Payroll & Labour Law Management
Payroll processing and following Labour Law is a highly complex task for most businesses due to the various compliance requirements in India. We take care of payroll and all statutory compliance like Professional Tax, PF, and ESIC Return Filing and maintaining statutory Registers and Records.
Payroll Management & Accounting
The success of the firm depends upon two significant factors. Hiring a quality team is one of the crucial pillars of the company, and at the same time, having an effective system to manage such a great team is another vital factor that plays an important role.
Employers are required to maintain the data of the number of employees, their salaries, tax deduction on their wages, amount of tax made to the government and number of leaves taken in a month. It is a cumbersome task that demands attention and constant effort.
Payroll gets crucial itself from the moment the company hires its first-ever employee. As we all know that payroll taxes considerably affects the net income of the business, it is required for two major perspective-legal compliance as well as accounting compliance.
Steps involved in Running Payroll
Payroll management can be a time-consuming and complex process. In its most basic form, running payroll involves the following steps:
1: Calculate gross pay
2: Withhold deductions
3: Pay employees
4: Remit taxes to the government
5: Archive payroll records
PF / ESIC / PT Compliance
For businesses in India, managing payroll is a challenging task because of the various moving parts involved. One crucial component of payroll is the need to stay compliant with the four statutory regulations: EPF, ESI, PT, and LWF.
Staying compliant is challenging because it involves numerous activities like gathering inputs on time, setting deduction rules, and adapting to new regulations. This is a tedious task especially if you have to do it often.
This is where UG & Co. can help businesses get more efficient. Not only does it ensure accuracy in computations and deductions, but it can also adapt quickly to changing tax laws and payroll inputs. This means that you can easily maintain a clean statutory record at all times.
We can help you with all labor & statutory regulations including - Employees’ Provident Fund (PF), Professional Tax (PT), Labour Welfare Fund (LWF), and Employee State Insurance (ESI).