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Blog Posts (2)
- Mastering the Art of Payroll: Simplifying Your Business Finances
A payroll is an important compliance for businesses. It is imperative that a business maintain a steady and regular financial process by which they can pay their employees on time. Payroll is a list of employees who get paid by the company. Payroll also refers to the total amount of money employer pays to the employees. As a business function, it involves: (a) Developing organization pay policy including flexible benefits, (b) Leave encashment policy, etc. (c) Defining payslip components like basic, variable pay, HRA, and LTA (d) Gathering other payroll inputs. (e) The actual calculation of gross salary, statutory as well as non-statutory deductions, and arriving at the net pay. (f) Releasing employee salary (g) Depositing dues like TDS, PF, etc. with appropriate authorities and filing returns In short, we can say that payroll process involves arriving at what is due to the employees also called as ‘net pay’ after adjusting necessary taxes and other deductions. Not being able to pay salaries on time, or any unnecessary delays can cause employees to question the financial stability of the company. Moreover, it may even affect the morale of the company’s workforce. Apart from this, you also have to consider the fact that a payroll management system is mandated by law. (i) Defining payroll policy The net amount to be paid is affected by multiple factors. The company's various policies such as pay policy, leave and benefits policy, attendance policy, etc. come into play at that time. As a first step, such policies need to be well defined and get approved by the management to ensure standard payroll processing. Payroll process involves interacting with multiple departments and personnel. There can be information like mid-year salary revision data, attendance data, etc. (ii) Actual payroll process : Payroll calculation - At this stage, the validated input data is fed into the payroll system for actual payroll processing. The result is the net pay after adjusting necessary taxes and other deductions. Once payroll process is over, it is always a good practice to reconcile the values and verify for accuracy to avoid any errors. (iii) Post-payroll process : Statutory compliance : All statutory deductions like EPF, TDS, ESI are deducted at the time of processing payroll. The company then remits the amount to the respective government agencies. The frequency can vary depending on the type of the dues. In most cases, payment of dues is made via challans. After all dues are paid return/report are filed. E.g., for filing PF return, ECR is generated and filed. (iv) Payroll accounting : Every organization keeps a record of all its financial transactions. Salary paid is one of the significant operating costs which has to be reported in the books of accounts. As part of payroll management, it is essential to check that all salary and reimbursement data is fed accurately into accounting system. (v) Payout : You can pay salary by cash, cheque or bank transfer. Typically organizations provide employees with salary bank account. Once you complete payroll, you need to ensure that company’s bank account has sufficient funds to make the salary payment. Then you need to send a salary bank advice statement to the concerned branch. This statement is issued with particulars like employee id, bank account number, amount of wages, etc. If you are opting for a payroll software that has employee self-service portal, you can easily publish the payslips and employees can log-in to their account and access the payslips. (vi) Reporting : Once you complete payroll run for a particular month, finance and high management team may ask for reports such as department wise employee cost, location wise employee cost, etc. As a payroll officer, it becomes your responsibility to dig into the data and extract required information and share the reports. Statutory compliance in Indian payroll: When you run payroll, being statutory compliant means that you are paying as per the applicable employment norms set by the central and state legislation. The common statutory requirements that apply to Indian businesses include the provision for minimum wages, payment of overtime wages to workers, TDS deduction, contribution to social security schemes such as PF, ESI, etc. While computing salary you need to consider all these deductions and contributions. Income tax is one such deduction. At the beginning of the year, the employee is asked to make a declaration about his additional incomes, tax saving investments, etc. called as ‘income tax declaration.’ Accordingly, employee’s tax liability is calculated, and TDS is deducted. We can assist you in taking care of your Payroll Management requirements. You can mail us on: email@example.com
- The Subtle Art of Cracking a Job Interview
Is it true that interviews are really difficult to crack? Yes, until you've prepared yourself for them. It's a piece of cake after you've mastered interview skills. When the letter/mail notification of the interview is in your hands, you already know that you've gotten over the most difficult part of your job search. You may have applied for a job that met the requirements expected by your prospective employer. So, you've established that your strategy has been accurate thus far, and you've been expected to be well prepared. An interview call means: • An employer is interested and believes that you have the right potential for the position; • Also, there will surely be other contenders and many of them are going to be unsuccessful and you don’t want to be among them; and • At this point, you should sincerely begin your pre-interview preparation, which must include working on your personal presentation as well as conducting research on background information, and you should remind yourself that messy or underprepared applications, like messy or unprepared candidates, have no chance. Keep in mind: A good interviewer will be looking for: • Qualifications • Experience • Motivation • Personality • Additional or transferable skills Your interviewer will also be looking for signs that you are interested, attentive, communicative, keen and most important of all, be able to show you have that ‘something’ extra. In the overall analysis of an interview, a good interviewer sums you up on several fronts at once by: • Your answers to factual questions; • How you answered these questions; • How you responded to questions designed to encourage you to ‘sell yourself’: • By your overall demeanour: • Appearance, awareness, decisiveness, politeness, humor, openness and so on. Getting Started: During an interview, you are marketing yourself, a process that began when you submitted your resume to an employer for consideration. It is no longer enough to have the required qualifications or experience; you should also demonstrate the enthusiasm, motivation, and commitment that the interviewers are searching for. Take time to prepare: Before you walk into your interview, make sure you have a good understanding of what the job requires. In order to look good in the interview, you should be able to establish that you are willing to participate in more than just the employment offer, but also in the firm/company that is offering it. Conduct research and learn about the prospective employer's organization's structure, products and services; to determine where the job fits into the organisational structure; and to learn as much about the employment as possible.Thorough background research will boost your confidence, help you focus on why you applied for that specific job/position, and increase your chances of success. It will also help you focus on matching your own skills to the position if you know what they're searching for. What you need to carry to a job interview: Even if they aren't specifically requested, it's a good idea to bring the following items: (i) Never forget to take copies of your resume to the interview. By now, the panel has your resume but do not assume this. (ii) Academic performance certificates, (iii) A record of achievements after high school, (iv) Projects/published papers, as appropriate. Take with you anything, which is relevant and supports your resume. All of this should be kept in a file that is organised chronologically. Let the file be of a neutral colour and not overly patterned/colored. Presentation of oneself: When meeting someone for the first time, you only have one chance to make a good first impression. When applying for a new job, preparing for the interview will help you determine your likelihood of succeeding. Even with a solid education, candidates are having fewer job opportunities in today's competitive environment. Your interviewers see you before they speak to you and have already formed an opinion about you before the interview even begins. Select formal attire that is neat, tidy, clean, and well-fitting. Make sure that you feel comfortable and confident in the outfit you have chosen – check out the fit before deciding. As you enter: Walk forward confidently, body straight, head up. Smile and be prepared to shake hands briefly but positively if your interviewer offers to shake your, not otherwise. Sit straight, but in a relaxed comfortable position, keep your hands, relaxed, preferably in your lap, Maintain good eye contact with the interviewer as soon as you have settled. Maintain your cool during the interview. Make sure you give yourself plenty of time to arrive at the interview site, on time. In the end, this will make you feel better. Take deep breaths of air to help you stay calm during the interview. You will feel more at ease as a result of this. When asked a question, don't tend to drift off topic. Keep your responses brief and to the point. The longer you keep rambling, the further you will wander away from answering the question. You might not be able to get back. When responding to a question, provide examples. This will demonstrate to the hiring manager that you have dealt with situations similar to those encountered in the position. In general, people remember stories that are told to them much more vividly than stories that are not told to them. You will be the most memorable candidate among the others. Don't inquire about job security. People are more concerned about losing their jobs as the economy worsens. Hopefully, by this point, you've done enough research to know that the position you're applying for is a good fit. If you even hint at doubting the position's security during the interview, the hiring manager will likely strike the "reject" button in a heartbeat. Focus on the current position you're applying for. Most people want to advance in their careers or seek an opportunity to start doing something new, usually in an area that is difficult to succeed in. However, if you ask too many questions about promotion opportunities or appear to be more interested in climbing the corporate ladder, an employer will be immediately turned off. Keep in mind that they are looking for someone to fill a current need in their company. An employer wants to hire someone who will be able to fill the position for an extended period of time. When you don't understand a question, ask. There's nothing wrong with requesting clarification. You don't want to be in a position where your response completely misses what the hiring manager was looking for. Remember: To prepare a list of questions for the interviewer. It could be disadvantageous to you if you do not ask any questions. Your lack of questions may be interpreted by the employer as a sign that you are uninterested in the position. Try to come up with deeper questions about the position to ask rather than ones that have obviously been answered through your process. Some DON’TS: Do not put yourself in a position where you have to lie, blame someone else for a failure, or shrug your shoulders during an interview. Do not claim that you came for the money. Try not to cast yourself in a negative light without countering with something positive. Always demonstrate that you have valid reasons for your responses. Your responses are truthful and open. Last(But not the least) : Do send a thank you note to the interviewer. Nowadays, it is acceptable to follow up with an e-mail in most cases, especially if they are going to make a decision soon. In the letter, you can emphasise your skills once more and match them to the opportunity. - By Gauri Pawar (Director & CEO)
Other Pages (8)
- Home | Nexusaide Pvt. Ltd.| Human Resource Management & Labour Compliance Company
We are the leading provider of Human Resource, Payroll, Labour Law, Compliance and Audit Management Solutions for businesses of all sizes. We understand that every business is different and that's why we offer tailored solutions to meet your individual needs. Our experienced team of professionals is dedicated to helping you streamline your processes and ensure compliance with all applicable laws. We pride ourselves on our commitment to providing efficient and cost-effective solutions that can help you maximize productivity and profitability. Let's Talk ! Our Most Popular Services Trusted and opted for by our clients across India Staffing Solutions The use of staffing solutions can help businesses save time and resources on recruiting & hiring employees. We provide access to a wider pool of candidates and may have expertise in specific industries or job functions. We also provide contractual/ temporary staffing solutions which can help businesses manage fluctuations in demand or project-based work without the commitment and costs of hiring permanent staff. Human Resource Management We assist our clients in all main functions of HRM such as to attract and retain qualified employees, recruitment and selection from developing job descriptions, identifying suitable candidates and conducting interviews. We also assist our clients to maintain positive employee relations by developing and implementing policies and procedures that promote a healthy work environment. This includes managing employee grievances, addressing employee concerns, and facilitating communication between management and employees. Payroll Management Payroll management is not just computing Employee salaries & employee benefits as per their CTC, but involves efficient, accurate & timely management of variable data components, viz. applicable allowances, IT deductions, Leave, ESIC & PF Contributions, reimbursements of allowable expenses, LTA, Overtime, Performance Incentives, Bonus, etc., scrutiny of supporting bills & documents, to minimize contentious issues and enhance employee confidence. Labour Compliance Consultation During Labour Compliance consultation, we help the client to ensure that it is in compliance with all relevant labor laws and regulations, while also minimizing risks and protecting the company's reputation. We conduct internal audits and assessments of our client's employment practices and policies to identify areas of non-compliance with labor laws and regulations. Based on the findings of the audit, we develop a compliance strategy for the company to ensure that it is in compliance with all relevant labor laws and regulations. Compliance Audits Since the ultimate responsibility is vested in the Principal Employer, Nexusaide provides a comprehensive audit report enlisting its observations and recommendations. We undertake assignments for conducting Labour Law Statutory Compliance Audits for the corporate like Pre-Audit, Monthly Audit, Quarterly, Half-yearly, and Annual Audit for Principal Employer and for the various vendors / Contractors available / working under the Principal Employer / premises of the Principal Employer. Our Areas of Expertise Business We Can Help We expertise in providing business services, solutions and consultation based on best practices and industry standards to the following sectors: Start-Ups & SMEs We can be a valuable resource for start-ups/ SMEs, helping them to navigate the complex world of labour laws and regulations, develop policies and procedures that are in line with best practices, and manage employee relations in a fair and legally compliant manner. Commercial Establishments We can advise commercial establishments on the relevant employment laws and regulations to ensure that the business is compliant with all legal requirements. This can help the establishment avoid costly penalties or legal disputes. Manufacturing Industries We can provide manufacturing units with a range of services that help them manage their workforce more effectively, ensure compliance with labour laws and regulations, and promote a positive work environment. What Makes Us Different? Our unique selling proposition(s) (USP) are what sets us apart from other companies in our industry. What makes us different : Tailormade Services and Solutions We don't believe in one-size-fits-all solutions. We take the time to understand each client's unique needs and develop tailored solutions that are specific to their business. Results-driven Approach We are focused on delivering measurable results for our clients. We set clear goals and metrics for every project, and we work tirelessly to ensure that we achieve those goals. Qualified & trained Professionals Our team is made up of qualified professionals with a wide range of skills and expertise, ensuring that every client receives the attention and resources it deserves. Exceptional Customer Service & Support We prioritize communication and transparency, keeping our clients informed every step of the way and providing regular updates and progress reports. We believe in Our Client's Success. We are dedicated to building long-term relationships with our clients and becoming a trusted partner in their success. Affordable & Competitive pricing Our pricing model is transparent and flexible, so clients only pay for what they need and can adjust their services as their business evolves. Testimonials Mr. Sandeep Kapoor Corporate HR "The Labour Compliance audits of our associate business partners/vendors at our project sites across india is a tremendous task. Nexusaide has always, consistently & sucessfully delivered solutions and have met our expectations over the years. Their timely value added contributions permit diverse organization like ours to focus on core business areas that helps us build a competitive advantage in the market place." Mr. Satbir Singh Director "Team Nexusaide is always responsive to any queries we have, they keep us informed and they understand who we are and what we’re trying to do. Precision and Quality is always there. Top of the game in terms of Payroll & Labour Compliance Consultants. They are our partner with expertise in Payrolls and Labour Compliance." Mr. R Venkatraman Director "We had a great experience working with Nexusaide! Our projects were spanned Pan India and as the compliance structure differs state to state, made them a bit more complicated than they expected. Yet, team Nexusaide stuck with it and delivered a professional result. I will, and am planning to continue working with them. Thanks for the good work."
- Solutions | Nexusaide Pvt. Ltd.
Solutions Get solutions from ISO 9001:2015 certified company. Call us. What is the need of HRM, Payroll and Compliance Management? Human Resource Management (HRM), Payroll, and Compliance Management are important functions for businesses operating in India. Here are some reasons why: Human Resource Management (HRM) : It is essential to manage the human resources of an organization, from recruiting and hiring to training, performance management, and employee relations. Effective HRM practices help to attract and retain talent, ensure compliance with labor laws and regulations, and promote a positive organizational culture. Payroll Management : Managing payroll can be a complex and time-consuming task, particularly in India where there are multiple tax regulations and compliance requirements. Our Payroll management services can help organizations to automate payroll processes, ensure accuracy, and streamline payroll administration. Compliance Management : Compliance management is critical in India due to the complexity and ever-changing nature of labor laws and regulations. Non-compliance can result in legal and financial penalties, as well as damage to the reputation of the organization. Compliance management solutions help businesses to stay up-to-date with regulatory changes and ensure compliance with legal requirements. Overall, HRM, Payroll, and Compliance Management are important functions for businesses in India to ensure that they can manage their human resources effectively, comply with legal requirements, and operate in a way that is efficient and sustainable. Human Resource Management Our Solutions are tailored to the specific needs of the organization, easy to use, and provide accurate and timely information. Our HRM Solutions help organizations to streamline their HR processes, improve employee engagement, and provide real-time insights into the performance of the workforce. Payroll Solutions Our effective payroll management solutions provide accurate and timely payroll processing, automate tax and compliance requirements, and integrate with other HR systems. Labour Compliance Audits Our compliance management solutions help organizations to manage regulatory compliance, ensure data security, and minimize the risk of non-compliance penalties. Our compliance audits help companies identify potential areas of non-compliance and take corrective action to mitigate risks. Our compliance audits also help companies identify areas where they can improve their processes and procedures, resulting in increased efficiency and reduced costs. Compliance Consultation As your Labour Compliance consultant, we can assist you in ensuring that your business is fully compliant with all applicable laws and regulations, and that your employees are protected. We can help you in - developing policies and procedures to ensure compliance with labour laws and regulations, including employee classification, minimum wage and overtime, leave entitlements, termination procedures, and workplace health and safety. Our Solutions and what you can expect from us: RPO is a flexible and customizable solution that can help companies to streamline their recruitment processes, reduce costs, and improve the quality of hires. Recruitment Processing Out Sourcing Flexi staffing provides an effective way for companies to meet their staffing needs while maintaining flexibility and cost-effectiveness. Flexi Staffing Solutions Contractual staffing provides an effective solution for companies that need to fill temporary or project-based positions and can offer benefits to both the employer and the employee. Contractual Staffing Solutions Outsourcing the HR function is a good idea for an organization depends on a variety of factors, including the organization's size, budget, business goals, and culture. Outsourcing the HR Functions Payroll can be a time-consuming and complex process, and outsourcing it can allow a business to focus on its core activities. Additionally, outsourcing payroll can reduce the risk of errors and compliance issues, which can be costly for a business to correct. Payroll Management Solutions Our job as labour compliance consultant is to ensure that your business is operating in compliance with all applicable labour laws and regulations, while also protecting your interests as an employer. Labour Compliance Consultation Labour Compliance audits are necessary to ensure that companies are complying with legal requirements and providing a safe and fair working environment for their employees. It can also help companies identify areas for improvement and increase efficiency. Labour Compliance Audits We can provide an objective perspective on a business's operations and strategies. We can identify areas for improvement and offer unbiased advice on how to address them. Business Services Consultation
- Why Choose Us? | Nexusaide Pvt. Ltd.
Why you should Choose Us Always at your service. Why Choose Us The decision to choose HRM, Payroll, and Compliance Management Services will depend on your specific business needs and goals. It's important to thoroughly research potential providers, evaluate their services, and consider the costs and benefits before making a decision. Why Choose Us? : Our team has so far designed action plan that have been successful for businesses just like yours. The Professional Services team at Nexusaide conducts research on the client's industry and creates specific questionnaires to help them comprehend your company and find any applicable rules and regulations. Our professionals across India execute "Company Assessment" in collaboration with your business and Human Resource team to better comprehend business operations, functions, products, services, locations, company type, etc. and identify appropriate HRM, Payroll and compliance duties within applicable legislation. We make sure your needs are met effectively and efficiently while avoiding hazards that can impair performance by combining our knowledge with a thorough grasp of your company's circumstances. We work towards your objectives and assist you in achieving them by employing a range of services that allow you to receive the most value possible. What can you expect if you outsource your HR, payroll, and compliance functions, to us? Efficiency: Outsourcing these functions can help you streamline your business processes and save time by reducing the administrative burden. Compliance: HRM, Payroll, and Compliance Management Services can help businesses stay compliant with state laws, which can be complex and constantly changing. Expertise: HRM, Payroll, and Compliance Management Services have experienced professionals who specialize in these areas, providing businesses with access to specialized knowledge and expertise. Cost-effectiveness: Outsourcing these functions can be cost-effective for businesses, as they can avoid the expenses associated with hiring and training in-house staff. Focus on core business: Outsourcing HRM, Payroll, and Compliance Management Services can allow businesses to focus on their core competencies and strategic goals, rather than getting bogged down in administrative tasks. ISO 9001:2015 Certified Certified Professionals Trained Associates Competetive Pricing