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Payroll process presentation
Payroll processing involves complex calculations and ensuring compliance with tax regulations. Outsourcing payroll processing reduces costs and penalties from errors, frees up time to focus on core business activities, and leverages an outsourcer's payroll expertise. Innovation Infosoft Technologies offers customized payroll processing solutions using their versatile payroll software. They process payroll accurately each month, provide reports to employees and employers, and ensure tax compliance.
Payroll process presentation
- 1. Payroll Process Innovation Infosoft Technologies ©Innovation Infosoft Technologies
- 2. Payroll Processing Payroll processingis one of the task that takes up a lot of time and demands pains taking effort. Precision is the key, all calculations have to be done on time, the correct deductions made, taxes deposited and returns filed on time and if payroll calculations are delayed or are incorrect, businesses end up paying stiff penalties – something small and medium businesses and enterprises (SMEs/SMBs) cannot afford. The best option is to say goodbye to those risks by outsourcing payroll processing to us. We offer customized payroll processing solutions to fit your requirements, leaving you free to focus on your core business. We have strong processes, infrastructure handle diverse payroll requirements. © Innovation Infosoft Technologies and expertise to
- 3. Why Outsource Reduce Costs Thedirect costs of processing payroll can be greatly reduced by working with a payroll provider. Avoid Penalties Payroll processing involves legal compliance for TDS , PF, ESIC and P Tax. Incorrect calculations and delayed payments result in interest and penalties. In many instances, this cost immediately justifies outsourcing payroll. Reliability and continuity You do not have to worry about losing the employee that does payroll processing and this is a great challenge faced by organizations in today's time of high staff attrition. Outsourcing ensures reliability and continuity. © Innovation Infosoft Technologies
- 4. Why Outsource Contd. Free UpTime for Core activities Payroll processing is a time-consuming process. Outsourcing payroll can free up staff time to pursue more important value-added and revenue-generating activities. Leverage Outside Payroll Expertise Most business Accounts /HR Managers don't have time to keep up with constantly changing regulations, TDS rates, and legal forms. By outsourcing payroll, business can take advantage of expertise of outsourcing firm. Automation of the Payroll Process Because of outsourcing, the payroll process gets streamlined and to a maximum extent get automates. The software used for payroll processing sends several standard reports to employees and the HR department, which forms a good basis of control as well. © Innovation Infosoft Technologies
- 5. Why Innovation More thanTwo Decades of Service with most of the clients Reliability and Continuity. “SEMS’ the most versatile Payroll software now available in various versions including fully web enabled version having more than 100 installations backed by highly efficient development team Various Web enabled modules of SEMS address highly specific requirements eg. Automation of Reimbursement, Sales Incentive and Full & Final Processes Fast adaptability to any change with minimum turnaround time Efficient service backed with highly skilled team and infrastructure Extremely Cost effective High data confidentiality Impeccable Track Record © Innovation Infosoft Technologies
- 6. Scope of work SetupInformation Various Masters – Branch, Department, Designation etc. Payroll components with rules Employee Master Details Employee Salary Structure Loan Recovery Schedules Processing of data for new/existing Employees based on Attendance sheet Change in salary structure and HR Related information Change in Variable components New Loans recovery schedules / extra recovery details. Stop Salary Calculation of TDS based on the estimations of investments received from employees Generation of bank transfer files for the credit of salary
- 7. Scope of work Reimbursement Processing Full & Final Settlement Generation of reports
- 8. Salary processing Receiving themonthly inputs via eSEMS Verification of monthly inputs Processing based on given inputs Verification of first cut after processing(input vs. output) (Self Audit) Approval from HR Department Auditing by chartered Accountant Submission of Audit Report Salary disbursement Via Electronic Bank transfer
- 9. Reimbursement processing Receivingthe monthly Actual bills. Verification of monthly Actual bills based on company policy. Processing of Reimbursement Self Audit Disbursement .
- 10. Full and Finalprocessing Receiving the monthly inputs. Processing of full and final Self Audit Forward to concerned Department
- 11. Scope of workcontd.. Reports: Salary register for the month Variance Report With Remarks SAF Statement Deduction reports like PF,TDS,Loan Statement. Challan's PF Form 5/10/3A/6A/12 ESIC Form 6/7 Profession tax deduction reports Tax payable report – Challan 281
- 12. Other Miscellaneous Reports Joiners report Resigned report Headcount Report Employee Related cost (ERC Report) Annual Operating Plan (AOP Report) Any Misc. Report On Immediate Demand © Innovation Infosoft Technologies
- 13. ePaySlip Module After processingof data, the output is shared with ESS(Employee Self Service) module :The following Reports can be viewed through the employees by using their user-id and password. Employee:- Pay slip, Tax calculation sheet with loan recovery information, Reimbursement slip are provided to employees. © Innovation Infosoft Technologies
- 14. eSEMS Payroll Process Web Server ResigneesData Incentive Data Change in Employee Information V A L I D A T I O N S eSEMS Centralized Application Server Pay Process Requests Data Transfer Encrypted Data ESS Module Arrear AOP( Annual Operating Plan) ERC( Employee Related Cost) Investment Declaration Reimburse ment Slips Tax Calculation Sheet ePay Slips
- 15. Employee Reports ePayslip eReimbursement Slip eTax Calculation Sheet © Innovation Infosoft Technologies
- 16. Employer Reports PayReports TDS Reports PF Reports ESI Reports Leave Reports Reimbursement Report © Innovation Infosoft Technologies
- 17. Display the taxestimation The pay-slips and Tax estimation is displayed to each employee through ESS web module (includes investment feeding by employee.) with their respective User id and Password. © Innovation Infosoft Technologies
- 18. Quarterly processing UpdatingTDS Challan payment details Generation of eTDS Form 24Q and annual returns and forwarding the same for onwards submission © Innovation Infosoft Technologies
- 19. Helpdesk 9 x 6Customer Service. Voice Support & Mail helpdesk. Service related queries. Policy related &Database related. Complaints /Grievances. Employees Personal Information Change request © Innovation Infosoft Technologies
- 20. Contact us Address:- Innovation InfosoftTechnologies Bunglow Plot No.1,Kailash Complex ,3rd Floor Pandav Nagar New Delhi-110092 Office No.-+91-11-22483845 Contact No.:-91-9136836080, 91-9136155164, www.innovationinfosoft.com © Innovation Infosoft Technologies
- 21. Thank You © InnovationInfosoft Technologies
- 22. ePay slip © InnovationInfosoft Technologies
- 23. eReimbursement Slip © InnovationInfosoft Technologies
- 24. eTax Calculation Sheet ©Innovation Infosoft Technologies