HR & Payroll Service
4.8
7542 Customers
Payroll Assist
Accountant
- Monthly Payroll
- TDS Filing
- ESI Filing
- PF Filing
- LEDGERS HRMS
Offers and discounts
Get GST eInvoice with Input Tax Credit
Pricing Summary
Market Price :₹29,999
Bmcsindia: ₹5,000 All Inclusive
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Payroll/HR management processing
Experience streamlined HR and Payroll solutions with bmcsindia.com, where our comprehensive software service revolutionizes your business's payroll processing and ensures seamless tax compliance. Our team of experts brings a dedicated accountant to manage your payroll and tax filings, guaranteeing adherence to government regulations and steering clear of legal complications. Discover a range of services, including Monthly Payroll processing, TDS Filing, ESI Filing, and PF Filing. With our advanced LEDGERS compliance platform, effortlessly handle employee data, monitor attendance, generate pay slips, and automate payroll processes. Gain a real-time insight into your financials, empowering you to make well-informed decisions. At Bmcsindia.com, we are unwaveringly committed to delivering the pinnacle of HR and Payroll software services in India. Connect with our experts today and explore how we can elevate your business's efficiency and compliance to new heights.
What is Payroll processing?
Payroll is a comprehensive list of employees compensated by a company, encompassing the total amount employers pay to their workforce. The payroll function involves establishing an organizational pay policy, incorporating flexible benefits and leave encashment policies. Payroll management extends to Payslip components such as basic salary, variable pay, HRA, and LTA. It also encompasses gathering additional payroll inputs, like those related to the organization's food vendor supply. In tandem with HR management, payroll activities encompass releasing employee salaries, depositing dues such as TDS and PF with relevant authorities, and filing necessary returns. The holistic process of payroll processing includes calculating the Net Pay after adjustments for taxes and other deductions
Payroll processing and HR management
- Payroll processing and HR management is a highly complex task for most small businesses due to the various compliance requirements in India.
- Most startups do not even have a well-established HR system and processes leading to a discrepancy in hiring the top talents, retaining good employees, and even while building a productive workplace culture.
- By outsourcing payroll and HR management to Bmcs, an individual can enjoy a stress-free and error-free payroll cycle every month.
- Also, our HR experts can help in implementing world-class HR processes in the organization from day one to support the growth of the business.
- Filing of Tax Audit (If Applicable)
Payroll processing in India
Pre-Payroll Activities
Defining payroll policy
The initial phase involves the establishment of key policies that govern payroll processes, with these policies subsequently requiring approval from management to attain standardization. Essential policies include the Pay Policy, Attendance Policy, Leave and Benefits Policy, among others.
Gathering inputs
At this stage, the inputs are gathered from various departments to ensure the accurate calculation of the payroll.
| Source of Data | Data Example |
|---|---|
| Employees | Income tax declaration, facilities availed, and more |
| HR team | Salary structure, eligibility for benefits |
| Finance team | Deduction for recoveries |
| Leave and attendance systems | Data from attendance systems, current work shift, etc. |
| General service providers | Transport service provider, canteen vendor, etc. |
This data collection can seem tedious at first but registering with Bmcs will make it more hassle-free.
Input validation
Validating the gathered data is crucial, as even a minor error can disrupt the entire payroll process. It's imperative to verify that the list includes only active employees, with no records of inactive ones. Additionally, meticulous checks should be conducted to ensure data compliance with company policies and its presentation in the correct format.
Payroll Calculation
In this phase, the validated input data is entered into the payroll system for the actual payroll processing, culminating in the determination of Net Pay after adjusting for essential taxes and deductions. Following the completion of the payroll process, it is advisable to conduct a thorough reconciliation of values to ensure accuracy and mitigate the risk of future errors
Post- Payroll
Statutory compliance
The payroll administrator must diligently adhere to statutory compliance, overseeing various deductions such as EPF, TDS, and ESI during the payroll processing. Subsequently, these deductions are remitted to the respective authorities or government bodies.
Payroll accounting
Every organization is mandated to uphold accurate bookkeeping, with employee salaries representing a significant entry in the books of accounts.
Payout
You've accurately highlighted the filing timeline for Form 8 by Limited Liability Partnerships (LLPs). The requirement to file Form 8 within 30 days from the conclusion of six months after the financial year ends sets a specific timeframe for compliance.
Report
The final stage involves the preparation of a comprehensive report, ensuring accuracy and including vital information such as department or location-wise employee costs.
Various methods of payroll management
Excel-based payroll management
At the initial stages of operations, especially when a company has a limited number of employees, Excel-based payroll management is a common choice. This method involves calculations on Excel sheets using standardized payroll calculation templates, where preset mathematical formulas assist the payroll officer in computations. However, it's important to note that this method may be prone to errors, such as...
- High chances of clerical and mathematical errors as the data are entered manually
- Difficulty in adding and removing employees from the payroll list
- Chances of duplicate data and omission of entries at times
- Need to monitor the tax updates and other statutory changes like the PF, PT, etc.
Outsourcing Payroll
When the payroll function is outsourced, an external agency takes charge of the entire process. The payroll service provider furnishes various data, including attendance, leaves, and reimbursement details, based on the monthly pay cycle. Subsequently, the external service provider computes the payroll and manages statutory compliance. Entrusting this crucial function to Bmcs ensures comprehensive support in meeting all your payroll requirements.
Challenges in Handling Payroll Management Process
Because of these two reasons, payroll management processing becomes difficult
The requirement of statutory compliance
Failure to adhere to statutory laws can result in fines or, in extreme cases, pose a threat to the very existence of a business. By registering with Bmcs, you automatically ensure that payroll processing is in strict compliance with statutory laws, mitigating the risk of penalties and safeguarding the business's continuity.
Dependence on multiple payroll input sources
Prior to payroll processing, gathering data from diverse sources is crucial, including the attendance register, records of availed conveyance facilities, and information from the HR team such as salary revision details. This process can be tedious. Historically, HR and payroll managers have relied on Excel sheets for managing payroll. However, this method comes with challenges, including dependency on Excel formulas for salary calculations, complexities in adding or removing employees, and limitations such as manual data entry and difficulty in extracting information.
Why Choose Bmcs HR and Payroll Management?
At bmcsindia, we empathize with the challenges businesses face in managing HR and payroll processes. This understanding has led us to develop a comprehensive HR and payroll management service that is tailored to meet your specific needs. Our collaborative team of accounting experts and payroll specialists is dedicated to delivering the following benefits:
- All-in-one Payroll Support: Our HR and payroll management service is designed to provide comprehensive support for all your payroll needs. With cutting-edge web and mobile applications, you can monitor the status of your payroll in real-time.
- Virtual Legal Assistance: As a valued client, you will receive virtual CA/CS/Law services for any legal assistance your company or employees may require.
- Compliance Management: Our dedicated team will keep you up-to-date with all government regulations regarding labor laws, ensuring you remain compliant at all times.
- Simplified Payroll Processing: We use the latest payroll software and employ dedicated accountants and tax specialists to simplify employee payroll management, including employee compensation and PF payments, according to your company's payroll cycle.
- Additional Services: Besides payroll management, we handle other labor compliances such as EPF registrations, TDS return filing, and IT returns, all taken care of by our legal experts.
- Electronic System: Our electronic system enables you to create and execute pay orders and track new hires' information.
Select Bmcs for your HR and Payroll Management needs, and enjoy a seamless and hassle-free experience that ensures compliance with government regulations. Reach out to us today to discover more about how our services can contribute to the success of your business.
| Features | Proprietorship | Partnership | LLP | Company |
|---|---|---|---|---|
| Definition | Unregistered type of business entity managed by one single person | A formal agreement between two or more parties to manage and operate a business | A Limited Liability Partnership is a hybrid combination having features similar to a partnership firm and liabilities similar to a company. | Registered type of entity with limited liability to the owners and shareholders |
| Ownership | Sole Ownership | Min 2 Partners Max 50 Partners | Designated Partners | Min 2 Shareholders Max 15 Directors Max 200 Shareholders 1 Director 1 Nominee Director |
| Registration Time | 7-9 working days | |||
| Promoter Liability | Unlimited Liability | Limited Liability | ||
| Documentation | Partnership Deed | LLP Deed Incorporation Certificate | ||
| Governance | – | Under Partnership Act | LLP Act, 2008 | Under Companies Act,2013 |
| Transferability | Non Transferable | Transferable if registered under ROF | Transferable | |
| Compliance Requirements | Income tax filing if turnover is more than Rs.2.5 lakhs | ITR 5 | ||
Frequently Asked Questions
BMCS India offers comprehensive business consultancy services, including strategy development, market research and analysis, financial advisory, operational optimization, and organizational transformation. We provide customized solutions to help businesses address challenges and achieve their growth objectives.
BMCS is the top most business management consultant all around the world. Our team of experienced consultants leverages industry knowledge, market insights, and proven methodologies to provide tailored solutions that align with your business goals. Whether you need assistance with market entry, strategic planning, process optimization, or talent management, we collaborate closely with you to understand your unique needs
BMCS India has expertise across various industries, including but not limited to technology, healthcare, manufacturing, retail, finance, and hospitality. Our consultants have worked with diverse clients, enabling us to understand industry-specific challenges and devise strategies that meet your sector's requirements.
To engage our services, you can reach out to us through our contact form, email, or phone. Our team will schedule an initial consultation to discuss your business objectives, challenges, and requirements. Following this consultation, we will provide a tailored proposal outlining the scope of work, deliverables, timeline, and pricing for your approval.
Absolutely! We work with businesses of all sizes, ranging from startups and small enterprises to multinational corporations. Our services are flexible and customizable to meet your specific needs, ensuring that you receive the level of support required to achieve your business objectives, irrespective of your company's size.
At BMCS India, we understand the importance of client confidentiality. We adhere to strict data protection protocols and maintain the highest level of confidentiality. Our consultants sign non-disclosure agreements, and we have robust internal systems in place to safeguard client information. Rest assured, your sensitive data is handled with the utmost care and confidentiality.
Yes, we can help your business expand internationally. Our team has experience and expertise in supporting companies with market entry strategies, feasibility studies, partner identification, and localization strategies in various global markets. We leverage our network of international partners to provide you with valuable insights and guidance throughout the expansion process.
To get started with BMCS India, simply reach out to us through our contact information on our website. We will be glad to schedule an initial consultation to understand your business requirements and discuss how our services can benefit you. From there, we will work together to develop a tailored plan to drive your business success.