payroll-management

Payroll Process

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:

  1. Keeping an account: Corporate payroll services cover the requirements of filing state and federal payroll taxes for your business. This reduces the headache of knowing the latest tax code, filing deadlines, deposit requirements, tax tables, government forms etc.
  2. A lot more Productivity: Since you are not busy in doing the things which can easily be accomplished through a third party at much lower costs, you can save your precious time and can use your valuable time and energy for core and more important business activities.
  3. Cost-Effective: Carrying out the payroll function in-house may require you to hire experienced staff to do the activities involved. On the other hand, HR payroll solutions providers charge a reasonable fixed amount or pay per use. This is often much more cost-effective than maintaining an in-house payroll.
  4. Multiple Options: Payroll outsourcing offers a wide range of service choices to clients. Many payroll outsourcing companies offer services outside of payroll processing, such as new-hire reporting, tax payment and reporting, and employee benefits assistance.
Advantages of Choosing Payroll Software

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.

  1. A time saviour: Time is money. For any company, no matter how big or small it is, it’s very crucial to save time on those things which can be done in a fraction of the time even if the time is that of a less skilled person. Payroll software really helps in achieving this goal by offering a range of automated features.
  2. Attendance track-record and planning: With good payroll software, you can maintain an employee calendar that gives you a effortless way to manage absences and overtime.
  3. Tax updates and reminders: You might have missed the latest tax updates; but if you use Payroll software, it will take care of this as well by notifying you when these updates arrive.
  4. Security: By managing payroll in-house with payroll software, you can eliminate the uncertainty and information leaks that come with sending of an employee’s information to a third party.
  5. Customer Services: In addition to software tutorials; trusted and reputed payroll software providers offer excellent support services as part of the package, to help you with software issues or any assistance you require.

Some of the issues with in-house payroll processing by using the payroll software are:

  •  In-house payroll processing is a tedious and time-consuming task and is usually well outside most companies’ area of expertise.
  • Adds unnecessary infrastructure, lower skilled personnel, and in-house IT personnel
  • Missing out on compliances is a common occurrence.
  • Higher chances of small and micro errors in payroll calculation that could irritate employees, as for them they are major issues.

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.