Payroll Management
Payroll mistakes can happen faster than you think. For a moment, think about the employees for whom monthly salary is the only source of income. Imagine what if the salary is not paid accurately or there is a delay in releasing salary. Such irregularities can take a toll on the morale of the employees and ultimately affect the business productivity.
Payroll is a list of employees who get paid by the company. Payroll also refers to the total amount of money employer pays to the employees. As a business function, it involves: Quagmire have a proper understanding of what payroll is and how to run payroll effectively. Non-adherence with these laws can attract serious legal and financial consequences, hence we make sure that employees are happy. We handle the payroll management ensuring accurate and timely payment of salary, adhering to the various laws and regulations and other statutory compliance.
BRIEF INFORMATION
Post-Payroll Process
Quagmire takes care about all statutory deductions like EPF, TDS, ESI, PT are deducted at the time of processing payroll before remitting the amount to the respective government agencies. The frequency can vary depending on the type of the dues. in most cases, payment of dues is made via challans. After all dues are paid return / reports are filed. E.g., for filing PF return, ECR is generated and filed.
Salary paid is one of the significant operating costs which has to be reported in the books of accounts. As part of payroll management, Quagmire keeps a record of all its financial transactions essential to check that all salary and reimbursement data is fed accurately into client’s accounting / ERP system.
Typically, organizations provide employees with salary bank account. One can pay salary by cash, cheque or bank transfer. Once Quagmire completes payroll, we ensure that client’s bank account has sufficient funds to make the salary payment. Then Quagmire sends a salary bank advice statement to the client or concerned bank on behalf of client. This statement is issued with particulars like employee id, bank account number, total amount of wages, etc. Quagmire publishes the payslips and enables the employees of clients to log-in to their account and access the payslips easily through payroll management software that has employee self-service portal.