Qbex PayRool Service

 

QBEx is India’s leading Payroll management firm that offers its clients a well-organized Payroll system by ensuring that all the Payroll liabilities are accurately calculated concerning clients’ timesheets.

We manage all the payroll services to get calculated and paid time without any delay and error. We take care of timesheets and estimate per employee expenditure, including organization payroll liabilities.

Payroll Experts at QBEx are well experienced and qualified professionals, and they specialize in filing payroll returns and calculating tax in advance.

You can understand the nitty-gritty of the whole process by having an idea of an existing payroll system.

Calculation of ‘time’ and ‘wages’:

  • Working hours, hourly payment, vacation, or holiday time an employee has taken during the payment period.
  • Calculation of gross pay by exempting taxes and any other legal discounting
  • Payroll deposits/ Paper checks

Formulation of Report

  • Manage employee expenses
  • Employee Strength
  • Vacation balances
  • Highest and lowest-income of employees

‘Tax processing’ and ‘Payroll deductions’:

  • Calculate and automate tax payments to the concerned authorities
  • Other payroll deductions such as those that are voluntary and wage garnishments

Complicated calculations and assumptions go into the drafting a decent payroll, and hence certain aspects need to be kept in mind:

  1. Clear transparency by filtering the workers depending on wages, promotions, or a salary hike.
  2. Set payroll deadlines to avoid payment delays, such as tax.
  3. Status of the worker in terms of exempt and non-exempt employees. Also, overtime calculation to avoid any miscalculation resulting in any loss to a business.
  4. System integration to stay the payroll system during a loop for any information shared.
  5. Outsourcing for expertise to perform the task.
  6. Spreading awareness among staff.
  7. Perfect ‘working time’ recording (increase productivity and avoid unwanted overtime payments)
  8. Testing a replacement system initially to avoid losing your time, energy, and utilities invested.
  9. With intolerance for errors, implementing technology becomes the utmost necessity to optimize resources and obtain better accuracy. Hence ERP (Enterprise Resource Planning) must be applied, which can perform multiple iterations and validate the inputs provided and, therefore, the generated payroll data. Thus, this may help run, to retrieve, and review data quickly.

However, there also comes a risk of information security and protection against a breach. To avoid this laydown policy and procedures to stick to, measures to safeguard information like changing passwords, install identity protection programs and monitoring systems, and build awareness on privacy culture.