Year 2015 has ended and the New Year is all set to welcome a whole new world of challenges and accomplishments. HR personnel have been busy structuring new strategies for getting their payroll right. No matter how many years of experience an HR carry or if it is their first payroll processing- there are always a handful of things to learn and practice.
PayWheel, a complete payroll solution that has eased lives of numerous HRs, discusses a few tips in this blog to simplify payroll and excel in 2016.
1. Say up-to-date on tax deadlines
‘Payroll taxes’ is a phrase that brings goosebumps to a lot of HR professionals. Tackling all payroll data and filling out those lengthy forms becomes too tedious. And then, each form has a distinct deadline to be submitted.
What can be a better time than the commencement of New Year to spare some time and figure out the last dates of submitting each of these business tax forms? This not only helps in clarifying which forms need to be filed but also helps in preparing schedules to collect relevant information, organizing them and finally submitting them to the tax department.
2. Consolidate tax files
Payroll records are a company’s most crucial and confidential data and needs to be managed flawlessly. The Income Tax department advice businesses to keep and maintain payroll records for a minimum of three years. Payroll data is ongoing and continuously adds to the bulk frequently.
HRs can start compiling payroll records by segregating them in separate files and organizing them right from the beginning of the year. This will enable filing quarterly, half yearly and yearly taxes or forms accurately in a hassle-free manner.
3. Categorize employees correctly
Managing employee data can be painful if not categorized rightly. Official and personal employee details are important for organizations and should be updated in case of any changes. Payroll data of each employee is of utmost importance. If employees are not classified properly, companies may have to bear huge tax penalties and can be deprived of many subjected benefits.
4. Follow a systematic payroll approach
Your payroll process in the previous year may need upgradation this year to match up with the latest trends and changes in the lawsuits. Make sure you are compliant with all the standards and do not fall short in attending payroll woes. Using payroll software like PayWheel that complements all laws of India Payroll System is desirable.
As per your company policy, you may need other solutions to enhance your payroll processes this year and thereafter. For suggestions feel free to connect with us. Being a payroll service provider for several years now, we have served clients with up-to-the-minute solutions on time and attendance management, salary management, employee management and more. For details, send in and enquiry today!