Complete Knowledge Network
Pay Roll Process
The basic payroll processing steps involve collecting employee information, and setting up a schedule, and issuing payments, all while keeping accurate records.
PAYROLL PROCESS
Many benefits come with local payroll or payroll outsourcing. CKN Consultancy will do more than handle administrative and compliance functions of paying employees. Business prefers to outsource salaries for a wide range of reasons,
the most important of which are:
Cost reductions are achieved by avoiding the use of in-house resources tomeet complicated payroll demands.
Ease of ongoing payroll management by administrative transitions, salary system reduction or increase, and accountability to government authorities.
Avoiding violations and fines for noncompliance with tax laws.
If using our service in Tamil Nadu & India Region, no need to establish legalentity to run a compliant payroll
PAYROLL PROCESS:
Payroll processing is the act of managing employee payments. It covers everything from entering an employee into your payroll software to giving them their paychecks. The basic payroll processing steps involve collecting employee information, and setting up a schedule, and issuing payments, all while keeping accurate records.
For processing employee payroll, there are eight basic steps from start to finish:
There are three basic payroll systems:
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Manual payroll means you’re doing payroll by hand, typically on paper or in a spreadsheet.
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Outsourced payroll means hiring someone else to handle everything from payroll taxes to bookkeeping.
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Payroll software varies by plan or product. Most providers offer everything from basic payroll assistance to additional payroll services that may include time tracking or even human resource services.
BENEFITS OF PAYROLL PROCESS:
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Work out payroll calculations and deductions quicker
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Generate accurate pay slips
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Calculate bonuses, expenses, holiday pay, etc with minimum effort
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Send returns to HMRC and print P45, P60 and other forms for employees
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Automate certain tasks, such as year-end reporting
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Reduce the burden of compliance
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Remove the need to understand complex tax legislation
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Store data such as pay slips and annual reports in a secure, easily accessible system
Payroll software can also provide additional data and analysis to make payroll information more useful to your business.
