Statutory compliance, whichever way you look at it, is a key ingredient that helps in the growth of an economy. While there are many that evade it while balancing on a knife’s edge, it’s wise to adhere to the law of the land. For companies in particular, the IT department keeps a close watch on defaulters and the repercussions of which can be devastating. Where it matters the most is in the payroll processing as it includes the tax to be payed to the government as well as the dues owed to the employee.
21st century statutory compliance
Gone are the days when one would pick dental surgery over dealing with the nitty gritty of taxes. We’ve come a long way where almost everything is on the cloud. With the speed and efficiency that you can book a flight ticket, your statutory needs can be met.
Picture this: you have a company with 100 employees. Now for each of these employees, a host of compliances have to be met - PF, PT, IT, etc. In a traditional method, this would involve stacks of different registers, a highly stressed accountant, multiple calculations and a lot of time. In the modern and more efficient method, all you need is a payroll software and a computer. Once all your employee details are entered in the system (which is encrypted and stored on the cloud), the calculation and allotment process is automatic. This software will even have the capability to generate Form 16, Form 24Q, IT statements, etc. with just the click of a button.
Statutory compliance with greytHR
Among the robust platforms out there, is greytHR. A HR & Payroll software that boasts of a 100% statutory compliance. Seamlessly integrated into its DNA are the pertinent laws and acts (Shops & Establishments Act/ Factories Act) that ensure there’s no scope for error. It greatly benefits both the employee and the employer. From the employee perspective, comes the ability to easily declare his/ her taxes with a built in, real-time calculator that’s integrated into the payroll. What this means is that the employee gets custom tax projections and has the option to tweak it to their liking, following which, they can click a button to declare it. The accountant no longer has to shoulder the additional burden of related queries.
For the employer, it’s absolute peace of mind with powerful reports and reconciliation tools which offer instant access to crucial data. Everything from leave and attendance, to the various taxes and levies is all included and handled by the software which automatically keeps itself up-to-date on all related compliances. The highlight here is accountability down to the last rupee and the hassle-free process that makes it a must-have for your HR arsenal.
What this really means for you
Take a moment to think of the implications this could have for a business. The guarantee of total compliance, a happy and stress-free workforce and ultimately, a more productive environment. It’s also worth mentioning the huge amounts saved in potential fines for non-compliance which is bound to happen with a manual system, where the margin for error is substantially higher. We would all love to live in a world where we didn’t have to pay taxes but since we don’t, it’s better to ‘pay to Caesar what is Caesar’s’ and the best way to do that, is with a HR & Payroll software.