Stuff required for a Perfect Payroll

STUFF YOU NEED FOR A PERFECT PAYROLL

Is payroll simple or complex ? The answer can be subjective, given the situation and process used in an organization.

As a general trend, the challenges in Payrolls have risen over the past decade primarily on account of

  • Tax withholdings and its associated complexities
  • Changing Labour laws and its reporting requirements
  • Employers providing complex employee benefits to attract talent
  • Individuals are required to be “Multi-Skilled” than just a “Salary Expert”
  • Varying Internal Reporting Requirements – Companies have a global footprint
  • Deduction and recoveries of Provident Funds, ESI, PT & their reporting accurately
  • Matters which are sub-judice – The larger the employee strength, the higher the stakes
  • Centralized Payroll requires the individual to be aware of local city and state requirements, wherever employees/offices are present

Further in most organizations, Payroll is now required to exceed Employee Expectations and have better Service Delivery norms inline with larger Multi Nationals.

While you are best to understand the dynamics of your payrolls, here’s our Contribution – a 10 Point “Stuff required for a Perfect Payroll” – In an Indian perspective.

Stuff you need for a perfect payroll

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