Table of Contents
Payroll stands for the business process that involves paying employees within an organization. Running payroll consists of calculating employee earnings and factoring out central and state payroll taxes. In India, payroll processing covers gross salary, net salary, bonuses or incentives, leaves, compliance, and many more. NAVDPayRoll is exclusively engineered to simplify payroll calculations and help an employer ensure robust human capital management.
Payroll Calculation in India
NET SALARY = GROSS SALARY – GROSS DEDUCTIONS
GROSS SALARY = BASIC SALARY + HRA + ALLOWANCE + REIMBURSEMENTS + ARREARS + BONUS
Payroll can be a business’s greatest overhead expense and undoubtedly it is a complicated process. By leveraging the elemental capabilities of NAVDPayRoll, you can understand each component of payroll better and analyze your business finances as well. This inventive solution lets you and remains compliant with the central and state tax regulations, too.
1. Data Collection
After hiring a new employee, you need to collect their payroll information.
2. Net Pay Calculation
It stands for gross pay minus tax withholdings and benefit payments. Employers also calculate withholdings for Medicare taxes, Social Security taxes, and any applicable local taxes.
3. Issuing Payments
In this step, the employer pays the employee his net pay via direct deposit or by issuing a paper cheque.
4. Tax Reporting
Here, submitting a tax filing for central tax and state tax withholdings to the IRS and the state department of revenue. Then, you can report retirement contributions, state unemployment payments, and other applicable taxes to other entities.
5. Withholding and Tax Payment
Employers forward all tax and benefit payments to taxing authorities, retirement plan firms, and other benefits providers.
NAVDPayRoll is the one-stop solution that lets you take a rest from payroll on your own. It automatically updates when statutory requirements change and will alert employers when to file certain tax forms. Many companies outsource payroll administration by connecting to a certified Cloud Solution Provider, who can help ease the burden of PayRoll management.
Being an official Microsoft partner, we have won many accolades for assisted in maintaining business continuity across all our businesses even during the COVID-19 pandemic lockdown.
As we know that Dynamics NAV is now closed off to new businesses; SMBs looking to deploy Microsoft’s Cloud ERP solution can go for Dynamics 365 Business Central. Those who are already running on NAV will automatically be upgraded to Dynamics 365 Business Central. However, we exclusively present NAVDPayRoll to cater to all PayRoll and Human Resource requirements and steer distinguishing accomplishment across employee management.
inoday is always committed to progress and innovation.
For other queries and questions, connect to our dedicated team at +91 120 432 9327
For detailed information, Schedule A Demo!