Payroll Accounting

Protection of Labor rights is a serious objective of the Government and has consequently, implemented several laws to support the same.  Wages Protection System is a key component of these initiatives.  This system allows the authorities to monitor the wage / salary payments to employees and identify mal-practices.  Significant fines and penalties are associated when non-compliance is identified.

Payroll management and accounting is a key requirement for any business in the country which has employees on its license.  This again is a support activity and has the potential to divert the business focus from their core activities of business development and management.  Inadequate management of this activity has scope to have a direct financial impact on the business based on the penal actions by authorities concerned.

What exactly does Overture offer?

  • We set up your employee details on the payroll accounting system with all requisite details
  • We set up the salary structure by way of various components, like basic, allowances, HR, etc
  • We ensure proper accounting of salary advances
  • We ensure proper accounting of staff loans or deductions if any
  • We set up processes to allocate EOSB liabilities for current period
  • Monthly salary calculations are undertaken based on your business practice of hourly rates, monthly rates, absence policy, etc.
  • We generate your employee pay-slips
  • We undertake setting up of WPS arrangements through other services providers
  • We provide monthly WPS processing services through the contracted service providers.
2019-06-08