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    This document provides an index and overview of a study on employee payroll. The index lists 10 sections, including an introduction, industry and company profiles, literature review, data analysis, findings, suggestions, and conclusion. The introduction section defines the scope of the study, objectives, and methodology. It will use a descriptive design and survey questionnaire to understand the adequacy of employee training and development programs. The goal is to analyze the payroll system and suggest improvements to achieve organizational goals and increase employee satisfaction.

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    Index: S.No: Contents Page No

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    Yellamanda Rao
    180 views76 pages
    This document provides an index and overview of a study on employee payroll. The index lists 10 sections, including an introduction, industry and company profiles, literature review, data analysis, findings, suggestions, and conclusion. The introduction section defines the scope of the study, objectives, and methodology. It will use a descriptive design and survey questionnaire to understand the adequacy of employee training and development programs. The goal is to analyze the payroll system and suggest improvements to achieve organizational goals and increase employee satisfaction.

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    This document provides an index and overview of a study on employee payroll. The index lists 10 sections, including an introduction, industry and company profiles, literature review, data analysis, findings, suggestions, and conclusion. The introduction section defines the scope of the study, objectives, and methodology. It will use a descriptive design and survey questionnaire to understand the adequacy of employee training and development programs. The goal is to analyze the payroll system and suggest improvements to achieve organizational goals and increase employee satisfaction.

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    180 views76 pages

    Index: S.No: Contents Page No

    Uploaded by

    Yellamanda Rao
    This document provides an index and overview of a study on employee payroll. The index lists 10 sections, including an introduction, industry and company profiles, literature review, data analysis, findings, suggestions, and conclusion. The introduction section defines the scope of the study, objectives, and methodology. It will use a descriptive design and survey questionnaire to understand the adequacy of employee training and development programs. The goal is to analyze the payroll system and suggest improvements to achieve organizational goals and increase employee satisfaction.

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    of 76

    INDEX

    S.No: CONTENTS PAGE NO.

    1. INTRODUCTION 1-9

     Scope of the Study

     Objectives of the Study

     Methodology of the Study

     Limitations of the Study

    2. INDUSTRY PROFILE 10-15

    3. COMPANY PROFILE 16-24

    4. REVIEW OF LITERATURE 25-54

    5. DATA ANALYSIS AND

    INTERPRETATION 55-69

    6. FINDINGS 70--70

    7. SUGGESTION 71-71

    8. CONCLUSION 72-72

    9. BIBLIOGRAPHY 73-73

    0
    10. QUESTIONNAIRE 74-75

    INTRODUCTION

    1
    INTRODUCTION:

    Torrington and Hall (1987) define personnel management as being:

    “a series of activities which: first enable working people and their employing organisations to
    agree about the objectives and nature of their working relationship and, secondly, ensures that
    the agreement is fulfilled"

    While Miller (1987) suggests that HRM relates to:

    ".......those decisions and actions which concern the management of employees at all levels in the
    business and which are related to the implementation of strategies directed towards creating
    and sustaining competitive advantage"

    Pay roll:
    In a company, payroll is the sum of all financial records of salaries for an employee, wages,
    bonuses and deductions. In accounting, payroll refers to the amount paid to employees for
    services they provided during a certain period of time. Payroll plays a major role in a company
    for several reasons. From an accounting point of view, payroll is crucial because payroll and
    payroll taxes considerably affect the net income of most companies and they are subject to laws
    and regulations (e.g. in the U.S. payroll is subject to federal and state regulations). From ethics in
    business viewpoint payroll is a critical department as employees are responsive to payroll errors
    and irregularities: good employee morale requires payroll to be paid timely and accurately. The
    primary mission of the payroll department is to ensure that all employees are paid accurately and
    timely with the correct withholdings and deductions, and to ensure the withholdings and
    deductions are remitted in a timely manner. This includes salary payments, tax withholdings, and
    deductions from a paycheck.

    Pay Check

    2
    A Pay Check is traditionally a paper document issued by an employer to pay an employee for
    services rendered. In recent times, the physical paycheck has been increasingly replaced by
    electronic direct deposit to bank accounts. Such employees may still receive a complete pay slip
    (see below) package, but the attached check is noted as non-negotiable.

    In most countries with a developed wire transfer system, using a physical check for paying
    wages and salaries has been uncommon for the past several decades. However, vocabulary
    referring to the figurative "pay cheque" does exist in some languages, like German
    (Gehaltsscheck), partially due to the influence of popular media, but this commonly refers to a
    payslip or stub rather than an actual cheque. Some company payrolls have eliminated both the
    paper cheque and stub, in which case an electronic image of the stub is available on an Internet
    website.

    Payroll taxes

    Government agencies at various levels require employers to withhold income taxes from
    employees' wages.

    In the United States, "payroll taxes" are separate from income taxes, although they are levied on
    employers in proportion to salary; the programs they fund include Social Security, and Medicare.
    U.S. income and payroll taxes collected through deductions are considered to be trust fund taxes,
    because the employer holds the deducted money in trust for later remittance.

    Human Resource Management: Objectives

     On an average, every employee at Nutrient undergoes at least 2 training programmers


    for a financial year and the employer in HRD requires the executive development
    programmed at the time of intensive competition.
     So the study is aimed to know the adequacy of training given to employees and
    employers.

    3
     To know whether employees and employers are having enthusiasm in knowing about
    training and development programmers, training plans, implementation and
    participation.
     To suggest appropriate techniques and modification in training to achieve corporate
    goals.

    Development to employers arises due to providing technical skills and conceptual skills
    to non-technical managers and managerial skills and conceptual skills to technical managers.

    Need for basic purposes of Employee Payroll:

    Employee Payroll of the employees is important if the employees are


    satisfied then only the organization can function smoothly increases its production, faces
    competition.

    If employees are satisfied with their job they will carry a positive attitude. Hence the
    study has been undertaken to assess the employee job Payroll which is necessary for the
    organization in order to make sound decisions.

    1) To increase productivity.

    2) To improve quality.

    3) To help a company fulfill its future personnel needs.

    4) To improve organizational climate.

    5) To improve health & safety.

    6) Obsolescence prevention.

    7) Personal growth.

    4
    SCOPE OF THE STUDY

                             One of the main functions of personnel management in industrial organization


    is to impart programmers to its employees.

                               HRM plays a large part in determining the effectiveness and efficiency of the
    establishment. Increase in productivity is possible only when there is an increase in quantity of
    output. It applies not only to new employees but also to experienced people. It can help
    employees and employers to increase their level of performance and to develop skills,
    knowledge on their present job assignments. 

    Objectives of Employee Payroll (Heritage):

    • To Analyze the Pay roll System in Heritage Ltd.,

    • To ensure effective utilization and maximum development of Employee.

    • To ensure reconciliation of individual goals with those of the organization.

    • To achieve and maintain high morale among employees.

    • To increase to the fullest the employee's job satisfaction and self-actualization.

    • To develop and maintain a quality of work life.

    • To develop overall personality of each employee in its multidimensional aspect.

    • To enhance employee's capabilities to perform the present job.

    5
    RESEARCH METHODOLOGY

     Research is scientific and systematic search pertinent information in a specific


    topic. The meaning of research is “A Careful Investigation (or) Inquiry.

      EMPLOYEE PAYROLL is the corner stone of sound management, and it makes


    employees and employers more effective and productive. It is actively and intimately
    connected with all personnel and managerial activities.

      There is a present need for EMPLOYEE PAYROLL measures. So that new and changed
    techniques may be taken advantage and improvements effected in new methods, which are
    woefully inefficient. Training is practical and of vital necessity because, apart from other
    advantages mentioned, and increase their “Market Value”, earning power job secure is
    spending for EMPLOYEE PAYROLL activities. It is introducing global concepts like

     Team Building
     Time Management

          It uses all the technology available and modern equipment in EMPLOYEE PAYROLL
    programmers. In a contemporary study, it was revealed that it is more inflammable so the
    workers and superiors must concentrate on the work what they are doing. At any time if they
    don’t concentrate on their work it is very dangerous to the whole industry. 

    RESEARCH METHODOLOGY

    The methodology that is adopted for the study is such that it facilities the data
    accumulation. The information is gathered through survey method. The survey method has been
    adopted for collecting the data from employees.

     RESEARCH DESIGN:

    6
    Research Design is defined as the specification of methods and procedures for acquiring the
    information needed. Generally the research design is any of the following three types-
    DESCRIPTIVE, EXPLORATORY and CASUAL.

     DESCRIPTIVE STUDY:
    Descriptive study/research is marked by the prior formulations of specific research questions.
    The investigator already knows a substantial amount about the research problem before the
    project is initiated. Hence this is chosen for my research.

     EXPLORATORY STUDY:
    The major purpose of exploratory study is the identification of problem, the more precision
    formulation of problem and the formulation of new alternative courses of action.

     CASUAL STUDY:
    The study involves the determination of the causes of what the researchers are predicting.
    This is mainly a cause and effect study. The research design selected by the researcher in the
    present study is “DESCRIPTIVE” in nature.

     RESEARCH INSTRUMENT:
    HR research has a one main research instruments in collecting primary data. That is
    questionnaires.

    In order to extract first hand information from the respondents, a pre-tested questionnaire
    was prepared and the same was administered to the respondents.

     DATA SOURCES:
    Data means a collection of facts in real life statistical data is a collection of facts in numerical
    figures. The data sources are usually identified using the type of data needed. There are two
    types of data.

    1. Primary data
    2. Secondary data

    7
     PRIMARY DATA:
    The first hand information by the investigator by means of observation face to face
    questioning, telephone interview and mailing questionnaire is called primary data.

    Primary data consists of original information gathered for a specific purpose.

     SOURCES OF PRIMARY DATA;-


    For the purpose of present study, the primary data collected from respondents by contacting
    them personally.

     SECONDARY DATA:
    Secondary data consists of information that already exists somewhere, having been collected
    for another purpose

     SOURCES OF SECONDARY DATA:


    For the purpose of present study, the secondary data was collected from published data of the
    companies. Population is the aggregate of objects animate and in animate, under study in any
    statistical investigation. His population for the study here was employees in Met life.

    SAMPLING PROCEDURE

    With a view to arrive at the sample population for the study, a ”Purposive-Cum convenient
    sampling” was followed.

    SAMPLE SIZE

    The sample size includes 100 employees who are working in the Heritage.

    8
    LIMITATIONS

    The study is limited to the policies and practices being followed in Heritage get the complete
    data, in view of its classified nature of the organization.

     Time factor is the main constraint for the study as it was restricted only to eight-nine
    weeks.
     Sampling error is not taken into consideration.
     The information given by the sample frame is thought accurate by researcher.
     As the method adopted is Random Sampling, result may not be accurate and believable.
     As the sample size is 100, whole of the facts could not be collected.
     The findings of the study are confined only to the question asked in the questionnaire and
    through personal interviews.
    The study has been carried in Heritage Limited only.

    9
    INDUSTRY PROFILE

    10
    HISTORY OF INDIAN FOODS INDUSTRY

    Retailing is one of the pillars of the economy in India and accounts for 35% of GDP.

    The retail industry is divided into organised and unorganised sectors. Over 12 million outlets
    operate in the country and only 4% of them being larger than 500 sq ft (46 m2) in size. Organised
    retailing refers to trading activities undertaken by licensed retailers, that is, those who are
    registered for sales tax, income tax, etc. These include the corporate-backed hypermarkets and
    retail chains, and also the privately owned large retail businesses. Unorganised retailing, on the
    other hand, refers to the traditional formats of low-cost retailing, for example, the local kirana
    shops, owner manned general stores, paan/beedi shops, convenience stores, hand cart and
    pavement vendors, etc.

    Most Indian shopping takes place in open markets and millions of independent grocery shops
    called kirana. Organized retail such supermarkets accounts for just 4% of the market as of 2008.
    Regulations prevent most foreign investment in retailing. Moreover, over thirty regulations such
    as "signboard licences" and "anti-hoarding measures" may have to be complied before a store
    can open doors. There are taxes for moving goods to states, from states, and even within states.

    Growth

    An increasing number of people in India are turning to the services sector for employment due to
    the relative low compensation offered by the traditional agriculture and manufacturing sectors.
    The organized retail market is growing at 35 percent annually while growth of unorganized retail
    sector is pegged at 6 percent.

    The Retail Business in India is currently at the point of inflection. Rapid change with
    investments to the tune of US $ 25 billion is being planned by several Indian and multinational
    companies in the next 5 years. It is a huge industry in terms of size and according to management
    consulting firm Technopak Advisors Pvt. Ltd., it is valued at about US $ 350 billion. Organised

    11
    retail is expected to garner about 16-18 percent of the total retail market (US $ 65-75 billion) in
    the next 5 years.

    India has topped the A.T. Kearney’s annual Global Retail Development Index (GRDI) for the
    third consecutive year, maintaining its position as the most attractive market for retail
    investment. The Indian economy has registered a growth of 8% for 2007. The predictions for
    2008 is 7.9%. The enormous growth of the retail industry has created a huge demand for real
    estate. Property developers are creating retail real estate at an aggressive pace and by 2010, 300
    malls are estimated to be operational in the country.

    With over 1,000 hypermarkets and 3,000 supermarkets projected to come up by 2011, India will
    need additional retail space of 700,000,000 sq ft (65,000,000 m2) as compared to today. Current
    projections on construction point to a supply of just 200,000,000 sq ft (19,000,000 m2), leaving a
    gap of 500,000,000 sq ft (46,000,000 m2) that needs to be filled, at a cost of US$15–18 billion.

    According to the Icrier report, the retail business in India is estimated to grow at 13% from $322
    billion in 2006-07 to $590 billion in 2011-12. The unorganized retail sector is expected to grow
    at about 10% per annum with sales expected to rise from $ 309 billion in 2006-07 to $ 496
    billion in 2011-12.

    The Indian Retail Market

    Indian market has high complexities in terms of a wide geographic spread and distinct consumer
    preferences varying by each region necessitating a need for localization even within the

    12
    geographic zones. India has highest number of outlets per person (7 per thousand) Indian retail
    space per capita at 2 sq ft (0.19 m2)/ person is lowest in the world Indian retail density of 6
    percent is highest in the world. 1.8 million households in India have an annual income of over 45
    lakh

    Delving further into consumer buying habits, purchase decisions can be separated into two
    categories: status-oriented and indulgence-oriented. CTVs/LCDs, refrigerators, washing
    machines, dishwashers, microwave ovens and DVD players fall in the status category.
    Indulgence-oriented products include plasma TVs, state-of-the-art home theatre systems, iPods,
    high-end digital cameras, camcorders, and gaming consoles. Consumers in the status category
    buy because they need to maintain a position in their social group. Indulgence-oriented buying
    happens with those who want to enjoy life better with products that meet their requirements.
    When it comes to the festival shopping season, it is primarily the status-oriented segment that
    contributes largely to the retailer’s cash register.

    While India presents a large market opportunity given the number and increasing purchasing
    power of consumers, there are significant challenges as well given that over 90% of trade is
    conducted through independent local stores. Challenges include: Geographically dispersed
    population, small ticket sizes, complex distribution network, little use of IT systems, limitations
    of mass media and existence of counterfeit goods.

    13
    Major Indian Retailers

    Indian apparel retailers are increasing their brand presence overseas, particularly in developed
    markets. While most have identified a gap in countries in West Asia and Africa, some majors are
    also looking at the US and Europe. Arvind Brands, Madura Garments, Spykar Lifestyle and
    Royal Classic Polo are busy chalking out foreign expansion plans through the distribution route
    and standalone stores as well. Another denim wear brand, Spykar, which is now moving towards
    becoming a casualwear lifestyle brand, has launched its store in Melbourne recently. It plans to
    open three stores in London by 2008-end.

    The low-intensity entry of the diversified Mahindra Group into retail is unique because it plans
    to focus on lifestyle products. The Mahindra Group is the fourth large Indian business group to
    enter the business of retail after Reliance Industries Ltd, the Aditya Birla Group, and Bharti
    Enterprises Ltd. The other three groups are focusing either on perishables and groceries, or a
    range of products, or both.

     Vivek Limited Retail Formats: Viveks, Jainsons, Viveks Service Centre, Viveks Safe
    Deposit Lockers
     PGC Retail -T-Mart IndiaSwitcher , Respect India , Grand India Bazaar ,etc.,

    14
     REI AGRO LTD Retail-Formats:6TEN Hyper & 6TEN Super
     RPG Retail-Formats: Music World, Books & Beyond, Spencer’s Hyper, Spencer’s Super,
    Daily & Fresh
     Pantaloon Retail-Formats: Big Bazaar, Food Bazaar, Pantaloons, Central, Fashion
    Station, Brand Factory, Depot, aLL, E-Zone etc.
     The Tata Group-Formats: Westside, Star India Bazaar, Steeljunction, Landmark, Titan
    Industries with World of Titans showrooms, Tanishq outlets, Chroma.
     K Raheja Corp Group-Formats: Shoppers Stop, Crossword, Hyper City, Inorbit
     Lifestyle International-Lifestyle, Home Centre, Max, Fun City and International
    Franchise brand stores.
     Pyramid Retail-Formats: Pyramid Megastore, TruMart
     Nilgiri’s-Formats: Nilgiris’ supermarket chain
     Subhiksha-Formats: Subhiksha supermarket pharmacy and telecom discount chain.
     Trinethra- Formats: Fabmall supermarket chain and Fabcity hypermarket chain
     Vishal Retail Group-Formats: Vishal Mega Mart
     BPCL-Formats: In & Out
     Reliance Retail-Formats: Reliance Fresh
     Reliance ADAG Retail-Format: Reliance World
     German Metro Cash & Carry
     Shoprite Holdings-Formats: Shoprite Hyper
     Paritala stores bazar: honey shine stores
     Aditya Birla Group - more Outlets
     Kapas- Cotton garment outlets

    15
    16
    COMPANY PROFILE

    Heritage at a Glance:

    The Heritage Group, founded in 1992 by Sri Nara Chandra Babu Naidu, is one of
    the fastest growing Private Sector Enterprises in India, with three-business divisions viz., Dairy,
    Retail and Agri under its flagship Company Heritage Foods (India) Limited (HFIL), one
    infrastructure subsidiary - Heritage Infra Developers Limited and other associate Companies
    viz., Heritage Finlease Limited, Heritage International Limited and Heritage Agro Merine
    Private Limited. The annual turnover of Heritage Foods crossed Rs.347 crores in 2006-07 and is
    aiming for Rs.700 crores during 2007-08.

    Presently Heritage’s milk products have market presence in Andhra Pradesh,


    Karnataka, Kerala, Tamil Nadu and Maharastra and its retail stores across Bangalore, Chennai

    17
    and Hyderabad. Integrated agri operations are in Chittoor and Medak Districts and these are
    backbone to retail operations.

    In the year 1994, HFIL went to Public Issue to raise resources, which was
    oversubscribed 54 times and its shares are listed under B1 Category on BSE (Stock Code:
    519552) and NSE (Stock Code: HERITGFOOD)

    About the founder:

    Sri Chandra Babu Naidu is one of the greatest Dynamic, Pragmatic, Progressive
    and Visionary Leaders of the 21st Century. With an objective of bringing prosperity in to the
    rural families through co-operative efforts, he along with his relatives, friends and associates
    promoted Heritage Foods in the year 1992 taking opportunity from the Industrial Policy, 1991 of
    the Government of India and he has been successful in his endeavour.

    At present, Heritage has market presence in all the states of South India. More
    than three thousand villages and five lakh farmers are being benefited in these states. On the
    other side, Heritage is serving more than 6 lakh customers needs, employing more than 700
    employees and generating indirectly employment opportunity to more than 5000 people.
    Beginning with a humble annual turnover of just Rs.4.38 crores in 1993-94, the sales turnover
    has reached close to Rs.300 crores during the financial year 2005-2006.

    Sri Naidu held various coveted and honorable positions including Chief Minister
    of Andhra Pradesh, Minister for Finance & Revenue, Minister for Archives & Cinematography,
    Member of the A.P. Legislative Assembly, Director of A.P. Small Industries Development
    Corporation, and Chairman of Karshaka Parishad.

    Sri Naidu has won numerous awards including " Member of the World Economic
    Forum's Dream Cabinet" (Time Asia ), "South Asian of the Year " (Time Asia ), " Business
    Person of the Year " (Economic Times), and " IT Indian of the Millennium " ( India Today).

    18
    Sri Naidu was chosen as one of 50 leaders at the forefront of change in the year
    2000 by the Business Week magazine for being an unflinching proponent of technology and for
    his drive to transform the State of Andhra Pradesh .

    Forward looking statements:

    “We have grown, and intended to grow, focusing on harnessing our willingness to
    experiment and innovate our ability to transform our drive towards excellence in quality, our
    people first attitude and our strategic direction.

    Mission:

    Bringing prosperity into rural families of India through co-operative efforts and
    providing customers with hygienic, affordable and convenient supply of " Fresh and Healthy "
    food products.

    Vision:

    To be a progressive billion dollar organization with a pan India foot print by


    2012.To achieve this by delighting customers with "Fresh and Healthy" food products, those are
    a benchmark for quality in the industry.

    We are committed to enhanced prosperity and the empowerment of the farming


    community through our unique "Relationship Farming" Model.

    To be a preferred employer by nurturing entrepreneurship, managing career


    aspirations and providing innovative avenues for enhanced employee prosperity.

    Heritage Slogan:

    When you are healthy, we are healthy

    19
    When you are happy, we are happy

    We live for your "HEALTH & HAPPINESS"

    Quality policy of HFIL:

    We are committed to achieve customer satisfaction through hygienically processed and


    packed Milk and Milk Products. We strive to continually improve the quality of our products and
    services through upgradation of technologies and systems.

    Heritage's soul has always been imbibed with an unwritten perpetual commitment to
    itself, to always produce and provide quality products with continuous efforts to improve the
    process and environment.

    Adhering to its moral commitment and its continuous drive to achieve excellence
    in quality of Milk, Milk products & Systems, Heritage has always been laying emphasis on not
    only reviewing & re-defining quality standards, but also in implementing them successfully. All
    activities of Processing, Quality control, Purchase, Stores, Marketing and Training have been
    documented with detailed quality plans in each of the departments.

    Today Heritage feels that the ISO certificate is not only an epitome of achieved
    targets, but also a scale to identify & reckon, what is yet to be achieved on a continuous basis.
    Though, it is a beginning, Heritage has initiated the process of standardizing and adopting similar
    quality systems at most of its other plants.

    Commitments:

    Milk Producers:

    Change in life styles of rural families in terms of:

     Regular high income through co-operative efforts.


     Women participation in income generation .
     Saved from price exploitation by un-organized sector .

    20
     Remunerative prices for milk .
     Increase of milk productivity through input and extension activities
     Shift from risky agriculture to dairy farming
     Heritage
     Financial support for purchase of cattle; insuring cattle
     Establishment of Cattle Health Care Centers
     Supplying high quality Cattle feed
     Organizing "Rythu Sadasu" and Video programmes for educating the farmers in dairy
    farming

    Customers:

     Timely Supply of Quality & Healthy Products


     Supply high quality milk and milk products at affordable prices
     Focused on Nutritional Foods
     More than 4 lakh happy customers
     High customer satisfaction
     24 hours help lines ( <10 complaints a day)

    Employees:

     Enhancing the Technical and Managerial skills of Employees through continuous training
    and development
     Best appraisal systems to motivate employees
     Incentive, bonus and reward systems to encourage employees
     Heritage forges ahead with a motto "add value to everything you do"

    Returns:

    Consistent Dividend Payment since Public Issue (January 1995)

    Service:

    21
     Highest impotence to investor service; no notice from any regulatory authority since 2001
    in respect of investor service
     Very transparent disclosures

    Suppliers:

    Doehlar: technical collaboration in Milk drinks, yogurts drinks and fruit flavoured drinks
    Alfa-Laval: supplier of high-end machinery and technical support Focusing on Tetra pack
    association for products package.

    Society:

     Potential Employment Generation

    more than 3500 employees are working with heritage

    more than 9500 procurement agents got self employment in rural areas

    more than 5000 sales agents associated with the company

     Employment for the youth by providing financial and animal husbandry support for
    establishing MINI DAIRIES
     Producing highly health conscious products for the society

    Qualities of management principles:

    22
    1. Customer focus to understand and meet the changing needs and expectations of
    customers.
    2. People involvement to promote team work and tap the potential of people.
    3. Leadership to set constancy of purpose and promote quality culture trough out the
    organization.
    4. Process approach to assess the efficiency and effectiveness of each process.
    5. Systems approach to understand the sequence and interaction of process.
    6. Factual approach to decision making to ensure its accuracy.
    7. Continual improvement processes for improved business results.
    8. Development of suppliers to get right product and services in right time at right place.

    Product/Market wise performance:

    The total turnover is Rs 341 Crores during the financial year 2006-07 against the
    turnover of 292.02 Crores in 2005-06. Today Heritage distributes quality milk & milk products
    in the states of A.P, Karnataka, Kerala & Tamil nadu.

    During the year 2006-07 liquid milk sales was Rs.28329.79 lakhs against
    Rs.24525.23 lakhs in the previous year. The sales of miik products including bulk sales of cream,
    ghee and butter were recorded Rs 5781.59 lakhs against Rs 4677.21 lakhs.

    Milk sales:

    23% growth was recorded in AP 2.38 lakhs litres per day(LLPD) in 2006-07 against 1.93
    LLPD in 2005-06. 13% growth was recorded in Tamilnadu-1.53 LLPD in 2006-07 against 1.35
    LLPD in 2005-06. Over all growth of 6% was recorded- 5.49 LLPD in 2006-07 against 5.16
    LLPD. Flavoured milk sales recorded a growth rate of 77% over 2005-06. Butter milk sales have
    gone up by 45% over 2005-06.

    Outlook:

    Considering the growth potential in the liquid milk market, the company has
    drawn plans to increase its market share in the existing markets and to enter into new markets

    23
    there by doubling revenues in dairy business in the next 3 years. To achieve this object, company
    is undertaking major expansion in dairy business by inverting over Rs20 crores during 2006-07
    and over Rs10 crores during the current year to strengthen the milk procurement.

    BRANCHES OF HFIL:

    HFIL has 3 wings. They are

    1. Dairy
    2. Retail
    3. Agribusiness

    1. Dairy:

    It is the major wing among all. The dairy products manufactured by HFIL are

    Milk, curd, butter, ghee, flavoured milk, paneer, doodhpeda, ice cream.

    2. Retail:

    In the retail sector HFIL has outlets namely “Fresh@”. In those stores the products
    sold are vegetables, milk& milk products, grocery, pulses, fruits etc.

    In Hyderabad 19 retail shops are there. In Bangalore& Chennai, 3&4 respectively


    are there. Totally there are 26 retail shops are there.

    Fresh@ is a unique chain of retail stores, designed to meet the needs of the
    modern Indian consumer. The store rediscovers the taste of nature every day making grocery
    shopping a never before experience.

    24
    The unique& distinctive feature of Fresh@ is that it offers the widest range of
    fresh fruits and vegetables which are directly hand picked from the farms. Freshness lies in their
    merchandise and the customers are always welcomed with fresh fruits and vegetables no matter
    what what time they walk in.

    3. Agri Business:

    In this business HFIL employees will go to farmers and have a deal with them.
    Those farmers will sell their goods like vegetables, pulses to HFIL only. And HFIL will transport
    the goods to retail outlets.

    The agricultural professors will examine which area is suitable to import


    vegetables from and also examine the vegetables, pulses and fruits in the lab. And finally they
    report to the Head-Agribusiness. Representatives as per the instructions given by the agri
    professors will approach the farmers directly and make a deal with them. It is the process of
    registering the farmers.

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    LITERATURE REVIEW

    PAY ROLL SYSTEM

    Harry S. Truman said ” Actions are the seed of fate deeds grow into destiny” ,  similarly the
    tasks performed by an employee gets billed as a salary which an organization pay through the
    payroll system. This is processed every month towards the last week to disburse the salaries. The
    process includes managing large number of data generated through the attendance and other
    inclusions. This process entails payouts post the standard deductions and reimbursements.

    This system includes certain common functionality which includes the areas as discussed below :

     New employee inclusion: When a new employee joins an organization Inputs including
    salary details, reimbursements, statutory deductions, benefit enrollment and many such
    information are filled in the ERP System from which the payroll data are collected. This

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    information is provided  gets stored in the ERP system which is connected to the
    company database.

     Tax declaration form: The tax gets deduced as per the government guidelines. Hence,
    an internal tax declaration form is filled and provided by the employee supported with the
    documents to suffice for tax rebates. These include rent agreement, to claim the HRA ,
    investment in Saving Schemes offering tax saving, Home loans etc. Different accounting
    cycles may have its own time to consider this. Such as, in certain organization, the tax
    declaration is taken in the beginning of the employment and rebates are offered. At the
    end of the accounting year the supporting documents such as Medical bills would be
    required to validate the information provided by the employee at the beginning of the
    financial year. If those documents are not provided by the employee , yearly tax
    deduction would be made.

     Attendance data – This datum is collected from the attendance system. If, there are any
    gap in the data, it requires to be cross checked with the reporting leaders, to avoid errors.
    Late comings and early leaving are two areas which are calculated. These deductions are
    to be made as a part of penalty. Prolonged vacation and sabbaticals are verified as the
    employee may have left the organization. Off site deputation may have a separate process
    for calculating the attendance. Here the report might be drawn from the client’s feedback
    and system of data collection from the client’s site. Maternity or any other medical leaves
    are calculated as reported on pro rated basis. Incase they were approved by the leader, the
    leave balance would be allocated avoiding any deduction in the salary . Incase the leave
    balances have refurbished, the deduction in the salary may be reconsidered on the
    approval of the leader.

     Reimbursement for late working: Certain business situation may entail  high work
    volume or even a high priority task to be delivered at a short notice. These situations may
    require employees to work beyond their normal working hours. Legal standards direct on
    how the extra hours should be designed. Hence, any additional pay to be made along with
    any reimbursement for working late and  providing additional support requires to be
    included in the payroll sheet.

    27
     Other Reimbursements-  These are paid on submission of bills with the approval of the
    reporting manager or the decision making authority. It includes maintenance areas such
    as Car, mobile phone, etc. The eligibility to such a reimbursement is defined in the
    policy. The calculation remains to the grid as defined in the policy. Such as a manager
    may be eligible for a petrol reimburse of Rs. 5000 a month where as a Senior Manager or
    a Assistance Vice-President may be eligible for Rs.11000 or more. The total amount
    would be paid if the supporting bills are provided to the accounts team processing
    payroll. If it is not provided, there might be a tax deduction on them.

     Other Benefit payment – Every role would include certain benefits such as car ,
    accommodation, fees for first two children depending on the grade  and level. Every
    employee may not have this privilege. It is offered at a senior level which would require
    the employee to submit the bills to be reimbursed as tax free amount. The scope of error
    lies in miscalculations of data from the bills and excess taxing . Any submission of bills
    make the amount non-taxable to the employee. Yet it may get taxed by error.

     Shift allowances - This is offered to the employees who have been working in different
    shifts other than the  normal working hours. The working hour policy defines the time
    line and eligibility to such payouts. The confirmation to this payout comes from the
    reporting managers. The scope for errors lies in receiving and providing the data
    accurately in the payroll sheet.

     Pay for performance – This is performance incentives are disbursed for the achieving
    the targets as agreed in the scorecard. The pay on performance grades are announced .
    The reporting managers provide this input to the payroll generating team.

     Insurance intimation for new employees – Organization offer different insurance


    including mediclaim and accident insurance. These requires to be started when a new
    employee joins the company. These programs are reinstated every financial year for the
    employees in the payroll of the company. The monthly payroll includes this datum as it is
    a payout that may not reflect in the salary slip. Yet few companies allow the employees
    to avail extra coverage on a payment made by the employee over and above what is made

    28
    by the employer. On such an event , the deduction is made from the salary every month
    for that employee.

     Stop payment – Organization have a policy to initiate a stop payment for the employee
    who resigns and would be leaving the company. As defined in the exit policy , the notice
    period  starts from the day an employee resigns. It may be for a month or more than that
    upto three months.  The stop payment is initiated on the last month , where the employee
    would not receive the salary at the end of the month but with the full and final settlement.
    Ideally this helps to calculate the clearance as there might be dues to be cleared by the
    employee . The stop payment initiation is made by the HR team , where an email
    including a request to stop the payment of the employee is send to the accounts
    department who would process  payroll. Generally HR Team initiates this when the
    reporting manager of an employee mails the resignation acceptance by the employee.

     Full and final settlement : When an employee leaves an organization, the process of
    clearance includes calculating  all the number of  holidays that are not availed . These
    required to be reimbursed calculating it from the basic salary for those days. The salaries
    of the months that were freezed as a result of resignation, any bonus to be paid and every
    other payment to be made at the time of separation.

     Deductions: Statutory requirements share a guideline on how the deduction should be


    made from the salary. The Any deduction due to a loan or loss of pay

    The complexity of this process increase with the volume it manages and processes it follows.
    The scope of error lies in miscalculation, duplication, missing the due dates resulting in incorrect
    disbursement.

    If this process is outsourced to vendors, it’s important to check if the vendor would have the
    bandwidth to align with the changing organizational structures or business model. If there are
    series of mergers and acquisitions are planned by the organization  , the vendor should be able to
    accommodate it.

    Few of the performance Indicators to the payroll process have been shared below:

    29
     How timely has it been process -The payment needs to be rolled out timely every month
    without any non-adherence to the service level agreement. The salaries have an indelible
    effect on the employees. Any delay would affect the morale. Hence , organizations follow
    stringent rules to ensure the payment is made on time.

     How accurately the data was provided – The data provided to the payroll sheet after
    the assimilation and final  calculation remains the final input for the payouts. Incase these
    inputs are made inaccurately, it causes a massive impact in the salary disbursed. Any
    inaccurate salary disbursement is taken as non-adherence to the policy . The inaccuracy
    may range from incorrect data for employee ids to reimbursement. The corrections can be
    made during the next month’s payroll but requires a lot of validation creating
    unnecessary hassles and bottlenecks.

     How many re-runs in between the process - The re-runs for the payroll system
    increases the cost to run it. This impacts the business spending hence lowers the ROI on
    this system.

     Time within which the data need to be provided- If the data required to run the payroll
    gets delayed , it creates a bottleneck for the final calculation. This is often mitigated by
    keeping the deadline way ahead of the payroll time. The cost incurred for this error,
    needs to be calculated on the time taken by the supervisor who was responsible for the
    input.

    Finally this process may not appear to be a month long just as other ongoing processes are. Yet
    there are areas of this process which keeps working even when the payroll is not been run. The
    errors and risks to this process can be well mitigated and countered when identified ahead of
    time. This process remains a vital as the employees who are most valuable assets to any
    company gets paid through it. Just as John Maynard Keynes noted that ” The social object of
    skilled investment should be to defeat the dark forces of time and ignorance which envelop our
    future”.

    In a company, payroll is the sum of all financial records of salaries for an employee, wages,
    bonuses and deductions. In accounting, payroll refers to the amount paid to employees for

    30
    services they provided during a certain period of time. Payroll plays a major role in a company
    for several reasons. From an accounting point of view, payroll is crucial because payroll and
    payroll taxes considerably affect the net income of most companies and they are subject to laws
    and regulations (e.g. in the U.S. payroll is subject to federal and state regulations). From ethics in
    business viewpoint payroll is a critical department as employees are responsive to payroll errors
    and irregularities: good employee morale requires payroll to be paid timely and accurately. The
    primary mission of the payroll department is to ensure that all employees are paid accurately and
    timely with the correct withholdings and deductions, and to ensure the withholdings and
    deductions are remitted in a timely manner. This includes salary payments, tax withholdings, and
    deductions from a paycheck.

    Pay Check

    A Pay Check is traditionally a paper document issued by an employer to pay an employee for
    services rendered. In recent times, the physical paycheck has been increasingly replaced by
    electronic direct deposit to bank accounts. Such employees may still receive a complete pay slip
    (see below) package, but the attached check is noted as non-negotiable.

    In most countries with a developed wire transfer system, using a physical check for paying
    wages and salaries has been uncommon for the past several decades. However, vocabulary
    referring to the figurative "pay cheque" does exist in some languages, like German
    (Gehaltsscheck), partially due to the influence of popular media, but this commonly refers to a
    payslip or stub rather than an actual cheque. Some company payrolls have eliminated both the
    paper cheque and stub, in which case an electronic image of the stub is available on an Internet
    website.

    Payroll taxes

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    Government agencies at various levels require employers to withhold income taxes from
    employees' wages.

    In the United States, "payroll taxes" are separate from income taxes, although they are levied on
    employers in proportion to salary; the programs they fund include Social Security, and Medicare.
    U.S. income and payroll taxes collected through deductions are considered to be trust fund taxes,
    because the employer holds the deducted money in trust for later remittance.

    Payroll Taxes in U.S.

    Before considering the payroll taxes we need to talk about the Basic Formula for the Net Pay.
    Basically from gross pay is subtracted one or more deductions to arrive at the Net Pay. In fact
    Employee's gross pay (pay rate times number of hours worked, including any over time) minus
    payroll tax deductions, minus voluntary payroll deductions, is equal to Net Pay. As you can see
    payroll tax deductions play a critical role and just because they are provided by law we can call
    them Statutory payroll tax deductions.

    The employer must withhold payroll taxes from an employee's check and hand them over to
    several tax agencies by law. Payroll taxes include:

    1. Federal income tax withholding, based on withholding tables in "Publication 15,


    Employer's Tax Guide" by Internal Revenue Service - IRS;
    2. Social Security tax withholding. The employee pays 6.2 percent of the salary or wage, up
    to 106,800. The employer also pays 6.2 percent in Social Security taxes. If you are self-
    employed, you pay the combined employee and employer amount of 12.4 percent in
    Social Security taxes on your net earnings;
    3. Medicare tax. The employee pays 1.45 percent in Medicare taxes on the entire salary or
    wage. The employer also pays 1.45 percent in Medicare taxes. If you are self-employed,
    you pay the combined employee and employer amount of 2.9 percent in Medicare taxes
    on your net earnings;
    4. State income tax withholding;
    5. various local tax withholding, such as city taxes, county taxes, school taxes, state
    disability, and unemployment insurance.

    32
    As for the sources considered as references we can mention the following publications:

     Publication 15, (Circular E), Employer's Tax Guide. This publication explains employer's
    tax responsibilities. It explains the requirements for withholding, depositing, reporting,
    paying, and correcting employment taxes. It explains the forms any employer must give
    to its employees, those employees must give to the employer, and those employer must
    send to the IRS and SSA (Social Security Administration). This guide also has tax tables
    needed to figure the taxes to withhold from each employee;
     Publication 15-A, Employer’s Supplemental Tax Guide. This publication supplements
    Publication 15 (Circular E), Employer’s Tax Guide. It contains specialized and detailed
    employment tax information supplementing the basic information provided in Publication
    15 (Circular E);
     Publication 15-B. Employer's Tax Guide to Fringe Benefits. This publication
    supplements Publication 15 (Circular E), Employer’s Tax Guide, and Publication 15-A,
    Employer’s Supplemental Tax Guide. This publication contains information about the
    employment tax treatment of various types of noncash compensation.

    In the earlier part we have considered payroll taxes related to employee's side. Now it's the
    moment to talk about the Employer Payroll Taxes Employers are responsible for paying their
    portion of payroll taxes. These payroll taxes are an expense over and above the expense of an
    employee's gross pay. The employer-portion of payroll taxes include the following:

    1. Social Security taxes (6.2% up to the annual maximum);


    2. Medicare taxes (1.45% of wages);
    3. Federal unemployment taxes (FUTA);
    4. State unemployment taxes (SUTA).

    Very often you can hear people using FICA in their terminology. FICA stands for the Federal
    Insurance Contributions Act and the FICA tax consists of both Social Security and Medicare
    taxes. As we explained earlier both parties pay half of these taxes. Employees pay half, and
    employers pay the other half. Social Security and Medicare taxes are paid both by the employees
    and the employers. In summary together both halves of the FICA taxes add up to 15.3 percent.

    33
    Any employer is responsible for paying the employer's share of payroll taxes, for depositing tax
    withheld from the employees' paychecks, preparing various reconciliation reports, accounting for
    the payroll expense through their financial reporting, and filing payroll tax returns. As you see
    this suite of employer payroll tax responsibilities is far above issuing paychecks to employees.

    Pay slip

    A pay stub, paystub, pay slip, pay advice, or sometimes paycheck stub, is a document an
    employee receives either as a notice that the direct deposit transaction has gone through, or as
    part of their paycheck. It will typically detail the gross income and all taxes and any other
    deductions such as retirement plan contributions, insurances, garnishments, or charitable

    34
    contributions taken out of the gross amount to arrive at the final net amount of the pay, also
    including the year to date totals in some circumstances. Pay slips are labor analogs of remittance
    advice letters (which are used for invoices) – they state "you have been paid X amount
    (paycheck) for Y services (hours worked)".

    Most of the provinces and territories in Canada allow employers to issue electronic payslips, if
    the employees have confidential access to it and are able to take a print out.

    Payroll card

    For employees that, for one reason or another, do not have access to a bank account (bad check
    history, not in close proximity to bank, etc.), there is a solution, offered by most major Payroll
    Service Providers. Instead of an employee receiving a check, and paying up to 5-10% to cash the
    check, the employee can have the direct deposit loaded onto a debit card. In this, a company can
    save money on printing checks, not buy the expensive check stock, and not having to worry
    about check fraud, due to a check being lost or stolen. A payroll card is a plastic card allowing an
    employee to access their pay by using a debit card. A payroll card can be more convenient than
    using a check cashier, because it can be used at participating automatic teller machines to
    withdraw cash, or in retail environments to make purchases. Some payroll cards are cheaper than
    payday loans available from retail check cashing stores, but others are not. Most payroll cards
    will charge a fee if used at an ATM more than once per pay period.

    The payroll card account may be held as a single account in the employer's name. In that case,
    the account holds the payroll funds for all employees using the payroll card system. Some
    payroll card programs establish a separate account for each employee, but others do not.

    35
    Many payroll cards are individually owned dda (demand deposit accounts) that are owned by the
    employee. These cards are more flexible, allowing the employee to use the card for paying bills,
    and the accounts are portable. Most payroll card accounts are FDIC-insured, but some are not.

    Payroll Frequencies

    Companies typically generate their payrolls on regular intervals, for the benefit of regular income
    to their employees. The regularity of the intervals, though, varies from company to company, and
    sometimes between job grades within a given company. Common payroll frequencies include:
    daily, weekly, bi-weekly (once every two weeks), semi-monthly (twice per month), and to
    somewhat of a lesser extent, monthly. Less common payroll frequencies include: 4-weekly (13
    times per year), bi-monthly (once every two months), quarterly (once every 13 weeks), semi-
    annually (twice per year), and annually.

    Warrants

    Payroll warrants look like checks and clear through the banking system like checks, but are not
    drawn against cleared funds in a deposit account. Instead they are drawn against "available
    funds" that are not in a bank account, so the issuer can collect interest on the float. In the US,
    warrants are issued by government entities such as the military and state and county
    governments. Warrants are issued for payroll to individuals and for accounts payable to vendors.
    Technically a warrant is not payable on demand and may not be negotiable.[5] Deposited warrants
    are routed to a collecting bank which processes them as collection items like maturing treasury
    bills and presents the warrants to the government entity's Treasury Department for payment each
    business day.

    In the UK, warrants are issued as payment by the NS&I when a Premium Bond is chosen.

    Payroll Outsourcing

    Businesses may decide to outsource their payroll functions to an outsourcing service like a
    Payroll service bureau or a fully managed payroll service. These can normally reduce the costs

    36
    involved in having payroll trained employees in-house as well as the costs of systems and
    software needed to process a payroll. In many countries, business payrolls are complicated in
    that taxes must be filed consistently and accurately to applicable regulatory agencies. Restaurant
    payrolls which typically include tip calculations, deductions, garnishments and other variables,
    can be difficult to manage especially for new or small business owners.

    In the UK, payroll bureaus will deal with all HM Revenue & Customs inquiries and deal with
    employee's queries. Payroll bureaus also produce reports for the businesses' account department
    and payslips for the employees and can also make the payments to the employees if required.

    Another reason many businesses outsource is because of the ever increasing complexity of
    payroll legislation. Annual changes in tax codes, Pay as you earn (PAYE) and National
    Insurance bands as well as statutory payments and deductions having to go through the payroll
    often mean there is a lot to keep abreast of in order to maintain compliance with the current
    legislation.

    Payrolling

    Payrolling is the business practice of referring a contingent worker to a staffing vendor or


    payrolling provider so that they are the employer of record responsible for employer taxes,
    payroll, and all legal matters pertaining to employing workers. Different from sourcing (or
    recruiting) where the staffing vendor uses internal recruiters to locate contractors on behalf of the
    requesting company or client, payrolled workers are identified by the client.

    Often payrolled workers are known to the client from previous engagements or as former
    employees. Because the costs of recruiting workers in to contract positions are eliminated the
    payrollees are often processed at reduced mark up rates.

    In the last several years, some dedicated payrolling companies have emerged in the staffing
    industry to provide payrolling services. In the US they are known as Professional Employee
    Organizations or PEO's. They charge the cost of the employee payroll and add a surchage for
    their services.

    37
    Monthly Assignments
    Payroll

     Preparation of salary sheet for the company for Staff (salary sheet shall be prepared as
    per the cost centers and locations provided by the company).

     Preparation of monthly pay slips and delivery in separate envelops for each employee.
    (Internal distribution of the envelops shall be the responsibility of the Company.

     While preparing the monthly salary consider - TDS on salary, PF and loan installments.

     Preparation of the Bank Transfer advice and monthly accounting and reconciliation of the
    bank account from where salary shall be disbursed.

     Preparation of challan of monthly TDS amount. The deposit & collection of the TDS
    challan from the bank will be the responsibility of the Company.

     Provide monthly-consolidated amounts of salary in appropriate accounts heads for


    accounting.

    Provident Fund

     Preparation of the statement of Provident Fund dues.


     Transfer of provident fund money to the RPFC.

    38
     Assistance to the Company, during inspection by the PF authorities.
     Preparation of challan of monthly PF amount and filing of monthly returns.

    Reimbursements

     Verification of claims as per the guidelines issued by the company and checking
    taxability as per the income.
     Statement of monthly reimbursements as per the instruction given by the management.
     Maintenance of records of such reimbursements for each employee and entitlement
    thereof.
     Payment of reimbursements on monthly basis.

    Annual Assignments

     Computation of estimated Taxable income based on the information provided by the


    company and update before year-end for final deduction of tax.

    39
     Preparation of TDS certificates for employees on annual basis as required under Income
    Tax Rules.
     Preparation of TDS returns and filing the same with Tax department.
     Computation of annual bonus as per the instructions given by the management.
     Prepare and provide information of salary for Directors report as required u/s 217 of the
    companies Act 1956
     Provident Fund – preparation and filing of annual return in form 3A and 6A.

    TIBS focuses on providing payroll services in a manner that enhances the efficiency of the
    payroll process (by way of quality and timeliness of output) in our client organizations.

    As a payroll service provider TIBS offers end-to-end services including the following.

     Salary structuring
     Payroll processing, including handling statutory calculations
     Statutory remittances (Income tax, PF, ESI etc.)
     Statutory form filings (Income tax, PF, ESI etc.)

    40
     MIS reporting
     Payment advice creation and salary disbursal
     Conducting “tax camps” to educate employees on provisions available for tax rebates
     Tax declaration verification
     Payroll claims processing including bills verification

    Bank reconciliation is the process matching and comparing figures from accounting records
    against those presented on a bank statement. Easy Account has skilled accountants to provide
    bank reconciliation services such as personal bank reconciliation, business bank reconciliation,
    and payroll bank reconciliation. Our professionals do bank reconciliation entries and generates
    bank reconciliation reports which avail our clients to get competitive advantage.

    41
    Reconciling your bank account is a costly and time consuming task that no business organization
    can afford to neglect. Because most companies write hundreds of checks each month and make
    many deposits, reconciling the amounts on the company's books with the amounts on the bank
    statement can be complicated and time consuming. There are chances for a difference in the
    balance on the bank statement vs. the balance in the cash account on the company's books. It is
    also possible that neither balance is the true balance. In certain cases both balances may need
    adjustment in order to report the true amount of cash.

    Our bookkeepers and accountants will use their skills and knowledge ensuring that the client’s
    bank statement is consistent with the amounts in the company's cash account in its general ledger
    and vice versa. A variety of transactions such as outstanding checks, deposits in transit, bank
    charges/service charges, NSF checks, interest earned, and receipts from customers will be
    scrutinized by our professionals. Our professionals are experts in diagnosing errors in the
    company's cash account, as well as in the bank statement.

    Bank reconciliation process we follow

     Adjusting the Balance per Bank


     Adjusting the Balance per Books
     Comparing the Adjusted Balances
     Preparing Journal Entries

    Take maximum advantage of EasyAccount India’s cost efficient and time saving service levels
    to meet all your bookkeeping and accounting business needs.

    Payroll Processing With Personal Service

    Managing payroll of a business is not an easy task for even the most precise and experienced
    human resources professionals. For many businesses, especially small businesses, payroll
    services offer an attractive and valuable alternative to in-house processing. Outsourcing the
    responsibility to service providers like EasyAccount will be a wise option for those who wish to

    42
    break free from the hassles and headaches of maintaining their payroll. We can provide a time
    saving, cost effective, and simpler means of paying employees, filing taxes, meeting HR
    management needs, and performing other payroll processing tasks.

    EasyAccount India helps global prospects to find effective solutions for a range of their typical
    payroll processing tasks including but not limited to:

     Calculating paycheck and tax obligations for each employee


     Printing and delivering checks
     Tax filing
     Web based payroll data entry
     Automatic check signatures
     Direct deposit

    Taxation Services - Manage Your Tax Obligations

    Avoiding tax troubles is of utmost priority for any business owner. Complying with all sorts of
    regulatory tax requirements is a daunting task that needs professional advice and support.

    EasyAccount, renowned for its capability in delivering fast and accurate taxation services for
    sensibly managing your tax obligations.

    Our taxation services include

     Income Tax Preparation


     Payroll Tax Preparation
     TDS Return Preparation
     Service Tax Preparation

    We offer consultancy, calculation, and retrun preparation services to help you take control of
    your taxes.

    43
    Our service can be utilized by any individual or organization, ranging from small business
    owners to corporate groups, that falls under the purview of tax obligations.

    Data Entry Service

    In the modern business world many companies require timely data and information to take
    strategic and important decisions. To get this data they outsource data entry services to
    offshore data entry companies as they are more cost effective, experts at the job and can
    provide results which can help them to evaluate the data correctly and take the relevant
    decisions.

    The number of offshore data services providers has increased exponentially over the past
    couple of years however there are not many companies that can offer good services and accurate
    results. The experienced team working at EasyAccount a professional data entry
    offshore company has the desired caliber and expertise to make data entry an easy and
    convenient task. We ensure offshore data entry works to your satisfaction, as we understand
    that the success of your business lies on accurate data and fast information at any given point.

    44
    Choosing EasyAccount as your offshore data entry company will provide you with a lot of
    value add in the business you do and will ensure that you get the desired results to make your
    business decision move in the right direction. As a leading data entry offshore company we
    concentrate on core processes to ensure data entry works the way you want it to be. We
    specialize in all fields of data entry, data conversion and data processing and ensure unique
    customized solutions for all your data services needs.

    To make your data entry projects a successful proposition we offer the following data entry
    services:

     Online and offline data entry


     Form and field entry
     Image entry
     Entry for various legal documents
     Entry for insurance claims
     Entry done hand written

    EasyAccount a dedicated offshore data services company has the potential to take care of all
    your data entry requirements in the most professional manner ensuring reasonable costs. We use
    the latest technologies for a variety of data entry tasks like data capturing, data mining and data
    extraction. This also helps us in automating a wide range of operations thus ensuring high quality
    deliverables, low costs and increase in work efficiency at all times.

    45
    Payroll Services

    RGBSI is a leading provider of Payrolling services and benefits Administration for contract
    workforce. Our process, Program Management and customer service expertise enables our
    clients to focus on their core business.

    The Contract workforce may include Independent Contractors, 1099s, W-2 employees, retirees,
    summer interns, etc. Since these workers become employees of RGBSI, you eliminate
    paperwork, benefits, payroll and related tax issues and minimize co-employment risks.

    RGBSI's Payroll and Human Resource Management brings necessary services for you to
    leverage some of the employee compliance including, but not limited to:

     Weekly / Bi-Weekly Payroll Processing


     Employee in- and out-processing

    46
     Managing compensation and classification administration
     Benefits processing
     Time Sheet and leave processing
     Payroll taxes (FICA, FUTA, SUTA), unemployment, disability, and workers'
    compensation taxes and employee claims, all handled by RGBSI
     Drug & Background Checks

    Benefits of RGBSI PAYROLL Services:

     Reduce labor Procurement life cycle


     Competitive Mark-Ups and Flexible business models
     Reduced overhead and paperwork
     Complete Payroll Tax Administration
     Offers comprehensive General liability and workers compensation insurance policies
     Provides weekly / bi-weekly payroll processing for all employees and offers direct
    deposit by electronic payroll system
     Employee Online Self Service System
     Error Free Transactions using direct online interface for Time Sheet management to
    provide accuracy
     Consolidate all payroll transaction under one platform
     Funds held in "Vendor in Trust" account

     Payroll module can be used to standardize the way a company handles the calculation and
    processing of its employee's payroll. Payroll module calculates and tracks employee
    salaries, wages, bonuses, tax withholdings, and deductions. It prints employee paychecks,
    provides reports to better manage employee pay records, and generates complete weekly,
    monthly, quarterly, and annual reports. Essentially, payroll module can help to streamline
    the entire process, making the task of processing payroll less time-consuming and
    cumbersome.

     Companies have different pay rates and commission schemes for each employee. So if
    one's payroll system is something like this, manual payroll preparation can be quite

    47
    complex. In such cases it is advisable to use payroll module, as it make things easier and
    reduce the chances of human errors. Once you have defined the compensation package of
    the employee's in the organization hierarchy, the system automatically takes the figures
    for the payroll.

    Easy PAY - Payroll Management Software

    Easy PAY is very easy, flexible and user-friendly Payroll Management software that takes care
    of all your requirements relating to accounting and management of employee’s Payroll. This
    versatile, user friendly, package, offers user defined Earning / Deduction / Loan Heads &
    Calculation Formulae / Tables. The package generates all the outputs & statutory reports
    required by a Payroll application.

    Highlights:

         User Defined Earnings &


    Deductions
         Leave & Attendance
    Management
         Loan & Advance Management
         Payroll Processing
         Salary Reports
            (Payslip & Salary Sheet)
         Bank Transfer
         Reimbursement Management
         Arrears Calculation
         Other Payments
         PF Calculation & Reports
         ESIS Calculation & Reports
         Professional Tax
         Income Tax Management
         Full & Final Settlement

    48
         User Defined Reports
         Reporting
         Datta Import
            (Masters, Salary & Leave
    Record)
         HR Functions
         Other Add on Modules
         User Rights

    Key Feature Details:

          Flexible Structure building capability of Earnings & Deductions


     Flexibility to add or modify any number of Salary Components - Earnings &
    Deductions
     User Defined Entry Field with unmatched flexibility for Formula, percentage or
    Customized Calculation
     Taxable & Non Taxable Earnings for Income Tax Calculations
     
     Payslip / Non Payslip Component
     Calculation based on Attendance
     Monthly or Yearly Payments
     Also compute various other components that do not appear in Payslip

          Leave & Attendance Management


       Leave Rules can be defined
     Increment of Leave on Pro-rata basis
     Carry forward facility for balance leave
     Encashment of Leave
     Leave Utilizes & Balances can be checked
     CL, PL, SL, Compensatory & Customizable Leaves
     Automatic Leave payout on termination of Employees (in Full & Final Settlement)
     Swipe card / Attendance machine if any can be linked to our software

    49
     Attendance Arrears
     Monthly Attendance Register & Yearly Attendance Summary

          Loan & Advance Management


     User Definable Loans/Advances (Multiple)
     Loan Disbursement option with EMI option
     Automatic recovery of EMI & stops automatically once the Loan amount is totally
    recovered
       Auto calculation of Interest on Loans based on Flat Interest, Reducing Balance
     Lumsum recovery of Loan
     Interest free Loan Perquisites as per Income Tax
     Loan Recovered, Loan Balances & Loans History – Employee wise

          Payroll Processing
     Input information for all newly joined employees and resign left employees
     Create a new payroll month & Process Salary
     Over-ride facility for any Salary components
     Salary on Hold & Freezing of Salary in case of Termination of Employees

       Process by Exception - you only need to enter Pay and/or deduction information when
    there are changes
     Pro-rata calculations for employees based on Absenteeism
     Process & Print Payslips for groups or for selected employees
     Lock month facility to avoid changes in Processed Data

          Salary Reports (Payslip & Salary Sheet)


       Automatically calculates all the income, deductions & Company Contributions as per
    the requirement
     Regular Payslips (with Logo) can be viewed or Emailed
     Reimbursement Payslips can be viewed or Emailed
     User defined Salary Sheets can be viewed
     Generates Cash / Cheque / Bank Transfer List
     Generate Bank Statement, Direct Electronic Bank transfer files & Covering Letter for

    50
    Banks
     YTD salary Sheet & Summary of each employee
     Separate Payslips can be generated for Arrears, Medical, Reimbursement & LT

          Bank Transfer
     Bank Transfer Statement facility available for all the banks
     Soft copy format also available in Excel or any format specified by different banks
     Bank Transfer Statements can be generated for both Regular, Reimbursement
      Payments & Supplementary Payments
     Covering Letters
     Cheque / Bank Transfer / Cash List

          Reimbursement Management
     Multiple Reimbursement Components like Medical , LTA & Customizable
    Reimbursement Components
     Upper limits can be specified – Employee wise or Grade wise
     Annual Limits or Monthly Accruals
     
     Opening Balance, Entitlement, Amount Reimbursed and Balance amount can be
    checked
     Reimbursement Payslips, Bank transfer statement for Reimbursement Component

          Arrears Calculation
     Arrears calculation for any previous period / Retrospective effect
     Separate Payslips can be generated for the Arrears Components
     
     Bank transfer statement for Arrears Component

          Other Payments
     Arrears Calculations
     Gratuity, Bonus & Exgratia Calculation
     Reimbursement - Medical, LTA or any other user definable reimbursement
       Supplementary Payments
     Monthly Reconciliation - allow us to compare the changes in the pay components
    from last month to this month or for any number of months

    51
          PF Calculation & Reports
     User defined PF Rate of Deduction for Employer & Employee
     Employee & Employer Contribution
     Automatic Bifurcation of EPF & EPS
       PF applicability check at Employee Level
     Options to Limit Maximum Salary for PF Deduction
     Form 5, 10, 12A, 3A, 6A, Challan & Reconciliation Statement

          ESIS Calculation & Reports


     User defined ESIC Rate of Deduction for Employer & Employee
     ESIC applicability check at Employee Level
     
     ESIC Register, Form 5, 6 & Challan

          Professional Tax
     User definable State wise Slab
     PT applicability check at Employee Level
     
     Form III & Challan

          Income Tax Management


     Auto calculations of Exemptions & Deductions and compute income tax payable for
    the entire year & the tax to be paid this month
     Auto calculation of TDS based on Projections
     Income Tax Projections with the options to deduct projected tds from Monthly Salary
     
     Prints Form 16, 16AA, 12BA & Challan 281
     Quarterly e-TDS Return as per the NSDL format
     Income Tax Projections can be emailed in PDF format

          Full & Final Settlement


     Employees Full & Final settlement can be prepared based on resignation of
    employees either in the current month or in the previous month
     Automatically calculates outstanding Loan balances, Notice pay and Leave
     
    Encashment , Gratuity and recovers all Loan balances and Income Tax.
     Generates Full & Final Settlement Calculation sheet for all the calculations done

    52
          User Defined Reports
     User Defined Reports with the option to choose from the available field, user can
    define his own customized columnar reports
     
     Sorting, Grouping, Sub-total, Grand-total & Conditions can be defined

          Reporting
     Output reports to screen, printer, MS Word & Excel
     Option to preview Payslips / Salary Sheets or any other reports on screen before final
    printing
     Print Transaction & Master History for any period
     
     Generating report is made easy with an advanced filter function to select the relevant
    employees or groups for the report
     Prints any of our report for the previous periods.

          Data Import (Masters, Salary & Leave Record)


     Employee & Payroll Data if available in Excel can Imported to our software
     
          HR Functions
     Personal Details Qualification , Work Experience, Earning Members, Dependent,
    Hobbies, Achievements, Checklist & Attachments Trainings, Commitment &
      Targets, Discipline & Appraisal
     Various Reminders

          User Rights
     Users can be created
       User Level Rights can be created and managed

          Other Add on Modules


     Integration of Payroll Software with Tally
       Cheque Printing Module

    53
    DATA ANALYSIS

    54
    &

    INTERPRETATION

    1. Your organization provides opportunity for growth and security.

    OPTIONS NO OF RESPONSES

    Strongly agree 46

    Agree 50

    Disagree 04

    Strongly disagree 0

    55
    50
    45
    40 Strongly agree
    35
    30 Agree
    25
    20 disagree
    15
    10 Strongly
    disagree
    5
    0
    NO OF RESPONSES

    Interpretation:

    The survey revealed that most of the employees strongly agree that the ICICI provides
    opportunity for growth and security and some are disagree about this.

    2. Pay and compensation package is adequate and fair in comparison to performance.

    OPTIONS NO OF RESPONSES

    Strongly agree 18

    Agree 52

    Neutral 18

    Strongly disagree 12

    56
    60

    50
    Strongly agree
    40
    Agree
    30
    Neutral
    20
    Strongly
    10 disagree

    0
    NO OF RESPONSES

    Interpretation:

    The survey revealed that most of the employees agree for the reason of their pay and
    compensation package is adequate and fair in comparison to performance and some are disagree.

    3. Medical facilities provided by the organization suites your health needs?

    OPTIONS NO OF RESPONSES

    Strongly agree 38

    Agree 46

    disagree 14

    Strongly disagree 0

    57
    50
    45
    40 Strongly agree
    35
    30
    Agree
    25
    20
    disagree
    15
    10
    Strongly disagree
    5
    0
    NO OF RESPONSES

    Interpretation:

    The survey revealed that most of the employees agree and strongly agree for the reason
    of the medical facilities provided by the organization which suits their health needs, and few are
    disagree.

    4. Your job allows you to use your skills and abilities.

    OPTIONS NO OF RESPONSES

    Strongly agree 22

    Agree 62

    Disagree 12

    Strongly Disagree 0

    58
    70
    60
    Strongly agree
    50
    40 Agree

    30 Disagree
    20
    Strongly
    10 Disagree
    0
    NO OF RESPONSES

    Interpretation:

    The survey revealed that most of the employees agree and strongly agree for using their
    skills and abilities in their job.

    5. Promotion policy of your organization ensures planned carrier growth.

    OPTIONS NO OF RESPONSES

    Yes 42

    No 40

    Can’t say 18

    59
    45
    40
    35
    30
    yes
    25
    No
    20 Can’t say
    15
    10
    5
    0

    Interpretation:

    The survey revealed that most of the employees are satisfied the promotion policy by the
    organization which ensures planed career growth. But most of the employees are un-satisfied by
    this policy.

    6. Is time worked by non salaried staff adequately recorded and authorized?

    OPTIONS NO OF RESPONSES

    Yes 78

    No 12

    Can’t say 10

    60
    80
    70
    60
    50 yes
    40 No
    Can’t say
    30
    20
    10
    0

    Interpretation:

    The survey revealed that most of the employees are that there is a time worked by non
    salaried staff adequately recorded and authorized by the organization which ensures planed
    career growth.

    7. Is leave and absence through sickness properly controlled?

    OPTIONS NO OF RESPONSES

    Yes 93

    No 7

    61
    NO OF RESPONSES

    100
    90
    80
    70 NO OF RESPONSES
    60
    50
    40
    30
    20
    10
    0
    Yes No

    Interpretation:

    The survey revealed that most of the employees are saying that absence through sickness
    properly controlled by the organization.

    8. Is the original pay rate authorized in writing and subsequent amendments properly approved?

    OPTIONS NO OF RESPONSES

    Yes 95

    No 5

    62
    NO OF RESPONSES
    120

    100

    80
    NO OF RESPONSES
    60

    40

    20

    0
    Yes No

    Interpretation:

    The survey revealed that most of the employees are saying that the original pay rate authorized in
    writing and subsequent amendments properly approved by the organization.

    9. Is there a periodic check by independent staff, comparing the payroll and personnel records?

    OPTIONS NO OF RESPONSES

    Yes 99

    No 1

    63
    NO OF RESPONSES
    120

    100

    80
    NO OF RESPONSES
    60

    40

    20

    0
    Yes No

    Interpretation:

    The survey revealed that most of the employees are saying that there a periodic check by independent
    staff, comparing the payroll and personnel records properly approved by the organization.

    10. Are the number of employees, amounts paid, and allowances and deductions, reconciled from one
    period to the next?

    OPTIONS NO OF RESPONSES

    Yes 89

    No 5

    Can’t Say 7

    64
    NO OF RESPONSES
    100
    90
    80
    70
    60 NO OF RESPONSES
    50
    40
    30
    20
    10
    0
    Yes No Can’t Say

    Interpretation:

    The survey revealed that most of the employees are saying that there are the number of employees,
    amounts paid, and allowances and deductions, reconciled from one period to the next, properly approved
    by the organization.

    11. Do procedures ensure staff leaving the company is cancelled from the payroll?

    OPTIONS NO OF RESPONSES

    Yes 100

    No 0

    65
    NO OF RESPONSES
    120

    100

    80
    NO OF RESPONSES
    60

    40

    20

    0
    Yes No

    Interpretation:

    The survey revealed that most of the employees are saying that there is procedures ensure staff leaving
    the company is cancelled from the payroll, properly approved by the organization.

    12. Do terms and conditions comply with local labor laws?

    OPTIONS NO OF RESPONSES

    Yes 100

    No 0

    66
    NO OF RESPONSES
    120

    100

    80
    NO OF RESPONSES
    60

    40

    20

    0
    Yes No

    Interpretation:

    The survey revealed that most of the employees are saying that terms and conditions comply with local
    labor laws only properly approved by the organization.

    13. Are there adequate controls over staff advances?

    OPTIONS NO OF RESPONSES

    Yes 60

    No 40

    67
    NO OF RESPONSES

    60

    50

    40 NO OF RESPONSES

    30

    20

    10

    0
    Yes No

    Interpretation:

    The survey revealed that most of the employees are saying there adequate controls over staff advances
    the organization is 60 % .and remains 40% says that is no controlled in it.

    14. Is the calculation of a sample of employee’s net pay periodically checked?

    OPTIONS NO OF RESPONSES

    Yes 60

    No 40

    68
    NO OF RESPONSES

    60

    50

    40 NO OF RESPONSES

    30

    20

    10

    0
    Yes No

    Interpretation:

    The survey revealed that most of the employees are saying there is a calculation of a sample of
    employee’s net pay periodically checked, and approved by the organization.

    Findings
    1. Those responsible for approving time worked are independent of those responsible for
    payroll preparation, determining cheque payments and the preparation and distribution of
    pay.

    2. Those responsible for maintaining personnel records are independent of those


    responsible for preparing the payroll.

    69
    3. Those responsible for payroll preparation are independent of those responsible for the
    preparation and distribution of pay, particularly where casual labor is employed or where
    there is no separate and independent personnel department.

    4. Those responsible for maintaining personnel records or originating entries on the


    personnel records are independent of those responsible for preparing pay packets or
    distributing pay.

    5. Those responsible for payroll preparation should be independent of those authorizing


    cheque payments, authorize bank transfers, etc.

    6. Those responsible for distributing pay should be independent of those determining


    cheque payments.

    Conclusion

    “The global business environment is buzzing with the single most important issue of Building a
    competitive edge by creating and retaining a large number of Employees than their goods and
    services every organization is therefore seized of the task of establishing sustaining its worth to
    the customer, who has been rendered unpredictable by competition”

    70
    Therefore every business is making a continuous effort for achieving Employees effort for
    achieving Employees loyalty

    In short it is total organizational culture and brand equity, which face challenge. So that there is a
    perennial struggle amongst organizations to sustain their existence in the market place, and hence
    in order to sustain the stiff competition the company has to take up market Research frequently
    to know the changing needs & preference of the Employees.

    This helps the company to reframe the policies in providing cutting edge technology to satisfy
    the Employees & retain him for a life time.

    SUGGESTIONS

     To improve the comfortless of Employees.


     Skilled and experienced persons should be provided at service center, so that
    problems of the Employees should be resolved completely.
     It is suggested that some more Benefits should be provided for Employees.

    71
     To provide better service to Employees at work shop.
     To make the Organization more spacious inside for development of Employees.
     To increase the place of R&D at work shop.

    BIBLIOGRAPHY

    HUMAN RESOURCE MANAGEMENT … P. SUBBA RAO

    72
    PERSONNEL / HUMAN RESOURCE MANAGEMENT STEPHEN ROBBINS

    HUMAN RESOURCE MANAGEMENT AN INFORMATION SYSTEMS APPROACH …


    WAYNE F
    CASCIO

    Searchingene:- Google

    Websites:- www.heritage.com
    www.hrindia.com
    www.parollsystemindia.com
    www.quwstionsurvey.com

    QUESTIONNAIRE

    Name:
    Age:
    Department:
    Designation:
    Please tick the appropriate

    73
    1. Your organization provides opportunity for growth and security ?

    (a) Strongly agree (b) Agree

    (c) Disagree (d) Strongly disagree

    2. Pay and compensation package is adequate and fair in comparison to


    performance ?

    (a) Strongly agree (b) Agree

    (c) Neutral (d) Disagree (e) Strong disagree.

    3. Medical facilities provided by the organization suits your health needs?

    (a) Strongly agree (b) Agree

    (c) Disagree (d) Strongly disagree

    4. Your job allows you to use your abilities?

    (a) Strongly agree (b) Agree

    (c) Disagree (d) strongly disagree

    5. Promotion policy of your organization ensures planned carrier growth?

    (a)Yes (b) No (c) Cant say

    6. Is time worked by non salaried staff adequately recorded and authorized?


    (a)Yes (b) No

    7. Is leave and absence through sickness properly controlled?


    (a)Yes (b) No

    74
    8. Is time worked by non salaried staff adequately recorded and authorized?
    (a)Yes (b) No

    9. Is leave and absence through sickness properly controlled?


    (a)Yes (b) No

    10. Is the original pay rate authorized in writing and subsequent amendments properly approved?
    (a)Yes (b) No

    11. Is there a periodic check by independent staff, comparing the payroll and personnel records?
    (a)Yes (b) No

    12. Are the number of employees, amounts paid, and allowances and deductions, reconciled from
    one period to the next?
    (a)Yes (b) No

    13. Do procedures ensure staff leaving the company is cancelled from the payroll?
    (a)Yes (b) No

    14. Do terms and conditions comply with local labor laws?


    (a)Yes (b) No

    15. Are there adequate controls over staff advances?


    (a)Yes (b) No

    16. Is the calculation of a sample of employee’s net pay periodically checked?


    (a)Yes (b) No

    75

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