The role of chartered accountants in payroll services
It is a common belief that a Chartered accountant can only help with tax filing. But in reality, there are many aspects of financial services that a CA covers. So if you need any help with services like payrolls, a CA is the best person to guide you.
Definition of a payroll service
When you have a company and have employees, you are supposed to maintain payroll. In short, it is a detailed account of the number of employees working for the company and how much salary and other incentives each employee would receive.
Different types of payroll services
There are mainly four types of payroll services.
- A company with a limited number of employees can have an internal payroll service.
- A medium to the big sized company can have a professionally managed payroll service
- Companies with well-spread out employees may need payroll service agencies to help
- Software to manage payrolls
Importance of CA in payroll services
A CA would help you by looking after your assets and investment and also taking care of your liabilities in the best possible way. It would help ensure all your employees are paid on time, and you have the best financial status. Key service areas include the following:
- Detailed calculation of payroll after taking into account overtime, number of hours worked and other details
- TDS obligation fulfillment for the employees
- Deduction of ESI and PF where applicable
- Any periodical deduction
- Statutory dues
- Preparation of reports
- Getting the cheques ready and delivered or crediting the dues for employees and contractors
Other services that CA in Chennai can help you with are the following
- Build a system and help you with budget control
- Install and help with running a system to manage accounting related services
- Develop a smooth flowing information system detailing accounts status
- Help you invest in making the most of your capital
- Make the most of your working capital to enhance your best financial condition
- Plan and execute different types of payrolls involving contractors and employees
- Bringing the entire financial situation of a company under a structure for smooth workflow
- The CA will also help you run any software related to payroll management and guide you on monitoring the system
A CA in Chennai will also help monitor the budget and help in the strict implementation of the budget.