Payroll processing is an essential and significant function of any organization. Payroll can be a demanding function; since it requires smooth execution of several complex tasks like salary calculations, tax compliance, provident fund, and many more activities.
Payroll administration has endless tasks associated with it. Even the most meticulous and experienced professionals in India find it challenging to keep track of the country’s changing social security, tax and regulatory norms when computing payroll for its employees. This is why it becomes advisable to outsource payroll – which is a functional mix of human resources and accounting – to a qualified service provider to avoid financial and legal implications. Such a policy enables the company to focus on its core business functions and profit-making operations.
To simplify, Payroll processing is a system of managing the salaries of the employees issued by its company. Although it seems easy, there are a lot more intricacies that go beyond the regular Salary calculations. Salary deductions, keeping track of employee’s working hours for a dedicated period, Tax calculations, managing benefits, wage distribution, etc. are some of the steps involved.
The smooth functioning of an organization demands a proficient team. A dedicated in-house team can add an existing nuisance to the management. Therefore, most of the successful companies rely on outsourcing their HR functions to a professional company. Streamfix Business Management Pvt Ltd is one such entity trusted by numerous prominent names for Payroll Processing.
SBM manages your entire payroll process, ensuring accurate and on time payment of employees while maintaining compliance with all local and national regulations. SBM extends its expert services to start-ups, small, medium and large organisations. We address our clients’ HR requirements, such as on-time salary, taxation, advanced payroll calculations, and payroll compliance. We ensure complete confidentiality and data security of our clients’ and provide them with hassle-free processing. Being your strategic partner, our dedicated payroll support professionals will provide the highest quality service with the best tailored solution.
SBM takes care of processing activities by standing-in as the employer on record, and takes care of labour law compliance and other legal issues. We have a team of experts and compliance officers to make sure that your business will be in 100% compliance with all legal regulations in the market.
Service that reduces cost and saves time SBM’s All in One payroll bundle provides you with unlimited access to our comprehensive range of solutions, along with round the clock support from our payroll experts. As an outsource service provider, SBM gives access to timely, accurate and secured calculations with the following:
Assisting in best salary structure and tax benefits
Calculating payroll, arranging salary payments and issuing pay-slips to employees
Monthly Individual Income Tax calculation
Computation of Gross, Net Salary & Reimbursements
Bank Advice Statement
Form 16, Investment Submission &Verification
Full & Final Settlement – Terminated employee out-processing
Calculations of Bonus, Gratuity and other non-regular items
Dedicated Accounts Manager for Query Management
Go Mobile with full employee life cycle We provide self sign-up cloud platform to manage your employees and organisational process across web & mobile app.
Attendance – Time & Location Tracking anytime, anywhere with GPS tracking & Geo- fencing
Expense & Asset Management
Submit Provisional Investment Declarations
View Pay-slips & Tax Computation Sheets
Employee Information & Engagement
Employee information, letters and documentation
Simplifying tax while mitigating risk SBM’s experts solve the complexities of the latest rules and regulations that vary from state to state. We help ensure payroll compliance with regulatory requirements
Computation of - PF, ESIC, LWF & PT
TDS Management, Quarterly & Yearly TDS Filings
Assisting on Audits & Inspections
Statutory – Minimum wages, Gratuity and Bonus
When you outsource payroll with Streamfix, you don’t spend any time making calculations or preparing reports. We deliver custom-made reports that help organisations take key HR decisions that include the following:
Detailed salary & pay structure
Employee loan & recovery statements
Analysing attrition, turnover, and retention
Access to historical data
Other custom repor
Salary And Benefits Structuring
Setting Up Rule And Employe Masters
Dry And Parellel Runs
Statutory Reports And Submissions
Client And Employee
Reciept And Verification Of Declaration And Proofs
From 16 And Form 25
Bank Advice Reports
IT Reports Etc
Precise Salary calculations
Update about labour laws
Reporting for decision making
Payroll services incorporated with Statutory Compliance Services
Dedicated Payroll Teams & Employee Support for your employee’s queries
Employee Self Service Login & Online Portal
SBM will appoint a Single Point of Contact to co-ordinate with a Single Point of Contact of Client for all operational execution.
Coordinate with client authorities all India to update the new joining/exit on the payroll system.
Provide Employee Self Service login to all employees to access salary slips / TDS calculations etc.
Process the Payroll Data on monthly basis.
Offer the generated payroll data to the company for salary disbursement (Bank File) or upload the same directly on bank website as per client requirement
Generate pay slips on monthly basis and publish on the HRMS platform.
Employees can download using the Employee Self Service module.
Collect modification data and other relevant inputs in an agreed format to facilitate updates on the system for effectively processing payroll and maintain the HRMS data accurate.
TDS Return quarterly and TDS payment challan to be given to client monthly for payment.
Generation and upload of monthly PF, ESIC, Professional Tax, MLWF challans on government websites and provide link to client for making the payment of the same.
Tax computation done for all employees.
Employees can declare their investments directly on the HRMS portal and download their Form 16 from the same.
We have an excellent team of Payroll Professionals who works with our clients with years of experience to handle all the payroll needs. We ensure adherence to standards, government regulations, and tax administration. Outsourcing Payroll process saves cost and also enables you to focus on core business operations and enable growth without manpower or infrastructural restrictions. Partnering with us will lead to the added advantage of reduced costs and high profits.