You may own a small business or a franchise spread throughout India, keeping your own books and accounts can be stressful and time-consuming. That doesn’t just keep you away from doing more important tasks to grow your business, but it costs your business more as well. Earn the benefits of outsourcing to DebitCredit to help you with your tedious tasks.

Payroll is the total of all compensation a business must pay to its employees for a set period of time or on a given date. The payroll process can include tracking hours worked for employees, calculating pay, and distributing payments via direct deposit or check. However, companies must also perform accounting and record-keeping as well as set aside funds for Medicare, Social Security, and unemployment taxes.

In terms of accounting, compliance simply means making sure that a company’s financial matters are being handled in accordance with government laws and regulations. At any point in time, a business entity should be able to provide accurate information about its accounts to regulating authorities. To ensure compliance, it’s necessary to have processes in place for recording, verifying, and reporting the company’s business operations.