Are you paying penalty for statutory compliances?

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Do you pay penalty for not adhering to the statutory norms properly? Are you not satisfied with your current team for statutory compliance and payroll management? Is your organization facing trouble to deal with payroll related legal frameworks? No need to get worried about this as long as there are top class payroll and statutory compliance services in the market. Note that every single company, big or small, is abide by certain state and central labour laws of the country, failing which may result into heavy penalties. Hence, it is quite suggestible to pay an extra heed towards all the statutory requirements that are meant for proper functioning of companies’ payroll.

Take out some time from your busy schedule and do online research to shortlist some highly reputed consultants for statutory and payroll management services. Choosing the most competent firm to handle these services for your company is something that unburdens you from keeping the updates of legal regulations pertaining to payroll. Not only this, your company would also be in the safe zone and need not to pay any kind of penalty from time to time. Let’s discourse about the checklist that the firms follow to set you free from any kind of penalty:

Adhering to the laws of minimum wages

The Central and State Government have fixed the rates of minimum wages on the basis of sector, employee’s experience and type of occupation under Minimum Wages Act, 1948. As per this law, the employers are obliged to fix the wage period( daily, weekly or monthly) and pay on time at least once a month.

Following the norms of EPFO

As per the EPFO regulations, the employers and employee contribute on monthly basis in the form of Provident Fund. The company is supposed to be registered for Provident Fund if the number of employees is 20 or more. In case, the organization fails to follow this norm, the penalty would be levied.

Sticking to the regulations of ESIC

Under ESIC health security scheme of the Government, all the employees and their dependents will get the benefit. The companies need to be registered under Employees’ State Insurance Corporation Act if they possess more than 20 employees with monthly gross salary of 21,000.

Abiding by the laws of EDLI

If your company is registered for EPF, Employees’ Deposit Linked Insurance Scheme or EDLI will be applied and as an employer, you need to pay 0.5% of employees’ wages for this scheme. Here the employees are exempted from contributing anything. The maximum amount of contribution by the employer should be 6500/-.

Inclusion of Gratuity to employees’ CTC

As per the Gratuity Act 1972, all the companies, organizations, NGOs, educational institutes etc with number of employees 10 or more are liable to contribute some fixed amount as the gratuity. This would be considered as the part of employees’ CTC and any deviation from this norm may lead to heavy penalties.

Complying with the regulations of TDS deductions

Every employer will have to ensure the deduction of TDS from the employees’ payment if they are eligible for Income Tax. As per the TDS rule in Income Tax Act 1961, the deductions are supposed to be made before the final payment is credited, failing which may levy penalties.

Count upon the competency of some efficient statutory compliance and payroll service providers and streamline various segments of your company like expense management, leave policy, employee self service and much more. Note that they use cutting-edge software to render the best payroll solutions and save your company from various kinds of legal penalties.

Payroll management is best way to segregate pay

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In an organization one should know how the organization is maintaining the payment made to employees. For this purpose payroll system comes into lamp light. Organizing payroll is one important factor for the smooth functioning of the organization. Payroll is the process in which the salary of an employee is segregated into different sections such as earnings, deductions, allowances offered by the organization, exemptions made, taxes paid, the salary component and other factors varying from organization to organization. So for an individual payroll gives the clear picture of where each and every penny the business firm is paying to them belongs to.

Furthermore, payroll slips are also important to know the exact amount/part of the salary being paid as gratuity funds (GF), provident funds (PF) and the basic payment component organization offers. One don’t get any chance to cross fire the organization about the salary increments or decrements, as payroll provides a shield for organization, self elucidating each and every component which is paid to the individual. Hence organization’s website doesn’t get flooded with the mails asking different kind of explanations regarding salary being paid to the individual. Hence payroll plays savior for both the sides.

In addition, how organization implements the payroll management system solely depends on the organization’s needs and requirements. Various payroll management software’s are available in the market and one can choose the best fit for their organizations. Furthermore many organizations have their own software’s to manage the payroll related all the transactions and maintain the history of all the heads working for them. Automated systems for payroll management guarantees the accurate, quick, efficient and effective way of maintaining daily records as well as annual records of the employees. Hence, payroll is the jack of all trades in an organization which is beneficial to both the employees as well as the firm.

What is the role of payroll services in terms of organization’s growth?

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Today, thousands of business owners are outsourcing their payroll processing to external agencies. Therefore, the question arises that what is the role of payroll services in terms of organization’s growth or how does it impact the growth of a business?

A business has several core responsibilities to perform such as business development, payroll processing, manpower hiring, product development, etc. An organisation cannot be master of all things. Therefore, it is advisable to outsource payroll services to an external organisation. Payroll being an integral part of any business, it has to be given its due attention.

An experienced and committed payroll consultant service can save you money, time, frustration, and various other incidental costs. By outsourcing the payroll processing task the internal management staff need not worry about changes in the state, federal and local laws impacting payroll. They bear this liability and burden on behalf of the company. They are also alert to timely filing of taxes thus saving you from overheads of delayed tax payment which is a very common practice in big and small businesses.

Payroll outsourcing is very helpful in making the growth of a company very convenient. Payroll services also acts as an excellent liability shield. Any mishap will be attributed to the external payroll service provider and not to the hiring organisation. This is will also help in ensuring the goodwill of the company in the long run.

It allows the company to focus on other important operations of business development and spend more time over implementation of better business strategies. Since payroll consultant professionals are well versed in this area therefore they carry out this task more efficiently, quickly, accurate and precise.

There are many reasons indeed to outsource one’s payroll needs. The service saves a company time, money and leads a company towards its goals.

The difference between payroll software and consultant services

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In every business there are some set of basic operations which constitute the daily business activities and they are products and services development and their improvement, customer handling, administration, book keeping, financial management, etc. Inspite of having similar business operations in every company some of them succeed and others fail badly. The reason behind this difference is outsourcing. Those who succeed outsource their key business operations such as payroll processing to the domain experts. Consultant services is the answer to all your worries and also indeed a success formula. When big or small organisations give the responsibility of handling payrolls to the domain experts, consultant services then they are in a better position to run their business operations well. First of all hiring consultants is way much cheaper than hiring an internal accounts keeping team. Moreover, they possess loads of experience and expertise in payroll processing as specialization, thus no one can do it better than them.

The consultant services are more successful and rewarding option. They have devised the state-of-art techniques to handle payrolls in order to minimize the expense and maximize the profits. They are ace in building new business strategies which can help a business grow to the everlasting new heights.

On the other hand, if your business relies on payroll software and in-house team then it won’t be an ideal situation for your company. There is overhead cost of payroll software along with in-house team hiring expense. The payroll software becomes obsolete with time and ultimately they prove to be inefficient in handling real time requests and queries. A payroll software can never match the capabilities of a consultant services. A consultant service is always on its toes to suggest new business strategies and analytics for the growth of your business.

Small Business success with payroll services

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A small scale business is mostly struggling or striving to carve its niche in this competitive market. The small businesses are usually running out of resources, funds, technology and manpower. Thus, in such a scenario, they are unable to pay much attention to the payroll processing themselves. They are so much caught up with business development activities. However, payroll processing cannot be ignored at all. It is an integral part of a business. For smooth and hitch less working of any business it needs to have smooth payroll services.

Experts have advised small businesses to outsource payroll services to external payroll consultancy. It is the success formula for small businesses. It is way lot cheaper and manageable than holding an internal payrolls and accounts team.

Your employees will remain loyal only if you care for them as well. If their salaries are paid on time and with no difference in actual and paid salary every time then only you can keep your employees happy. When small scale business owners try to do it himself or through internal payrolls team then either this task becomes unorganised and haphazard or highly expensive affair. An entrepreneur is expected to devote time to enhance the creativity of products and services of the organisation.

A payroll consultant is efficient in taking care of tax deduction and timely filing of taxes thus helping a small scale business to avoid landing into delayed tax paying charges. Payroll management incorporates keeping track of incentives, government benefits and other contributions by employees towards the organisation and thereby incorporating them in their salaries.

This simple step of hiring a payroll services is stepping stone towards success of your business. This will boost the morale of the staff, keep them happy and growth in business operations.

Payroll time saving and Hassle free services

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Outsourcing payroll processing is defined as giving the task of payroll management and accounts keeping to an external organisation which is expert in this area. It is a way of lessening the burden of running an organisation by sharing some core responsibilities with experienced domain experts. By doing so you not only get expert touch to the payroll management but also saves a lot of time and makes this task hassle free for your organisation.

One of the several benefits of outsourcing payroll is that they are committed to file your taxes accurately as well as on time. There are many cases when companies suffer losses due to incorrect or late tax filing. By hiring payroll services you can rule out this possibility. Thus, in essence the work of payroll administration is made hassle free many times.

The other benefit of outsourcing businesses’ payroll accounting is that it is way cheaper and efficient than holding an in-house payroll accounting team. Outsourcing payroll services saves a lot of time, energy, effort and above all, money. It is one of the most convincing reasons so as to why one should go with payroll outsourcing. It is highly viable option from the financial angle of an organisation also.

The payrolls prepared by payroll consultant are well organised, standardized and always on time. The salaries are directly credited to the employees’ bank accounts without any error or delay. The paycheques are released well on time. Moreover, they are experts in book keeping also. They keep a record of each and every transaction which in turn also helps in analysis and strategies building. Business owners are increasingly adopting this strategy of outsourcing payroll services as it very precise, efficient, time saving, cost efficient and hassle free from any formalities.

Payroll services in Europe

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Outsourcing Payroll services in Europe is the best choice for managing employee’s salary, leave management, tax proof management, reports and analytics management. There are many comprehensive services that come as a package under payroll services. Big and small companies in Europe should try to offset their burdens of finance and accounts to area experts only. Payroll services in Europe includes following operations:

  1. Processing monthly payroll
  2. Filing TDS deductions, professional taxes and provident funds
  3. Preparing bank advice statements for bank account keeping
  4. Processing of resignation requests and record keeping
  5. Salary certificate and tax deduction(form 16) preparation and issuing
  6. Other benefits and incentives management

Payroll administration is responsible for sharing the employees management task on day-to-day basis. It works as an integral part of your business, shouldering every responsibility with grace. Their quintessential support allows you to pay more attention to core business operations which directly impact growth and reputation of your organisation. Their way of working is very transparent and confidential. They understand how important it is to secure payroll information of an organisation from outside peeps. They strictly follow government norms and keep your every information confidential. Thus you can rely on a payroll service in Europe.

MM Enterprises guide you in streamlining even your core business activities while it efficiently deals with the varied payroll responsibilities including:
• Ensuring prompt distribution of paycheques
• Direct Deposit to bank accounts
• Accurate filing of tax reports, and more

The end result is that you can focus on your core aspects more and ensure your resources are concentrated on these responsibilities, resulting in greater sustainability and gigantic growth of your business. Payroll services can prove to be a turning point for your business. Reach new heights with the help of payroll services in Europe.

Our the best payroll services for UK

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A payroll consultancy is the one which carries out payroll management services including determining employees’ salary, withholding taxes, health benefits contribution, various government benefits contribution, leaves updates, absence deductions, etc. A payroll consultancy can ease your life manifolds.

M.M. Enterprises offers the best payroll services for UK organisations. There are numerous benefits of outsourcing the payroll management load to a payroll consultant. The most attractive factor is that it brings down the cost of payroll processing to a large number. Instead of having an in-house finance and accounts keeping team, which will prove to be a costly affair, outsourcing it to the experienced professionals is wise choice. With M.M. Enterprises, you never again fall into the incessant sufferings of funds mismanagement.

We enjoy a good reputation among UK companies and institutes. We exist as one stop solution for all your payroll related issues in UK. MME is committed to serve all its clients and also have packages and services to suit every business type’s pocket. We extent our payroll services to all our clients on a regular basis. We help you manage your employees’ salary, accounts book keeping, manage your taxes and also manage all the business related legal formalities on your behalf.

We walk with you hand in hand, shouldering responsibility of carrying out your all business operations smooth and clean. While we take care of the payroll processing, you can concentrate well on your core business operations. This saves you a lot of time and energy which can be channelized in more efficient and fruitful manner for the growth and   development of your business to new heights.

M.M. Enterprises is an end to your payroll services search. We promise you that you will get 100% satisfaction by working with us. Come be part of M.M. Enterprises family.

How to manage your financial payroll

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Payroll management is a very cumbersome task. It demands lot of hard-work and dedicated employees to manage and record the payroll particulars of the entire staff in your organisation. For a small scale business, employing dedicated staffs for payroll keeping is a big challenge and is too much of an overhead. It is advisable for such businesses to outsource payroll management chores to a consultancy which is proficient in payroll services.

Outsourcing financial payroll to a firm that is well versed and experienced solely in managing payrolls should be the move. Choose a payroll consultant which has years of experience and expertise in handling payrolls of large sized team and possess immense capability to manage each and every aspect of payroll management.

There are numerous benefits of approaching a payroll consultant. One, they relieve you from this gigantic task of payroll processing and record keeping for a huge workforce in your organisation. Second, this critical task of payroll management is handled by area experts having oodles of experience. Third, you can focus on major operational areas of your business which will help you grow and sustain in this age and time of cut throat competition. Fourth, it will save you a lot of money on in-house accounts team as outsourcing is a way far cheaper. Moreover, you need not spend hefty amount of money on payroll management software. Fifth, you can  avoid overheads of delays in tax payments as payroll consultant also manages your taxes and other legal formalities very accurately and speedily. Sixth, Timely and accurate payments regularly keep your employees happy and thus motivates

Especially if you run a small business, you need to outsource your payroll jobs so that you can off load your work to professionals like MM Enterprises and get the job done without major overheads

Benefits of Payroll services

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For any business type be it a small scale business or a medium scale business or a large scale business, payroll processing of all the employees is highly time consuming and tedious. Payroll management comprises of salary determination, withholding taxes, health benefits contribution, various government benefits contribution, leaves updates, absence deductions, etc. Since there are numerous factors accounting a payroll it is always viable for a company to outsource payroll services. Doing this not only reduces the work load but also reduces the payroll processing and management cost involved.

It has been studied that outsourcing payroll services to payroll consultant can reduce the cost upto 50% over the in-house accounts team. Having hired a payroll consultant you don’t have to spend huge on paying payroll managers, payroll tools and software, etc. it is a big time money saving approach. Doing this allows you with a considerable amount of time to work upon further business developments or enhancements, employees’ performance evaluation, developing new skills, etc.

An external payroll service provider is highly reliable consultancy who work diligently on daily basis on any payroll relates issues and delivering them on time. a payroll consultancy constitutes of experts having immense experience in the field of human resource management as well as accounts management. They are known for their accurate skill to carry out their tasks with utter perfection. It is not hidden from anyone that payroll processing involves lots of responsibilities thus in an ideal scenario it should be shouldered by professionals only.

A payroll consultant also takes care of income tax returns. They are educated of legal formalities thus your all tax relates worries are taken care of well in time, thus leaving no scope for penalties. Now, you can be in a peaceful state of mind as all your payroll related issues are catered by payroll consultant like MM Enterprises.