Streamlining Your Payroll Process
As an employer, you need to establish certain key policies before Payroll can be run.
Define Payroll Policy
It is the first step where you need to set the policies in place to process the payroll.
The policies include:
Attendance policy
Pay policy
Leave and benefits policy
Monthly Pay Cycle
To ensure smooth operations of Payroll, an organization needs to set a payroll policy and procedures to ensure all payment are made on time.
Data Collection
In the next step you need to gather inputs from various departments to ensure accurate calculation of payroll. This can be a simple or a overwhelming process depending on your employee strength. You will need to adopt a Payroll Service to ensure that this is handled with ease
| SOURCE | DATA |
|---|---|
| EMPLOYEES | PERSONAL DETAILS, BANKING DETAILS, INCOME TAX DECLARATION, BENEFITS AVAILED |
| HR | SALARY STRUCTURE, BENEFITS ELIGIBILITY |
| FINANCE | REIMBURSEMENT OF EXPENSES AND DEDUCTIONS IF ANY |
| LEAVE AND ATTENDANCE | LEAVE AND ATTENDANCE DATA OF EMPLOYEE |
| SERVICE PROVIDER | DEDUCTION IF ANY FROM SERVICE PROVIDER FOR SERVICES RENDERED TO EMPLOYEE AND APPROVED BY COMPANY |
Input validation
After all, information is gathered, then you need to verify its validity to ensure no errors creep into the payroll process
Basic Checks Include:
Ensure that the list contains all the active employees and no records of inactive employees
Data adheres to the company policy
Validate if all data has been collected
Data is in the correct format