Fastcollab - 5 CRUCIAL PAYROLL & ACCOUNTING SERVICES FOR START-UPS

FASTCOLLAB

5 CRUCIAL PAYROLL & ACCOUNTING SERVICES FOR START-UPS

•

Payroll & Accounting can be a challenging task for any entrepreneur, especially if you are a non-finance / non-commerce background. Keeping books in order is crucial to avoid fiscal problems and inciting penalties. As the business grows, your accounts grow more complicated. In this blog, we’ll present 5 crucial Payroll & Accounting Services any start-ups should not avoid.

1. Issuing Salary to Employees • Most start-ups / SMEs do not follow the standard procedure for processing the salary of their employees. And more worrisome part is managing salary payments in excel sheets.

2. Monthly Compliances • It is a general guideline that as a company crosses employee strength of 20, monthly compliances and statutory deductions come into the picture.

Start-ups / SME owners are required to take such norms seriously to avoid any penalty from the government.

3. Calculation & Payment of Taxes • The term TDS (Tax Deducted at Source) comes into picture, the moment a business pays salary to even a single employee. Imagine how tedious and time consuming it would be if start-ups / SMEs are doing it for 10-20 employees on manual excel sheets.

• 4. Investment Advice to Employees for avoiding access taxation • It is the responsibility of employers to deduct Income Tax while they are paying salaries to the employees (based on the tax slabs defined by Government of India).

Log on to : fastcollab

More details :

Accounting & Bookkeeping