Managing payroll becoming difficult because of expansion Benjamin Choukroun UK can provide a digital answer

1. Managing payroll becoming difficult because of expansion? Benjamin Choukroun UK can provide a digital answer

2. Payroll is the process of paying the salaries of the employees of a company. It begins with recording the details of the employees. It ends with the recording of the payroll expenditure in the company’s books. The process of managing the payroll involves other departments like HR and finance. The departments work together to reach the final figure. The calculation of payroll sounds easy but is a very lengthy process. Payroll management can be made easy by opting for a digital payroll administrative support system. The company can cut down the stress of payroll management with Benjamin Choukroun’s digitalization solutions.

4. The process of payroll is long and involves a lot of calculations. There is no scope for mistakes in payroll management. Digitalization of the payroll process can help in avoiding errors. Benjamin Choukroun provides readymade digital solutions to all payroll problems. Payroll includes arriving at the final amount payable to the employee after adjusting the statutory compliances like TDS, Income tax, Provident fund, and other reimbursements. The process of payroll involves the following steps:

5. List of Employees: The company first needs to make a list of all the employees. The list tells the company the exact number of people it has to pay salary.Clearly defining its payroll policy:  The management has to decide the policies that it intends to follow regarding the payroll. The payroll policy includes the pay policy, leaves, and attendance, employee benefits, etc.Employee Details: A company must maintain written records of its employee’s financial details. These details include name, PAN number, address, bank account details, etc. These details are vital for the payroll process.

6. Validating Employee Details: Only a collection of details is not enough. The company must verify employees’ details before hiring the person. The company has to ensure that the details provided by the employees are true. Calculation of Payroll: Minor mistakes in the payroll can lead to huge losses. All the deductions, reimbursements, and statutory compliances are taken into account for calculating the net amount to be paid. Manual calculation of payroll is complicated if the number of employees is more. Digital administrative support can make things easier by automatically calculating the payroll.

7. Salary Payment: Once the payroll is calculated, the amount is transferred to the respective employees. The company has to ensure that its bank account has sufficient funds to pay the salaries on pay-day. The company sends a salary bank advice statement to its banker that directs the bank to make the salary payments. The tedious work of sending the advice statement can be avoided by digital payroll administrative support.Payment of Statutory dues: Failure to play statutory dues on time can lead to penalties and interests. The company has to pay out the amounts before the respective due dates.

8. Pay-slips and tax computation: The Company has to provide the employees with pay-slips. It is a record of the salaries received by them. At the end of the financial year, the employees have to be given their tax computation slips. The slips show all the deductions and reimbursements made to them during the year. SOURCE CREDIT:https://benjaminchoukroun.tumblr.com/post/667109584408838144/managing-payroll-becoming-difficult-because-of

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