Payroll Services

We take care Payroll needs of our Clients, Providing you with a immediate cost reductions of upto 40-50% and minimizing your risk of penalties and also saves a lot of time to focus on your core business more efficiently.

We make payroll processing simple so you can focus on your business. Our payroll services are designed to be convenient, personal and cost effective - saving you both time and money. We work as your accounting back office, to provide you with accurate, timely, with minimized risk all your payroll related activities. These repetitive activities once outsourced to Accounts Next will deliver cost savings, from hiring, Training and managing the In-house staff and also enable the Client to focus on their core business besides always having your employees satisfied with timely and accurate payments. We also offer customized payroll processing services and solutions to fit your requirements.

Services Offered in Payroll Outsourcing

•  Preparation of Employment contracts

•  Withholding tax compliances by the employer

•  Employee Compensation Structuring

•  Provident Fund, ESI and Gratuity related legal compliances

•  Preparation of Compensation and Benefits Manual

•  Advisory Services in regards with the payroll

•  Issuance of Pay slip to the employees

•  TDS Calculation, issuing Form 16 at the end of the year

•  Any other services as per need of the Client.

Payroll Includes:

Payroll services involve the management of employee compensation, including salary, wages, bonuses, and deductions. These services ensure accurate and timely processing of payroll, compliance with tax regulations, and proper documentation. Here are key components included in payroll services:

• Salary and Wage Processing:

  • Calculating and processing employee salaries and wages based on their work hours, rates, and any other applicable factors.

• Deduction Management:

  • Managing various deductions from employees' paychecks, such as taxes, insurance premiums, retirement contributions, and other voluntary deductions.

• Tax Withholding and Reporting:

  • Calculating and withholding applicable federal, state, and local taxes from employee paychecks.

  • Ensuring accurate and timely submission of tax deposits and filings to tax authorities.

• Benefits Administration:

  • Managing and administering employee benefits, such as health insurance, retirement plans, and other fringe benefits.

• Time and Attendance Tracking:

  • Recording and tracking employee work hours, including overtime and leave.

  • Integrating time and attendance data into the payroll system for accurate compensation calculations.

• Direct Deposit and Payroll Distribution:

  • Facilitating direct deposit of employee salaries into their bank accounts.

  • Generating and distributing paper checks when necessary.

• Compliance Management:

  • Ensuring compliance with labor laws, tax regulations, and other relevant employment regulations.

  • Keeping up-to-date with changes in legislation that may impact payroll processing.

• Employee Recordkeeping:

  • Maintaining accurate and up-to-date records for each employee, including personal details, employment history, and payroll information.

• Payroll Reporting:

  • Generating and providing various reports related to payroll, taxes, and employee earnings.

  • Assisting in the preparation of financial reports for accounting purposes.

• Year-End Processing:

  • Generating and distributing annual statements, such as W-2 forms, to employees for tax reporting.

  • Completing year-end reconciliations and reporting to tax authorities.

• Payroll Software Management:

  • Utilizing payroll software to automate calculations, deductions, and other payroll processes.

  • Implementing and maintaining the payroll system to ensure efficiency and accuracy.

• Record of Employment (ROE) Preparation:

  • Preparing and providing Records of Employment for employees who leave the company.

  • Complying with legal requirements regarding the provision of ROEs.

Outsourcing payroll services to specialized providers or using dedicated payroll software can help businesses streamline these processes, reduce errors, and ensure compliance with regulatory requirements. This allows organizations to focus on their core business activities while ensuring accurate and timely compensation for their employees.