Managing and managing an individual's time and attendance to manually prepare payroll is a very difficult and time-consuming process. Paysquare has made this process easier. Many companies have increasingly relied on us for 15 years to calculate employee salaries accurately and quickly. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an Original Essay Not only the existing employee pool, but the orientation of new employees should be handled efficiently. Strive to understand that each employee is a different and separate individual (often with very different job responsibilities), so a common approach won't work either. Even though most employees will receive nearly the same information, some advance planning can help streamline the process to make it more beneficial for everyone involved. The first step after hiring employees is to start the payroll process. There are numerous details of the employee such as but not limited to: Full name of the employee Correspondence address Personal information (date of birth, gender, PAN) Previous pay slips Previous company release letter Signed offer letter These details are required to start the following process: Determine monthly/annual salary and other benefits Deduct taxes based on individual tax slabs Deposit collected taxes with IT department An efficient payroll process is the only way to ensure accurate and timely payroll, fair benefits and packages remunerative. According to the process, once the above information is collected, the next steps are immediately taken care of. The actual process may differ from company to company depending on the work culture policies adopted. Below are some simple steps on payroll processing: Please note: This is just an example. Get a custom paper from our expert writers now. Get Custom Essay Paychecks should always be processed in advance. Create a payroll processing calendar that allows you to have sufficient time to process payroll and correct errors before employees receive paychecks. Edit the employee's payroll record, if necessary. This should include change of address; payroll deduction or tax rate changes, as well as voluntary deduction changes, for early retirement or health benefits. A salary increase, or bonuses and commissions or even back payments must be taken into consideration in case of existing employees. There are also several adjustments, including additional payment or salary deduction due to overpayment or underpayment for a prior period. In these cases, employee salaries must be shared proportionately. In some cases their tenure has expired and they are not working the entire pay period, you need to stop future payments. Have a report printing system. This will help you verify payroll before actually printing paychecks. If necessary, make applicable changes. This doesn't end there because now you have to contact your bank. Check with them if they have received the payment and also verify the amount. Update payroll records to reflect employee gross-net wages for the current payroll. Make sure it is kept in a restricted area. Such records must be retained for a minimum of three years. On the other hand, all the.