Providing employees with their paychecks on time and without error is a mission-critical aspect of your business. Because payroll is one of the most visible business processes to your employees, a payroll solution that is accurate, efficient, and right for your particular business is essential. Payroll Management is a fundamental business requirement demanding compliant and accurate financial controls in a timely manner.
A rules-based payroll management system will assist in controlling the workforce costs; ensure the entire workforce is being paid on time and according to your compensation rules. Monthly/Quarterly P.F, ESI, incentive compensation, TDS statement will be provided by payroll department. This reduces set-up costs and processing time & errors.
Fifth Elementz has provided payroll systems and services from small-to-medium businesses to corporate community for more than 6 years.
Our focus is on streamlining client payroll processes and keeping our clients up to date with legislative and regulatory requirements. We provide efficient, cost-effective and accurate payroll service.
Monthly Payroll Processing:
Creation & Maintenance of employee masters on monthly basis.
- Preparation of monthly salary
- Preparation of salary structure of new employees as defined in HR policy.
- Updating of changes in salary structure
- Reimbursement in the nature of expenses / medical / LTA
- Computation of arrears (Changes in CTC / previous month adjustments etc.)
- Calculation & payment variable pay out as per HR policy (Performance Bonus /Loyalty Bonus / Referral Bonus etc)
- Exemption under LTA, Medical allowance and Conveyance as per rules
- Maintaining & tracking records for salary part reimbursements considering recovery of FBT factor of the same
- Preparation of Full & Final settlement (calculation of leave encashment as per HR policy / calculation of gratuity / adjustment of loans & advances / notice period recovery / other recoveries etc.)
EPF & ESIC Compliances:
- Calculation & deduction of PF as per act & HR policy
- Filling & submission of nomination & declaration forms of employees (Form 2)
- Preparation of monthly challan for deposit of EPF contributions
- Filling of monthly returns ( Form 12A, Form 5 & 10)
- Filling of yearly return (Form 3A & 6A)
- Assisting employees in getting their benefits under the scheme.
- Calculation & deduction of ESIC
- Preparation of monthly challan for deposit of ESIC contribution
Monthly / Quarterly / Half Yearly / Annual outputs:
- Salary Sheet
- Pay Slip
- TDS Estimation Slip
- ESIC Return
- PF Return
- Form 16