Running a business is not just about marketing your product or service to the customer, getting paid for it, calculating profit and loss, balance sheets, etc. The business also has to comply with the statutory laws that govern the business. These laws are prepared by both the state and the central government and have been made mandatory for companies to comply with them. Now, for each business, the statutory laws may differ, but business owners must be aware of the laws that govern their business and comply with them to avoid any legal penalties.
According to an investigation, it was found that business owners consider it a burden, as complying with the law at the end of the day does not add any benefit to their core business. Since companies are mandated to comply with statutory laws, most companies hire a statutory compliance service.
A legal compliance service helps a company with the following tasks
• Take care of Income Tax, Provident Funds, ESIC, Professional Tax, FLM, etc. of employees
• Keep track of various legal debts and pay them on time
• Maintenance of various legal records as mandated by various laws governing the business
• Calculation of returns and presentation on time to avoid penalties
• Compilation and comparison of various documents required for the purposes of pension, provident fund, nomination, transfer, etc.
• Prepare challenges when necessary
As an extension of legal compliances, the company must also comply with the payroll process. Having a separate department in the office with a dedicated team of accountants can be an expensive affair, especially for a small-scale business. The economical and easy-to-manage alternative is web payroll. Following are some of the advantages of web payroll for employees:-
• It is a web-based self-service portal that is easily accessible by company employees.
• Since it is hosted on a dedicated server, it is therefore available 24 hours a day, 7 days a week. Updates happen in real time in the software
• Tax computation occurs immediately as you fill in various details on the tax sheet
• No need to run after an accountant to understand the tax savings process, as a self-explanatory tax savings sheet is also included in the web payroll.
• Easy ticketing system for online payroll query resolution
Separate administrator access is available for web payroll. Following are some of the benefits that the admin can enjoy:-
• Access to various MIS reports
• Resolve employee login issues by resetting the password
• Keep a record of employee attendance and share it with the human resources department
• Keep a record of any outstanding loans for the current employee
• Access cost center, employee grade, employee status, employee location and update when needed
• Audit of the different actions carried out in the web payroll software.
Therefore, it makes sense to implement web payroll software that is highly secure and follows the latest encryption technology to keep employee and organizational data safe. Also, in conjunction with web payroll software, the legal compliance service helps the organization to comply with the regulatory and legal issues that the company must follow. Therefore, a combination of web payroll and legal compliance service protects the business on the legal basis and allows them to focus on core business.