In a company, Payroll is the sum of all financial records of salaries for an employee, wages, bonuses and deductions. In accounting, Payroll refers to the amount paid to employees for services they provided during a certain period of time. Payroll plays a major role in a company HR Dept.for several reasons.
India Payroll Professional management https://prehr.com/indian-payroll-management
A] Salary Structure :
The salary structure varies from company to company. The general structure is as follows :
Earning Heads :
- Basic Salary
- Dearness Allowance (DA)
- Conveyance Allowance
- House Rent Allowance (HRA)
- Medical Allowance
- Leave Travel Allowance (LTA)
- Food Allowance
- Special Allowance etc…….
- Provident Fund
- Income TAX (TDS)
- Others (Fine, Advance. Canteen, Transport, Loan, Insurance Premium etc..)
Payroll management can be quite a challenge for the new business owner. There are many federal and state laws regulating what you have to track related to payroll. Failure to do so could result in heavy fines–or worse.
PREHR business use outside payroll services. These companies guarantee compliance with all the applicable laws. This keeps the business owner out of trouble with the law and saves time that can be devoted to something else in the business. If you choose to do your own payroll, it’s recommended that you purchase an automated payroll system. Even if the rest of your books are done manually, an automated payroll system will save you time and help considerably with compliance.
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