{"id":4319,"date":"2021-03-16T19:13:04","date_gmt":"2021-03-16T13:43:04","guid":{"rendered":"https:\/\/razorpay.com\/learn\/?p=4319"},"modified":"2024-03-05T19:28:38","modified_gmt":"2024-03-05T13:58:38","slug":"year-end-payroll-checklist-for-smes-startups","status":"publish","type":"post","link":"https:\/\/razorpay.com\/payroll\/learn\/year-end-payroll-checklist-for-smes-startups\/","title":{"rendered":"Year-end Payroll Checklist for SMEs & Startups"},"content":{"rendered":"

If you own a business, managing payroll manually is one of the time-consuming tasks during the financial year. It becomes hectic, especially when you have to reconcile salaries, track & record compliance payments, and analyse your business health accurately.<\/span><\/p>\n

Here\u2019s a year-end payroll checklist so that you can ensure a seamless closure to the current financial year.\u00a0<\/span><\/p>\n

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Collect investment proof and make tax adjustments<\/span><\/h2>\n

Your employees must have submitted tax declarations for FY 2020-21 to you. It is now time to collect the corresponding proof of your employees\u2019 tax-saving declarations made during the year. This will help you calculate and adjust the TDS of your employees in the remaining month of the FY.\u00a0<\/span><\/p>\n

Pass closing entries in your accounting books<\/span>\u00a0<\/span><\/h2>\n

Record the salary payouts and outstanding statutory payments like TDS, PF, PT, & ESI accurately in your accounting books by 31st March 2021. All outstanding expenses like reimbursements or salary arrears for March should be accounted for in your accounting books by the year-end.\u00a0<\/span><\/p>\n

Pay & file payroll compliances<\/span><\/h2>\n