Payroll Process Management (Payroll Services)

GreyFlex Payroll Transaction Process Management

GreyFlex HR Consulting Services offers Payroll Transactions and Employee Benefits Process Management as a part of its core solutions to the Corporate Sector. GreyFlex Consulting is currently engaged in managing payroll process for two high profile clients and manages these operations out of its Bangalore office.

Most businesses spend heavily on internal payroll systems, manpower and compliance.  Small and medium enterprises can save more than half of their annual payroll costs (cost advantage in excess of 50%) in having us manage  these transactions, with the additional advantage of easing the burden of compliance documentation.

GreyFlex’s Payroll Services is committed to provide an error free payroll computing and disbursal system, and has to its credit an experienced team of Human Resource and Accounting personnel managing this service.  This  effective  combination of professional service ensures that we cover the sensitive aspects of employee payroll and benefits administration. The services are designed to manage customized solutions to cater to the SME segment; these solutions are statutorily compliant, employee friendly and delivered on time.

GreyFlex Consulting is in the business of Human Resource Process Consulting for over 3 years and targets to reach INR 10 Million in revenues the current fiscal. GreyFlex Consulting services medium and large client corporations of international repute.

Right from commencement of the project, GreyFlex Consulting assumes being an extension of the client company’s HR and Accounting function and moves in very little time to assess and advise suitable solutions to customized requirements. These solutions are flexible to accommodate specific client requirements and carry a lot of flexibility in its process. Since we are privy to a large amount of confidential client data, we take utmost care to secure the data and the process. The focus of the process is to deliver cost effective, secure, error free process in line with HR policies and framework, aimed at client satisfaction with scope for continuous performance review and improvement.

Please contact us to take you through the process flow chart.

The Solution

  1. The pay-rolling solution offered by GreyFlex HR Consulting Services is a comprehensive package of devising / designing the compensation structure of employees based on the sector they work in; administer the process in time to save the client company its core resources; and manage an important employee sensitive business transaction and most importantly be cost effective than to manage it internally.
  2. The compensation structure design also keeps the best interest of employees in mind to get them maximum tax benefits and at the same time ensures the company does not end up paying much of Fringe Benefit Tax. The process of administering the Payroll is done at our office, managed by a team of HR professionals and Accountants, and this team works under the direct supervision of a Chartered Accountant.
  3. The client company will deal with just a Single Point of Contact (SPOC) and will have all the necessary transactions effected and management reports generated. The employees will contact the SPOC on all benefits administration related issues and the SPOC will keep the Client HR team informed of all issues and redress.

The Process

  1. Devise or understand (in case the compensation is structured previously) the compensation break-up in place for all employees and advice on new structure whenever they need to be effected.
  2. Integrate the employee benefits program and customize the solution for each client Company.
  3. Seek attendance for the month from the Client Company HR for each employee.
  4. Assign Pay parameters based on leave components if applicable.
  5. Prepare Pay advice for each employee; and consolidate the list for bank transfer, the day before the payroll date, and send it for validation to Finance Department.
  6. If required be; manage the logistics of sending such advise to the Bank to effect the transfer of Pay to employees.
  7. Prepare and process PF submission chalans (orders) and process with the PF office. Submit receipts of such orders to the company for records, with a copy retained with us for any future reference.
  8. Effect a similar process for Professional Tax and any Tax deduction at source.
  9. Prepare and process necessary submissions for medical / health insurance. Submit receipts of such orders to the company, with a copy retained with us, for any future reference
  10. Prepare and submit payroll report for HR / Finance Department of the client company for reconciliation.
  11. Revert and clarify on any employee query.
  12. Rectification of errors in the unlikely event of such errors occurring.
  13. Issue compliance forms and maintain statutory registers relating to labour compliance norms.