Payroll is a highly functional area that goes far beyond just writing checks. It is responsible for a host of other activities as well as that can include: Handling health and pension benefactions of every employee, classification of reports every quarter, accessing the exact payable amount even for overseas employees among several other functions. A payroll system is software designed to organize every tasks of employee payment and the filing of employee taxes. These tasks includes keeping track of working hours, calculating wages, withholding taxes and deductions, printing and delivering checks and paying employment taxes to the government. Payroll software often requires limited input from the employer. The employer needs to enter the employee wage information and hours to the software which calculates and performswithholding automatically. Most payroll software are automated and updates whenever a tax law changes and also reminds employers when to file various tax forms.
Process we follow
Inwentra handles your payroll process with accurate on time payouts and all compliance under check. A payroll is a financial record of salaries paid to an employee as wages, bonus or deduction. It is given for the work done during a particular period of time. Payroll processing involves tedious & time intensive routine work that allows little margin for error, Outsourcing this process allows you to focus on your growth in business ,Save cost, focus on core tasks and enable growth without manpower and infrastructure constants. We offer highly efficient payroll services. Partnering with us reduces costs and increases profits. We offer a convenient and reliable payroll process. Payroll is one of the most important responsibilities of the employer and his company. Our team helps you to manage your payroll process in a manner that would maximize salary pay-outs and minimize per employee cost to company.
Things we consider to choose a System
when choosing a payroll system, you want to look for security and software password protection. Having password protected software safeguards against any tampering of information. Next to consider is if the software proves to be compatible and flexible. It is important to have payroll software that functions well with your other business systems and will grow with your business. Another factor to deal with is a systems’ credibility. Make sure the software is made by a well-known brand. Lastly, you need a payroll system that will allow the employer to still have control and the option of viewing reports and historical information. Once you choose your payroll system, it is up to you how much control you want over it. Given the importance to human capital ,it is very necessary for any organization to have proper payroll management to ensure compliance and avoid bothered employees.“Remember most employees live from pay check to pay check.”
Reasons on how Outsourcing Payroll Management helps:
Payroll software is another great method if you would like to still keep payroll in-house. The software takes care of a company’s payroll requirements such as employees’ payment and filing of their taxes and also can keeps track of hours worked, calculating wages, withholding taxes and deductions, generating pay-slips and much more.
Some of the issues with in-house payroll processing by using the payroll software are:
Basically it is upon the senior management to analyse carefully the pros and cons of a payroll implementation program that best works for their organisational requirements.