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Payroll is an essential yet complex function for any business. It is more than just issuing paychecks to employees, it’s about ensuring that employees are compensated accurately and on time while staying compliant with all regulations.
Payroll is the process of managing the payment of salaries, wages, bonuses, and deductions to employees. It’s a crucial function that affects every aspect of your business, from employee satisfaction to legal compliance. Depending on your company’s needs, payroll can be processed weekly, bi-weekly, or monthly. However, the intricacies of payroll management, such as tax calculations, regulatory compliance, and timely payments, can be overwhelming without the right expertise.
At Mercurius, we understand the difficulties involved in managing payroll and offer comprehensive services to ease the burden, allowing you to focus on growing your business.
Our Payroll Services Include
Customized Payroll Setup
We design a payroll system tailored to your firm/company’s specific requirements, whether you operate on a weekly, bi-weekly, or monthly cycle.
Accurate Payment Processing
We ensure that all employee payments, including direct deposits, are processed accurately and on time.
Tax Compliance
Our team handles all aspects of tax compliance, including the calculation and payment of withholding taxes and the filing of payroll tax returns.
Detailed Reporting
We provide comprehensive payroll reports, including payroll summaries, tax statements, and payslips, giving you complete visibility and control.
Year-end Services
We assist with collecting and verifying investment proofs and prepare all necessary year-end reports to ensure compliance.
Our Payroll Services Include
Customized Payroll Setup
We design a payroll system tailored to your firm/company’s specific requirements, whether you operate on a weekly, bi-weekly, or monthly cycle.
Accurate Payment Processing
We ensure that all employee payments, including direct deposits, are processed accurately and on time.
Tax Compliance
Our team handles all aspects of tax compliance, including the calculation and payment of withholding taxes and the filing of payroll tax returns.
Detailed Reporting
We provide comprehensive payroll reports, including payroll summaries, tax statements, and payslips, giving you complete visibility and control.
Year-end Services
We assist with collecting and verifying investment proofs and prepare all necessary year-end reports to ensure compliance.
Comprehensive Payroll Solutions with a Focus on Social Security and Compliance
Payroll management services protect your employees’ financial stability while ensuring that your company complies with complex regulations. Social Security contributions are a crucial component of payroll, directly impacting your employees’ retirement benefits and overall financial well-being.
Amongst the top payroll outsourcing companies in India, Mercurius stands ahead in providing end-to-end payroll solutions, focusing on precision, adherence, and prompt administration of Social Security payments and other crucial payroll duties. We guarantee that every facet of your payroll is managed with skill and care, from Professional Tax and Labor Welfare Fund to Provident Fund, ESI, Gratuity, and TDS/WHT.
Provident Fund (PF)
The Provident Fund is a mandatory retirement savings scheme for employees, and employers are liable to make deposits to the PF on behalf of their employees. From calculating contributions to filing recurring returns with the relevant authorities, we handle every aspect of PF compliance. Our expert ensures that your PF responsibilities are fulfilled accurately on time and reduces the risk of penalties and legal issues.
State Insurance for Employees (ESI)
For Indian workers, ESI is a self-financing social security and health insurance program that offers financial and medical benefits to employees and their families. Employers subject to the ESI Act are required to contribute to this program. We at Mercurius guide you with every step of the ESI compliance procedure, starting with employee registration.
Gratuity
Gratuity is a token of appreciation for employees’ service when they leave the company after completing a certain period. The Gratuity Act outlines specific employer obligations, such as providing a notice of establishment and ensuring timely payment of gratuity. Our team of professionals helps you navigate these obligations, ensuring that all gratuity payments are handled in accordance with the law.
Tax Deducted at Source (TDS)
TDS is a tax collected at the source of income and is applicable to various forms of payment, including salaries. Employers are required to deduct TDS before paying the salaries to employees and submit the deducted amount to the government. At Mercurius, we thoroughly manage xthe entire TDS procedure for you, from calculating the correct deductions to ensuring timely remittance and filing of returns. This not only ensures compliance but also helps in avoiding interest and penalties due to late payments or incorrect deductions.
Professional Tax
Professional Tax is a state-level tax levied on employees and professionals in India. Employers must deduct this tax from employees’ salaries and remit it to the respective state government. The tax rates and filing requirements vary across different states. At Mercurius, we ensure that your Professional Tax obligations are handled with precision and file these returns on time.
Labor Welfare Funds
Labor Welfare Funds are state-specific funds established to provide social security and welfare measures to workers in various industries. Employers are required to contribute a specified amount to these funds, which is deducted from employees' salaries. Mercurius assists you in managing these contributions, ensuring that all deductions and payments are made accurately and within the stipulated deadlines and comply with state labor laws effortlessly.
Paperless Payroll Services
In today’s digital age, paperless is a necessity. We offer cutting-edge paperless corporate payroll services that streamline the entire process, making it more efficient and environmentally friendly. Our paperless solutions include electronic payslips, direct deposits, and digital tax statements, all of which are securely accessible to your employees online.
Why Outsource Your Payroll to Mercurius?
Many businesses are outsourcing their payroll management to payroll processing companies in India to streamline their operations and reduce costs. Outsourcing your payroll processing to Mercurius is a strategic move that ensures accuracy, compliance, and efficiency and gives you more time to focus on the growth of your venture. Here's how we make a difference:
Error-Free Payroll Processing Services
We handle the entire payroll process, ensuring accuracy and compliance with current regulations. This eliminates the risk of errors and penalties, giving you peace of mind.
Cost-Effective Solutions
By payroll outsourcing, you save on the costs associated with in-house payroll management, such as software, staffing, and training. This allows you to allocate resources more effectively, boosting overall profitability.
Comprehensive Compliance Management
We understand the complexities of Indian payroll laws, and our team ensures that your payroll complies with all relevant regulations.
Tailored Payroll Services
We understand that every business is unique, so we offer customized payroll solutions that cater specifically to your company's needs.
Dedicated Expert Support
Our dedicated payroll experts are always on hand to assist with any issues, ensuring you never face payroll challenges alone.
Seamless Integration
Our payroll systems integrate effortlessly with your existing HR and accounting software, reducing administrative overhead and improving efficiency.
FAQs
Processing payroll means compensating employees for their work. It involves calculating total wage earnings, withholding deductions, filing payroll taxes, and delivering payments.
No, there’s a very good chance that you can save money by outsourcing your payroll operations. For example, figure out how many hours your employees are devoting to payroll-related activities, calculate how much you’re spending, and compare the amount to the plans offered by several payroll-services providers. Also, be sure to factor in the money your business spends on payroll software and other tasks like creating tax documents. You’ll probably be surprised by the result.
Yes, it is not just about all the time it takes to do the payroll, but when it is due to be done. At this time all other tasks take second place. Your staff could be working on solving a client’s problem or developing new business.
Payroll is one of the most important aspects of business. It affects employee morale and reflects a business’s financial stability and reputation.
Accurate payroll accounting is important to businesses of all sizes. Avoiding sloppy payroll accounting ensures accurate tax returns, reduced cost from accountant untangling, and no omissions of valuable tax deductions.
Accurate payroll accounting is important to businesses of all sizes. Avoiding sloppy payroll accounting ensures accurate tax returns, reduced cost from accountant untangling, and no omissions of valuable tax deductions.
Apart from India, we do cater employees to the U.S, U.K, Australia and Canada.
It is certainly more secure than an in-house solution by a considerable margin through:
- Loss of data
- Confidentiality
- Payroll fraud
At MAS, we assist you with maintaining payroll records, setting up the payroll, filing of payroll tax returns, payroll reports, collection and vetting of investment proof at the end of each year, running administration reports such as the payroll register, bank file, variance reports and payroll summaries, providing employee reports such as payslips, tax statements & other related statements.
