Payroll Processing

Managing Payroll is one of the most integral parts of the smooth functioning of any organization. Every organization needs efficient payroll processing services to streamline payroll, optimize productivity, boost employee confidence, and improve administration. Payroll processing is solely not related to just salaries, rather it includes the financial records that relate to an employee's work history, such as bonuses, deductions, overtime, PF and ESI, taxes, and more.

Keeping the organization’s payroll accurate and up-to-date is an extremely important responsibility for the organization, and therefore, Excellent CFO is there to ensure smooth payroll management services that can help the organization in achieving better resource management by saving the time-consuming tasks and hassles of payroll processing.

We, at Excellent CFO, follow a standardised and streamlined payroll process for ensuring error-free and timely execution of the work outsourced to us. We focus on your payroll processing requirement so you can focus on what you do best.

Pre payroll activities
  • These are the activities that deal with defining the payroll policy by establishing policies to bank on during the payroll process, gathering the inputs and input validation from various departments for accurate calculation of payroll.
  • After all the requisite data is gathered, various checks are applied for ensuring the accuracy of the inputs shared with us such as ensuring that the list contains all the active employees and no records of inactive employees.
Actual payroll process
  • This function involves the activities like salary calculation, calculation of PF, ESI, TDS, leave encashment, gratuity etc.
  • The other essential step in this is of Pay-out to ensure hassle-free transfers of salary to bank accounts of the employees.
  • For smooth payment to the salary accounts, we ensure that employee credentials like employee ID, account number, salary amount, etc., are correct.
Past payroll process
  • Statutory compliance for multiple laws such as EPF, TDS, ESI, etc. on behalf of the organization. Return filing and subsequent payment of tax amount to the government is the responsibility of Excellent CFO.
  • Generation and sharing of Form 16 with employees.
  • Furthermore, this process also involves preparing reports containing all the essential information required for payroll processing like the department or location-wise employee cost. These reports are then shared with the organization's finance team or management for carrying out further analysis.