Essentials Of A Good Payroll Processing Company In Pune

Reckoned as the IT hub of Maharashtra, Pune marks the presence of several big and small IT industries. One of the most critical points of consideration for all these IT firms is the processing of their employee salary per month. The big firms usually operate their independent department for processing their employee’s salary. On the other hand, in small companies, the salary processing task is generally accomplished by either their head or any of one of the senior staff member. Owing to this, you might notice that the employees in such companies face delays in receiving their salaries.

To tackle this rising concern and effectuate the salary disbursement process, many Payroll Processing Companies in Pune have started marking their presence. Since there are heaps of such companies flourishing in the market, it becomes your responsibility to hire a perfect one.

Here are some of the essential traits you need to observe while you set out to hire such a payroll processing entity in Pune.

Accurate numeracy: Though, the payroll processing companies operate via payroll processing software, human intelligence is the one to dominate its artificial counterpart. The executives of the payroll processing companies you are about to hire should be well-versed with the numbers. This accuracy with numbers is essential as the significant responsibility of the payroll processing company hovers around salary calculations.

Compliance to the business ethics: Any Payroll Processing Company in Pune is claiming themselves as the best in the market, needs to be thorough with their compliance status. It becomes essential on business front’s which allows them to curb penalties, and avoid hustles. These payroll processing professionals have to be a quick learner of those rules and regulations that affect the entire payroll process.

Timeliness: As on the business front, you need your company to stay ahead in the competition, it becomes crucial on your part to satisfy your employees too. The first and foremost task of any entrepreneur is to take care of his employees. Hence, it becomes crucial for you to hire a perfect payroll processing company which is dedicated to following a strict deadline to accomplish their tasks. Since the entire working staff of your company depends on your payroll services, the payroll officials have to be disciplined in their working ethics.

Confidentiality: It is this department of your enterprise which has access to your data. Hence, it is essential that you proceed ahead in connecting with the payroll processing company which assures you with 100 percent confidentiality about your business data. This compliance becomes crucial when your payroll processing firm is handling business data which is sensitive. It is essential for you to discuss the lines of confidential data confidentiality with your payroll employees.

Software: Having a payroll processing software is one of the most crucial element and hence an undetachable part of the payroll services. HCM Software is one of the most employed software in today’s scenario. However, having robust software is not the ultimate responsibility for your payroll services. It becomes essential for you to check the compatibility of the hired payroll professionals concerning the working mechanism of this software. He or she should be fluent in handling the entire software as and when the need arises.

Automate Your Payroll Operations and Bring in Accuracy and Efficiency

Payroll Software System

The most complex department to handle in any organization is the payroll department. Ideally, an organization makes use of calculators and paper records to process the wages and the benefits of the employees. These organizations have to employ extra accountants in order to handle the huge task accurately. Unlike other departments, one cannot afford to sustain any mistakes in this department. The matter of fact is that even after employing the best accountants of the town and even after arranging the paper records systematically, the efficiency misses out.

Let’s try and understand it with the help of an example. An employee has been working for an organization since several years and as per the rules of that organization, the employee becomes eligible for ascertain sum of money on completing 10 years of service. Now since everything was maintained in the paper records, the accountants in the payroll department forgot to check the date. This lead to a delay in granting benefits to the loyal employee. Had it be a payroll software system, it would have informed the accountants about the date and the employee would have got his benefit well on time.

A payroll software system is a software that can automate your payroll department and also help in the to and fro movement of the data, securely across the other departments in an organization. If you are in Pune and want to go for a payroll software system from one of the payroll processing companies in Pune then take care of the following points in the software:-

  • The software should consist of a robust database system which can hold the details of all the employee working in the organization without slowing down.
  • It should have the feature for running an audit trail on the employee master database
  • For the ease of transfer of wages for all the employees easily, it should have an automated bank upload file or a NEFT template. It should also have the feature of automatically calculating and filling e-TDS returns for the employees
  • Since there are lot of complications in calculating the taxes, therefore the chosen payroll software system from one of the payroll processing companies in Pune should have the feature of calculating the income tax based on the various parameters set by the payroll department
  • It should have the feature to generate Form-16 for the employee and keep it secure in the database for any future reference
  • It should be able to keep a record of the previous month’s pay slips for all the employees.
  • It should be able to maintain the whole job history of the current employee as well as the ones who used to work earlier in the organization (Alumni).
  • Should be able to calculate the salary based on the attendance and the job code of the employee
  • It should be able to keep a track of the provident fund deductions and investment declarations done by the employee.
  • It should be capable of generating ESIC form 6 for the employees as otherwise, it takes a lot of man-hours to generate it manually.

The above-mentioned features are essential features that an organization should look in while considering payroll processing companies in Pune. It is always better to go for a demo mode initially to check the features of the software. Once comfortable, the software can be purchased and installed with full access to it.