The term 'Payroll' refers to the administration of employee's Attendance, Salaries / Wages, Leaves, Allowances / Incentives, Bonus, Voluntary / Statutory Deductions and Net Payments. Generally, 'Pay-roll' of a company is managed by it's HR Department on the basis of attendance record of the employees. The attendance record is valuably useful to the HR Department, if maintained scientifically with relevant information like Name of Employees along with their Code No. / ID, Date of Joining / Cessation, Daily Attendance Records including work hours, Salary Structure including basic salary, allowances / incentives / commissions.
Today's competitive environment entails focused approach of the business organizations and cost effective business strategies. In quest of maximizing the revenue at the lowest cost with expectations of high quality results, business organizations have resorted to outsourcing of their non-core business operations.
Generally, mid-size or bigger organizations have dedicated HR Department to manage their Human Resources and the related activities. In order to stay focused on their core business operations and to ensure cost-effective and accurate operations, the organizations having larger employee base outsource their Payroll Processes to professional Payroll Management Companies.
Payroll Outsourcing trend in India is reflected in a survey conducted by Society for Human Resource Management. According to the survey, about 53% of the organizations, having larger employee base, outsource their Payroll Processes to specialized Pay-roll Managers and from those who outsourced their Payroll Processes, 80% believe that it results in more focused business operations. Most of such organizations agreed that Payroll Outsourcing model of HR Department is efficient, accurate and above all very cost-effective
At Kartik & Associate, while managing the 'Pay-roll' for our clients, we consider Monthly Components viz. Basic Salary, Dearness Allowance, HRA, Reimbursements & Special Allowances and Deductions such as Statutory Deductions including Contribution to EPF, TDS and other Voluntary Deductions & Annual Components like Incentives, Bonus, Leaves, Annual Encashment and Medical Benefits etc. related to each employee of the company.
We are professional Pay-roll Managers and we offer the following services under this head: