When it comes to statutory compliance, all businesses have ton follow the rules with no exception for the payroll. Statutory compliance refers to the structure of legal framework implemented by the central and/or state governments for regulation of the business activities in the state. While working on the payroll for your organization, HivePayroll takes care of the payroll related statutory compliances.
Statutory compliances are legal responsibilities for any organization and an individual. Following rules is important in building trust and positive relationship between the organization and governments. Staying up to date with the rules and regulations and following the rules can add to the good credit and reputation of your organization. Historically, the documentation related to payroll statutory compliances were done by HR manually.
HivePayroll, makes the process automatic and provide to various documents required for the statutory compliance in the form of reports. You can use these documents to submit to the tax office or various departments of both state and central government. All statutory compliance documents and reports are saved in encrypted and secured format in AWS cloud environment. Your authorized managers can access the same at anytime from anywhere to meet statutory requirements.
In India, payroll compliance or statutory compliance pertains to the legal requirements that companies must follow when dealing with their workers or employees. Organizations usually allocate a substantial amount of funds towards statutory compliance activities, including company audits.