.

1. Convenience

Payroll services for Startups should not be a problem. It should be a cake walk that’s easy to do and one that can be done on any computer or mobile device. To achieve these tasks we make sure that our clients aren’t confined to their office or required to phone in hours manually every time they want to run payroll. Having the ability and the technology to run payroll from anywhere in fraction of minutes is something that we focus on to provide our services to our clients.

stration and will also manage it for you with the shared admin rights so that you can keep a tap on how Gapeseed Consulting is managing the Payroll Services for Startups.

2. Set Up

Gone are the days of paper-based payroll system, move on to a more advanced paperless system it would not require an immense learning from your side or big task, time-consuming training sessions. The transition should be smooth, quick, and easy. The software should be simple, straightforward, and well, user friendly to use.

We will provide you the demonstration and will also manage it for you with the shared admin rights so that you can keep a tap on how Gapeseed Consulting is managing the Payroll Services for Startups.

3. Cost Advantage

For many small business owners, cost cutting is a major thing, the payroll services they choose is often based on one thing – cost. But, when they get their monthly invoice, the amount owed can be significantly more than what they expected to pay. Unfortunately, hidden fees are common in this industry, but luckily not all providers “follow the rules.” A payroll provider’s services and pricing structure should be completely transparent so you know exactly what your invoice is going to be based on how many employees you have and the services you select and we assure you to give a transparent service. As we understand that Payroll Services for Startups are managed as they are having small teams and optimism resources.

4. Service Options

Many a times payroll providers just offer few payroll services, where as we offer a whole host of services designed so as to make your job easier. These services include

  • Payroll Accounting,
  • Attendance Register (Controls),
  • Online employee access to payment records,
  • Direct deposit,
  • Wage garnishments,
  • Easy CTC calculations,
  • Compliances,
  • Manage Employee Information Efficiently,
  • Define the emoluments, deductions, leave etc.,

Other Payroll Services for Startups include, Generate Pay-Slip at the convenience of a click, Generate and Manage the Payroll Processes according to the Salary Structure assigned to the employee, Generate all the Reports related to employee, attendance/leave, payroll etc., Manage your own Security.

5. Partners & Integration

You have to stay away from payroll providers who are not willing to partner and integrate with other HR and accounting systems. When a payroll system is easily matched with other types of accounting services, you own a great flexibility, more control, and better results. Similarly, it is important for us to understand small business needs in order to provide the most complete payroll package possible.

In order to achieve these goals, the government has simplified the business registration process as well as the rules that govern the process. Now, entrepreneurs can start a company in India easily. Even, simple licensing application can be done through self-certification or third part certification system. With the integrated online portal and less paperwork system, entrepreneurs do not have to worry about the administration burden and are able to focus more on running the companies. With initiatives like Make in India, Startups have ocean of opportunity and with such a situation Gapeseed Consulting can be a perfect choice for your business to outsource the payroll services.

To know more about the Payroll Services at Gapeseed Consulting, please connect or write to info@gapeseedconsulting.com

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Benefits of HR and Payroll Software

A critical part of any organization is managing the human resource functions and payrolls of employees, whether it’s a small firm or a big business house.

And to manage proper functioning of HR and Payroll procedures, companies require appropriate technology whether hardware or software. It’s often a misconception that small business can do away with such a system but since the net worth of a company and its taxation is affected by the payroll of the employees, data integrity and accuracy is vital as they are subjected to audits from the law of the land. Hence the size of the company doesn’t matter.

What if a small business can’t afford to shell out money on the latest software?

What if making a purchase is going to have a major impact on the balance sheet?

Despite budget restrictions and limited IT resources, small businesses still need to centralize workflows and be efficient. To help you out with such a dilemma, we will not only discuss about the benefits of having standard HR/Payroll software but we’ll also help you pick the best for small business in this post.

 

Benefits for HR and Payroll software to regulate the functioning of HR and Payroll procedures:

Manages Task

With the help of automated software, calculating the payroll of employees gets not only easy but logical programming gives results within few clicks. The task could otherwise get lot complicated if done manually as it involves lot of procedures – calculating the productive hours of the employees, calculating tax, deductions, documentation of employee leaves, attendance etc.

Manages Time

Manual inputs and payroll calculations for each and every employee is often a time consuming process. Whereas the software automated system does the backend calculations and produces periodic reports and pay checks in no time whatsoever.

Adds Accuracy

Manual inputs and management of data is not only time consuming but can also invite errors. Having HR and Payroll software assures that the data is 100% accurate and the data integrity is maintained at all levels. One can rely on the information to make better decisions based upon it.

Safeguards Data

Another advantage or rather benefit for HR and Payroll software is that it has tools which restrict the accessibility to the software. Once can set up visibility parameters to allow selected persons to access the data which reduces the risk of misuse of critical information.

 

Key HR/Payroll Software Features

HR/Payroll software can help to increase the productivity of small businesses by automating administrative tasks, record-keeping and by giving HR coordinators tools to find and keep the best talent. There are many different ways to package standard software. Beyond deployment models, there are three primary classes of HR software structured around usage:

    • Core HR: Helps businesses perform the administrative functions of managing a workforce—payroll, benefits administration, time and attendance tracking, workforce planning, and regulatory compliance. Employees can also access their work-related data and enter updates and requests which form an integral feature for most core systems.
    • Strategic HR: This solution mostly addresses recruitment, performance management, training and development, and succession planning. Some solution may even be customized to address a specific aspect of talent management, such as the hiring process.
    • Integrated HR suites: This solution provides end-to-end functionality across most or all areas of management including administrative aspects as well as recruitment, talent management, and e-learning of management systems. Some product suites are sold in modules, so one can purchase them according to the specific need of the company.

The intention of the post was to give you a brief idea of how important it is to have specific standard software for the better functioning of a small business and also the benefits for HR and Payroll software. If you want us to find the right solutions for your set of business, write to us and we would address your query in no time. You can even write to us if you want to avail our HR, Accounting or any other service.

For more information on Payroll Software, feel free to reach us on, info@gapeseedconsulting.com or call +91-9599444639/+91-9599444630

 

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Contract Staffing for fulfilling Global Business Aspirations

Many business enterprises/companies find the employee search and placement process to be time-intensive and challenging. The level of challenges increases many times more when foreign companies try to set up offices in India.They often experience disappointment when they are unable to find the right people for their company or have employees that don’t end up working out. At this critical point, contract staffing solution barges in. Contract staffing represents a choice for your organization to do smart hiring that provides instant value to the overall output. Through this the employers can not only save time and money but they can easily eliminate the dilemma in finding the right candidate for the job. With the rising demand of growing businesses, companies are increasingly concentrating on contract staffing to ensure that they get the best of talents that allow them to expand their business and meet future goals.

How our RPO Services can help in Contract Staffing?

Gapeseed specializes in recruiting professionals for a variety of fields including Information Technology, Engineering, and Executive Search etc. Gapeseed’s years of experience provide the employers/clients a true partner who can manage a company’s permanent or temporary staffing needs. Gapeseed Facility & Management Services also customizes solutions to meet client’s varied requirements. With the company’s contract staffing solutions, clients can delegate the ever-important task of hiring quality and skilled talent for immediate needs and can be rest assured that all their needs will be met by the best of talents.

For those of our clients who are in the process of Setting up a Business in India – RPO is a value adds, since we understand their business intent and are already helping them with Office Management and Business Support Services.

Let us now understand the Benefits of Contract Staffing with Gapeseed Consulting:

Speed up the Hiring Process

We can fulfil crucial staff requirements within days of vacancy or while setting up offices. With Gapeseed, you can easily tackle resource crisis almost immediately after requirements arise. And you can recruit highly skilled workers for as long as you require i.e. for a particular time frame without worrying about Payroll, Contract Management, Legal checks etc.

Get access of highly skilled Talent

With years of experience in the recruitment field, Gapeseed oversees and provides the best talents in any given field. The best of talents can be used according to your particular requirements. If you need technical staff for shift jobs or you need them for extra hours, Gapeseed can provide the middle-way to your organization’s resource problems.

Cut Over-Head costs

If you take Gapeseed on board, we will take care of the add-ons related to hiring a full-time staff such as payroll taxes, insurance benefits, workers’ compensation etc. This helps in cost cutting. Moreover, since we will take care of all the legalities related to unemployment claims and payroll taxes, you can avoid all the liabilities that come with recruiting an in-house staff.

Manage Special Requirements

We offer the flexibility and ready-to-order contract staff. This will augment your organization’s capacity while balancing the burn-out for in-house staff in case of special project requirements or peak period pressure.

Gapeseed – Your contract staffing partner

With Gapeseed as your contract staffing partner, we will ensure that we:

Manage all the aspects related to hiring and contracting
Takes care of resource requirements through highly skilled staff for positions in industries such as IT, Engineering, Management and Healthcare
Offers flexible staff augmentation and offshore staff augmentation models across categories of contract staffing, permanent staffing and contract to hire staffing
Allows seamless integration of hired staff into the workplace/remote location
Ensures quick response and speedy hiring for your immediate requirements

Besides contract staffing, Gapeseed provides various other solutions/services like setting up an office in India, event staffing, business support services, payroll management etc. To get details of each of these services, visit our website. And to avail them, simply e-mail us and our representative would get back to you with appropriate quote for the services offered.

 

For more information on Contract Staffing for fulfilling Global Business Aspirations, feel free to reach us on, info@gapeseedconsulting.com or call +91-9599444639/+91-9599444630

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Payroll Services in Delhi NCR

Every business owner is faced with the option of doing payroll in-house or outsourcing to a payroll service provider. While each has its advantages, outsourcing payroll seems to be a common choice for both large and small businesses. Reason being – it saves cost and increases efficiency. Once you outsource the service, the providers can manage the tedious task of running payroll whereas you and your employees can focus on business growth.

In simple words the purpose of any payroll system is to standardize the process of paying employees and organize everything for tax purposes. Now, to choose the best payroll service for your business can be a difficult task. Because the type of payroll service that works best for each company depends on the needs and circumstances of the business. Some payroll providers can accommodate large companies with hundreds of accounts, while others are focused more on small businesses and limit the number of accounts they work with. So you should consider parameters like the cost involved, the reputation or status of the provider and the services it will provide.
However with so many options to choose from, finding the right one can be overwhelming. So to help you out in best way possible, Gapeseed comes as a rescuer. Our motto is very simple – We prioritize our client’s needs.

Check out the Benefits of Payroll Services

Save Cost: The most important aspect of any business is cost saving. So, in addition to reducing the probability of costly penalties, hiring Gapeseed to manage your payroll module can save you money in lot many ways. The price that you will be investing for training purposes or for labour may add up more than the price of outsourcing. And there’s no guarantee involved. Whereas if you hire us, you and your team can concentrate more on the business growth while we take care of the rest. We will also be involved in taking full responsibility for any mishap and you can feel confident, mistakes (if any at all) will even be taken care of.
Increase Productivity: Now, once you avail the service, you don’t have to involve any of your internal team members to process payroll, which means you not only save on cost, but also time. The team member can actually get involved into doing something productive rather than spending time on keeping track of employees’ wages and fees, processing paychecks and records etc.

Faster Processing: We hire experts of the industry when it comes to payroll rules and requirements. We also have advanced technical resources as support, so we can complete complex payrolls quickly and accurately. Be it paying the wages or reviewing employee contribution and deduction, all are taken care systematically. This also includes adding new employees to the system and removing former employees as soon as they leave the company.
Reduce Compliance Issues: Payroll tax regulations can be complicated and confusing. When trying to concentrate on running a business successfully, it may be difficult to stay up with all the tax rules and changes. Yet it is very important to keep a track as inaccurate payroll reporting can result in penalties from the government. Gapeseed can help you prevent compliance issues. Our systems are upgraded with up-to-date information on all tax rules and therefore reduce inaccuracy of any sort. In addition, we also handle filings, taxes and payments, and other such complexities.

There are many details and factors to consider in each of these processes and the easiest way to tackle all of them is to hire a professional payroll service provider. And to do so it’s advisable to hire the best among the rest.

Whether you are seeking the Payroll Services for a funded startup, an Indian Office of your foreign-aligned venture or any other payroll services in Delhi NCR, get in touch with us.

Further to this if you seek any further clarity, feel free to write to us on, info@gapeseedconsulting.com or you can also call us at +91-9599444639.

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