How to improve Payroll Accounting

One of the most important process for a business is Payroll. Whether an organization is small or big, employees need to be paid and taxes need to be filled. One can hire an payroll expert in company who takes care of all details of employee and company also assist him while some people outsource payroll completely. Whichever way you do it, it’s important to make sure your payroll accounting is extremely efficient so you don’t make mistakes or lose money in the process.There are so many payroll service providers.To improve payroll we are providing these few tips below:

1. Do processing of payments at the Same Time

Generally companies do payroll accounting for different employees at different times. This technique is not very efficient and useful because it can cause duplication of your processes and gives you multiple schedules to maintain. It can cause problem because you do payroll processing by groups. It is good to minimize errors by doing everything at once.

2. Make payroll process automated.

Errors due to manual processes can lead to extra costs of 1 to 8 percent. Manual payroll processing is not only time-consuming, but it may lead to errors. . Doing payroll accounting without a payroll system can also potentially lead to inaccuracies or employee manipulation, which may result in penalties.

3. Involve Employees

 It is good for you to write down the details of your pay policy and give it to your employees upon hire. They know about their pay from beginning to avoid any controversies in future. This can prevent issues in employee classification and payroll accounting and outline what will happen if there ever is a mistake. You need to maintain open communication with employees about rules. You will get more support if you change policies in future.  

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Compliance Management Services

In layman language, compliance means conforming to rules. Compliance strives to design the operative and administrative processes of a company in a manner that curbs the infringement of the company’s internal rules along with legal regulations as far as possible. In order to accomplish this objective, it is imperative that the company’s corporate structure and processes should be adequately designed and internal rules should be clearly established. Our legal and compliance team has a wealth of expertise and skills in the regulatory and legislative environments. We can impart immaculate support to our clients by offering advice and guidance on different compliance requirements.

Compliance is an ‘affordable must’ for business of every type, regardless of the size or purpose. Companies need to be extra cautious towards procurement, billing, sponsoring and lobbying, as well as in handling of other non-cash benefits, where corruption poses a dreadful risk. The adoption of varied appropriate measures should allow a company to systematically manage risks in a most subtle manner.

The effective management of compliance risk constitutes an imperative part of a company’s risk management policy and consequently of its entire internal control system. On the basis of this comprehensive approach, we offer interdisciplinary advice to our clients on varied organizational and legal questions, providing standardized and customized solutions.

Our compliance management Payroll Services include following points-

• Liaison with labor, ESI and PF authorities
• Continuous monitoring of legal compliance
• Easy remittance of statutory payments
  
   Building on the result driven approach, we formulate concurrent proposals for effectively optimizing the present system and then guiding our clients through the viable process of implementation. We not only offer comprehensive advice on the auditing of compliance management services but also support our clients in regard to compliant issues.
  

Why should you choose our legal compliance services?

•  Immaculate team having complete legal know-how knowledge
• Complete guidance in legal documentation
• Reasonable charges
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Compensation Consulting

Intriguing, driving and retaining the best talent is one of the greatest obstacles facing by many companies. For many, it clearly means creating programs that formulate a direct connection between a company’s goals and objectives and paves focus on an employee’s actions. Both small and big companies are divulging different ways to do this by maximizing rewards and investment in compensation.

Brooks Consulting helps clients ensure their pay strategy is designed and executed to meet divergent business requirements, while focusing employees on what they should do to help the company to meet its varied goals. We help companies in creating a subtle program that establishes a direct connection between an organization’s objectives and an employee’s focus. It’s a discerning approach that shifts compensation strategies to performance-based programs and paves more focus on the combined value of pay and benefits.

Backed by immaculate research and data, our consultants can help you make the right choice for your organization, offering a wide range of compensation and rewards services — varying from total rewards strategies to executive and broad-based design. We also help you tailor made your communication strategies for specific audiences, ensuring that your workforce truly comprehends how pay and benefits add up to total profits.

Brooks Consulting offers to its clients the expertise and resources to assure compensation committee and impacted executives that pay programs are :-

·         Aligned with the company’s compensation philosophy and strategic plans

·         Defensible to all stakeholders and interested parties

·         Competitive with valid external reference points

·         Fully documented

In amidst of shrinking margins and fierce economic times, human resource professionals must respond with concrete solutions that meet management’s operating goals: high productivity, impeccable quality, and improved margins. Developing persuasive broad-based employee strategic reward programs is the real challenge of this decade.

Why should you choose our compensation consulting?

§  Years of industrial knowledge- Our years of sublime industry knowledge and experience has allowed us to develop a unique understanding of the economic dynamics of the industry. Our extensive industrial relationships and skills to gather relevant information on board positions allow us to completely understand trends in compensation and their implications on our clients, beyond industry boundaries.

§  Expert compensation program- We understand that compensation programs profoundly influence organizational success and that performance is greatly shaped by how effectively reward systems are designed and managed. Through our viable compensation services, we offer effective reward programs that perfectly align with business strategies, financial resources and stakeholder interests to help clients in attracting, retaining and motivating top talent.

Deducing the right base salary is just the tip of the total pay iceberg. We know compensation is not only about computing pay by using off-the-shelf methods. Linking salary and incentive to performance, striking the balance of salary and benefits and implementing the perfect mix of compensation strategies-all are indispensable to motivate and retain employees at every level.

We listen to the discerning concerns of our clients and devise compensation plans that suit their sundry needs, using independent expertise. We work diligently towards making your HR investments visible by furnishing detailed reports of the value of each employees total reward package, including basic pay, health & welfare offering, retirement benefits and other incentives.

Internal Audit for Payroll

Payroll encompasses a good share of a total company’s expenses, so to ensure a decisive share of a company’s total expenditures, transactions must be meticulous and definite, balances must be properly recorded and also the ledger should remains up-to-date. One of the crucial methods to ensure accuracy is to bolster the use of periodic audits of the internal payroll system.

Making gray areas more transparent and friendly

Oftentimes, it has been seen that employer contributions are not black and white. We ensure that employers are remitting the appropriate amount of contributions towards the employees. Our auditors also evaluate that whether there are other employees on the company’s payroll that the employer fails to include in its compensation program. While, this service must be diligently performed in order to ensure compliance, conducting thorough payroll audits can really make a difference of dollars.

Our company offers an extensive internal payroll audit that primarily paves focus on different spheres. We concentrate on compliance with other internal payroll regulations, collective agreements and their accordance with labor law regulations. The objective of a payroll audit is to detect discrepancies and specify concrete remedial measures which will help in removing insufficiency and also cut down sanctions from other external bodies, like back payments, fines, penalties, etc.

A comprehensive payroll audit program includes below points-

·         Computation of wages, including impediments to work

·         Compliance to duties relating to sickness insurance

·         Deduction and transfer of medical insurance

·         Calculation and deduction of annual reconciliation, withholding tax and tax advances

·         Holding pay slips

·         Adequate provision of travel expenditures

In some instances, an employee who is no longer part of the company may still be getting paychecks if the proper internal procedures are overlooked. Or, one of the most obvious indicators of an accounting error occurs when an employee is paid at a higher or lower than normal rate of pay. To catch such errors, it is pertinent to audit the payroll records periodically to remove any such hindrances.

Brooks Consulting insures that all relevant internal audit for payroll should in compliance to legal requirements only-

·         To ensure that correct and authorized salaries are paid only to valid employees

·         To ensure that all salary, tax related deductions are calculated and accounted

·         To make sure that all audit records relating to labor laws are timely filed

·         To prevent the access of the payroll system and data from unauthorized access

·         To ensure that company is complying to all statutory laws and regulations

·         To provide consultation on business models of divergent services

We give you the possibility to entrust us with the internal auditing of your payroll.

Payroll Services for Corporate

Payroll being an indispensable function for any organization demands specialization and a clear understanding of applicable laws in systematic processing of the employees payroll. Understanding this burgeoning requirement and also to foster confidentiality and administrative convenience, we offer a discreet range of payroll services to our wide base of clients.

Our dedicated team of proficient professionals, embedded with knack of understanding of methods relating to payroll processing, can impart you with complete full-fledged payroll services for employees and top management. Our payroll specialists are imparting concurrent payroll services to MNC and medium enterprises in Delhi, Gurgaon, Manesar and all major cities in India like Bangalore, Hyderabad, Mumbai, Chennai and Pune.

We offer a flexible and comprehensive payroll service, which may curtail a significant administrative burden from management, allowing them to pave focus on the core business operations. Using our years of experience, we ensure that salary and tax calculations are done in accordance with the appropriate legislation. Our distinct approach to payroll services is solely focused upon viable planning, a fixate approach and support to the company from start to finish. We enjoy a pan-India presence that allows us to effectively cater to the divergent needs of the client across the country.

Corporate payroll services include :-

§  Payroll processing

§  Adherence to statutory compliance in relation to payroll services

§  Assistance in combating with tax related issues

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What is Payroll online?

Payroll online takes payroll services to the next level by providing a user-friendly interface for recording and tracking payroll entries. The web-based platform means updates can be done in real time using an intuitive grid design that allows for convenient review of each employee’s information by clicking on their name. Entries are recorded through a simple point and click system although auto pay and pay-all features are included as shortcuts for quicker payroll processing when applicable.

Migrating from your current system to Payroll Online is a seamless process. The setup is fairly simple with training and ramp-up support provided by Payroll Services in india. This fully encrypted online system differentiates between data entry access and administrative access. Only those with an administrative login can submit payroll for payment.

Enhancing Efficiency with Online Payroll Processing

An automated payroll system requires at least one person, and possibly no more than one, for data entry. Approval and submission of the completed report necessitates a quick review and authorization by a senior manager. Payroll Online streamlines payroll processing, reducing the man-hours required to complete and submit this task. Additionally, a web-based system allows for convenient access anytime and from anywhere an Internet connection is available.

With automated data, your business is better equipped to stay on track with important deadlines, including federal and state tax payments. Missing these deadlines could lead to costly penalties and may trigger audits by the Internal Revenue Service.

Security is a main concern for web-based systems, but Payroll Online is encrypted with advanced security features aside from password protection.

Payroll Online integrates with other accounting and data management applications, generating different types of reports to help management take proactive steps. You will have a better handle on payroll and benefits expenses and the ability to closely administer the payroll process, making changes according to your company’s needs.