Online Statutory Compliance SoftwareAutomatic IT, PT, PF & ESI Calculations with Detailed Reports.
“Payroll” is a daunting task for any organization as it involves everything starting from entering data of new joiners, updating leave records and dispensing salaries and approval of time sheets after making non-statutory and statutory deductions. In India payroll related statutory compliance software include bonus, maternity benefits for women, health benefits covered under ESI and retirement benefits— Gratuity, Tax Deduction at Source (TDS) and Provident Fund (PF). Additionally, employees put in extra hours at work to get overtime payment which is again a statutory requirement.
In colonial times calculating statutory compliances was a major headache, such as loads of paperwork, complex computations, time consumption and high probability of errors were major factors. But with the invention of computers these difficulties were minimized. Microsoft Excel spreadsheets made life of human resource and finance departments easier with faster calculations but probability of making error was almost the same as earlier.
Perfect statutory compliance software to avoid errors in employee’s leave or salary calculations
Today, companies have realized that employing online payroll system will put an end to these complex issues faced during payroll processing and chances of committing errors, leading to 100 percent accurate computation of salary. Our payroll software PayWheel, with all the salary details of the respective employees at one place, comprehensive of the statutory deductions, will lend transparency to the whole system. This would, increase the efficiency and productivity of your employees.
PayWheel helps human resource and finance department of an organization who are involved in working out long calculations can utilize their time in productive assignments. PayWheel is now cloud-based statutory compliance software thus the computation of statutory compliances has become very easy and simple for the respective employees involved in the same. Let’s have a look at some of the benefits you will enjoy when you employ PayWheel in your organization:
- TDS Calculation for Salaries
PayWheel tracks monthly TDS Challans paid for per employee. It also generates FVU (File Validation Utility) file for filing TDS returns 24Q quarterly and digitally signed Form 16 with Part A and Part B.
- PF Calculations
Our payroll software generates KYC (Know Your Customer) file.
- Employee State Insurance (ESI) for Salaries
PayWheel generates Monthly Contribution File.
- Professional Tax (PT) for Salaries
PayWheel generates Professional Tax Reports for respective states and Professional Tax deduction reports for online filing.
All the organizations, whether small and medium enterprises or large corporate houses for everyone it is mandatory to strictly adhere by the provisions to run their businesses. The company can get into serious trouble if found violating the provisions mentioned under the labor laws.
Statutory compliances play a major role in the payroll processing therefore they need to be implemented with great care and precision. PayWheel being statutory compliance software simplifies the complex calculations involved in processing of payroll. Moving on to PayWheel will help you to work within the provisions of the legal framework in a time and cost-effective manner with highest degree of accuracy. It’s not too late now, switch to PayWheel!