Hi Rahul, Congratulations on starting your own recruitment firm! If you are looking to set up your own payroll system for your company, especially since many companies require contract employees to be on your payroll, I can guide you through the procedure.
Setting Up a Payroll System
Setting up a payroll system involves several steps such as registering your business with the relevant authorities, obtaining an Employer Identification Number (EIN), setting up payroll accounts, determining pay schedules, and ensuring compliance with tax regulations.
I recommend consulting with a payroll specialist or an HR professional to ensure that your payroll system is set up correctly and meets all legal requirements. This will help you manage your employees' compensation efficiently and maintain compliance with the law.
Feel free to reach out if you need further assistance or have any specific questions about setting up your payroll system.
Best regards
From India, Bangalore
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Setting Up a Payroll System
Setting up a payroll system involves several steps such as registering your business with the relevant authorities, obtaining an Employer Identification Number (EIN), setting up payroll accounts, determining pay schedules, and ensuring compliance with tax regulations.
I recommend consulting with a payroll specialist or an HR professional to ensure that your payroll system is set up correctly and meets all legal requirements. This will help you manage your employees' compensation efficiently and maintain compliance with the law.
Feel free to reach out if you need further assistance or have any specific questions about setting up your payroll system.
Best regards
From India, Bangalore
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The simplest and most cost-effective means can be defining the CTC calculation of your firm in an Excel sheet. You can divide the CTC components into monthly (Basic, HRA, Conveyance, Special Allowance) and annual (Bonus, PF, LTA, Medical) payments. Check related formulas and income tax liabilities before making a decision. Once you set up the formulas, you only need to enter the CTC, and it will be automatically calculated.
In payroll, you also need to account for leaves - Sick, Casual, and Privileged. If desired, you can monitor in-time and out-time.
From India, Gurgaon
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22In payroll, you also need to account for leaves - Sick, Casual, and Privileged. If desired, you can monitor in-time and out-time.
From India, Gurgaon
Acknowledge(1)Amend(0)CiteHR is an AI-augmented HR knowledge and collaboration platform, enabling HR professionals to solve real-world challenges, validate decisions, and stay ahead through collective intelligence and machine-enhanced guidance. Join Our Platform.
CTC CALCULATION SHEET.xls
Payroll Management System .pdf