Running a business is not all about trading your product or service with the client, getting paid for it, calculating the profits and the losses, balance sheets etc. The business also has to be compliant with the statutory laws that govern the business. These laws are prepared by the state as well as the central government and have been made mandatory for the businesses to be compliant with it. Now for each business, the statutory laws may differ but the business owners need to find out the laws that govern their business and be compliant with it to avoid any legal penalty.
According to a research, it was found that the business owners consider it as a burden as statutory compliance at the end of the day does not add on any benefit to their core business. Since as a mandate, the businesses have to be compliant with the statutory laws, most of them hire a statutory compliance service.
A statutory compliance service helps a business with the following tasks
• Taking care of the Income Tax, Provident funds, ESIC, Professional Tax, LWF etc. of the employees
• Keeping a track of the various statutory dues and paying them on time
• Maintenance of various statutory registering as a mandate in various laws governing the business
• Calculation of the returns and submission on time to avoid penalties
• Compilation as well as collation of various documents required for the purpose of pension, provident fund, nomination, transfer etc.
• Preparing challans as and when required
As an extension of the statutory compliances, the business also has to be compliant with the payroll process. Having a separate department in the office with a dedicated team of accountants can be a costly affair, especially for a small-scale company. The economical and easy management alternative is web payroll. Following are some of the advantages of the web payroll for employees:-
• It is a web-based self-service portal that can be easily accessed by the employees of the company
• Since it is hosted on a dedicated server, therefore, is available readily, 24X7. Updates happen on real time basis in the software
• The tax computation happens immediately as you fill various details in the tax sheet
• No need to run after an accountant to understand the tax saving process as a self-explanatory tax saving sheet is also enclosed in the web payroll
• Easy ticketing system for online payroll query resolution
There is a separate admin access available for the web payroll. Following are some of the benefits that the admin can enjoy:-
• Access to various MIS reports
• Deal with employee login issues by resetting the password
• Keep a track of the employee attendance and share it with the HR department
• Keep a track of any ongoing loan for the current employee
• Access to the cost center, employee grade, employee status, employee location and update it as and when required
• Audit of the various actions performed in the web payroll software
Therefore it makes sense to deploy a web payroll software which is highly secure and follows the latest encryption technology in order to keep the employee and organization data safe. Also along with the web payroll software, the statutory compliance service helps the organization to be compliant with the regulatory and legal issues that the business needs to follow. Therefore a combo of the web payroll and statutory compliance service safeguards the business on the statutory grounds and let them concentrate on the core business.