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.

India's billionaire population fourth highest

India is home to the fourth largest number of billionaires across the world, while the US tops the charts followed by China and Germany. 
However, only five Indians figure among the 100 wealthiest across the world, according to the latest Forbes rich list for 2015. 
The number of Indian billionaires has increased to 90 with a total wealth of $ 294 billion, registering a significant jump over last year when there were 56 billionaires with a collective networth of $ 191.5 billion. 
The number of Indian women in this year's list witnessed an increase over last year, when only two Indian women were included on the Forbes billionaire list. 

# Income tax( Direct Tax)

According to Income Tax Act 1961, every person, who is an assesses and whose total income exceeds the maximum exemption limit, shall be chargeable to the income tax at the rate or rates prescribed in the finance act. Such income tax shall be paid on the total income of the previous year in the relevant assessment year.

The total income of an individual is determined on the basis of his residential status in India. It is determined on the basis of the physical presence of the individual as against nationality or domicile in India. It is determined for every previous year separately. A person may be a resident in one previous year and non¬resident in next year.

An individual may be resident, nonresident or not ordinarily resident.

a) Resident :
                      An individual is treated as resident in a year if present in India
           
             i)  for 182 days or more during the previous year
          ii)  for 60 days during the year and 365 days during the preceding four     years (182 days in case of an Indian citizen or a person of Indian origin1 coming on a visit to India or in case of an Indian citizen going abroad as a member of the crew of an Indian ship or for employment).

              Hindu Undivided Family or Firm or other Association of Persons is Resident of India in any previous year except where the control and management of its affairs is wholly situated outside India in that previous year.

Company is resident of India if
                          i)  It is an Indian company
                         ii) During the previous year its control and management is Situated wholly in India.

more details consult us at http://www.raaas.com/contact.php

Payroll outsourcing

Payroll Outsourcing in India

One of the most significant breakthroughs in the field of management, according to the Harvard Business School, is outsourcing. The strategy to outsourcing is to, firstly identify the core activities which are the essence of the company and turn the management’s focus on these, while concurrently transferring the other activities on a recurring basis, to a service provider who specializes in them.

Payroll outsource, which involves employing an outside agency to do the routine work of managing salary, its calculation and payment, along with any other related functions, has transformed into an extremely successful industry. India is today one of the major destinations for payroll outsourcing. Some of the reasons for this are:

• Team is headed by group of Chartered Accountants which means all the statutory laws are taken care.
• Cost savings for the company on outsourcing payroll processing are extremely significant and can go upto 50% at times.
• Reductions and cost effectiveness can be achieved.
• Productivity is improved, as service quality provided is excellent and this frees the company from non-income generating tasks.
• Latest technology and software for payroll processing are used.
• Indian payroll processing service providers have a very highly specialized and expansive knowledge base in finance and accounting which would be of
       help to businesses globally.
• These service providers are fluent in English and extremely competent and efficient.
• Where India and the USA are concerned, the time difference is also favourable, thus work completion is faster.

Filing payroll taxes

Many payroll services offer the option of filing state and federal payroll taxes for your business.
Typically, this service is offered at little or no cost. This is because the payroll provider will impound the tax due at the time paychecks are issued, earning interest on the funds until the money needs to be handed over to the government.
Most services assume responsibility for penalties resulting from incorrect filing; however, your company may be liable for any interest charges.
Keep in mind that many companies will not calculate local or city payroll taxes. Make sure to inquire about this if it is a significant issue for you.

We also  provide Free Payroll Demo.
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