The term 'Payroll' refers to the administration of employees' Attendance, Salaries / Wages, Leaves, Allowances / Incentives, Bonus, Voluntary / Statutory Deductions and Net Payments. Generally, 'Pay-roll' of a company is managed by it's HR Department on the basis of attendance record of the employees. The attendance record is valuably useful to the HR Department, if maintained scientifically with relevant information like Name of Employees along with their Code No. / ID, Date of Joining / Cessation, Daily Attendance Records including work hours, Salary Structure including basic salary, allowances / incentives / commissions.
Payroll Outsourcing
Today's competitive environment entails focused approach of the business organizations and cost effective business strategies. In quest of maximizing the revenue at the lowest cost with expectations of high quality results, business organizations have resorted to outsourcing of their non-core business operations.
Generally, mid-size or bigger organizations have dedicated HR Department to manage their Human Resources and the related activities. In order to stay focused on their core business operations and to ensure cost-effective and accurate operations, the organizations having larger employee base outsource their Payroll Processes to professional Payroll Management Companies.
Payroll Outsourcing trend in India is reflected in a survey conducted by Society for Human Resource Management. According to the survey, about 53% of the organizations, having larger employee base, outsource their Payroll Processes to specialized Pay-roll Managers and from those who outsourced their Payroll Processes, 80% believe that it results in more focused business operations. Most of such organizations agreed that Payroll Outsourcing model of HR Department is efficient, accurate and above all very cost-effective.
Services We Offer
At FuturAgeSM, while managing the 'Pay-roll' for our clients, we consider Monthly Components viz. Basic Salary, Dearness Allowance, HRA, Reimbursements & Special Allowances and Deductions such as Statutory Deductions including Contribution to EPF, TDS and other Voluntary Deductions & Annual Components like Incentives, Bonus, Leaves, Annual Encashment and Medical Benefits etc. related to each employee of the company.
We are professional Pay-roll Managers in India and we offer the following services under this head:
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Salary Structuring with a view to minimize tax burden on the employees and maximize their take home salary |
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Receiving data from our clients, processing the same at our fully automated payroll management system |
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Generating Payroll Register in Excel / PDF / txt format |
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Generating Salary Withheld Report |
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Maintaining Attendance Record, Leave record, Salary / Wages Register etc. |
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Preparing department wise, location / state / center wise Salary Sheets |
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Providing monthly Salary Slips to the employees through e-mail |
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Calculation of Overtime / Special Incentives, Bonus, Leave Encashment etc. |
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Preparing Arrear Sheet |
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Providing data for EPF, ESI and Labor Welfare Fund compliances |
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Verifying Statements for bank transfer to ESIC / EPF departments |
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Providing data for full & final settlement of dues to retiring / leaving employees |
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