Job Description

Job Description : 1. Payroll Processing: Accurately process monthly payroll for employees. Ensure timely entry of payroll data, including PF, ESI, LWF, TDS, and salary advance deductions, into the accounting system Handle the processing of full and final (F&F) settlements, gratuity payments, annual PMS and related transactions Manage the processing of Flexi Benefit Plan (FBP) payments and maintain distinct records for FBP transactions. Process and verify employee deductions, including TDS, taxes, benefits, retirement plans, and other relevant contributions. Manage the processing of employee imprest and salary advances, ensuring proper record-keeping for both types of advances. Generate bank payment advice for all payroll-related transactions and ensure timely and accurate processing of payments through the bank portal. Coordinate with the Finance department to arrange the required funds for payroll processing and also to update payroll related entries in ERP system 2. Reconciliations: Reconcile payroll-related accounts monthly, including salary expenses, benefit contributions, tax liabilities, and other relevant items with financial records Identify and resolve any discrepancies or issues in payroll accounting. Conduct weekly bank reconciliations and ensure that no unreconciled items remain in the bank book for more than a week. Regularly review the bank statements and promptly inform the HR Head/Finance department of any discrepancies or exceptions. Generate reports for management/finance department to verify the accuracy of payroll expenses. 3. Reporting and Audit: Prepare the payroll MIS, ensure it aligns with the corresponding payroll-related general ledgers, and submit it to the statutory auditor on a quarterly, half-yearly, or annual basis. Generate ad-hoc reports for management, including analysis of employee costs, benefit allocations, accruals, and other relevant data. Support audits by ensuring payroll records and reports are accessible and in compliance with accounting standards. 4. Statutory Compliances: Ensure all payroll-related deductions are complying with Income Tax, PF Act, ESI Act, and Professional and Gratuity Act regulations. Maintain accurate records for income tax, PF, ESI and professional tax filings and other relevant forms. Reconcile payroll tax reports monthly and make any necessary adjustments as required. Stay updated on changes in payroll laws and regulations to ensure compliance. Suggest process improvements to increase payroll efficiency and accuracy J e payroll ERP to process payroll and ensure the system is up to date with correct tax rates and deductionsJ