Electronic method of doing a transaction is generally called E-Returns or E-Transfer. You can send an email of a soft copy or upload a soft copy to web site when using this method. Green environment, time efficiency and reducing the practical mistakes are significant benefits of the e-returns method. This will be popular among the users as Computers, Internet and e-mails were the areas improved over the past decade.
Salary Payments, EPF & ETF Payments and PAYE Payments are the important transactions done by an institution/organization. Having the opportunity to do most of the above transactions via e-returns system can be considered as a great benefit and a facility we have.
Most of the commercial banks support this e-transfer method (for salaries and other payments but not including statutory payments) and employer can transfer the relative funds to the account(s) of the employee. When doing this we need only employers’ account in a bank which supports this feature, but the employees account can be in any (recognized) bank. Peoples bank, Bank of Ceylon, Commercial Bank, Sampath Bank, HNB and many banks provide this facility to their clients. Each bank has provided a format to prepare the soft copy (text file) and most of them provided an excel file to enter salary details. Customer can fill the excel file and produce a text file in the desired format. But if you are using a Payroll Software with the E-Transfer facility, you do not need to enter the salary details again to an excel file and open a chance to make a mistake.
Preparing monthly EPF & ETF documents, submitting them and making payments are also very much time consuming procedure. In traditional method the employer have to prepare the following documents.
• Monthly Submission
o C Form for EPF
o R4 Form ETF
• Semi – Annual Submission (only for employers who have more than 50 employees)
o C3 Return for EPF
o Form II Return for ETF
But now you can use the e-returns method and save a lot of your valuable time. Even though after introducing this new e-returns method institutions/organizations were instructed to use it and stop the pain of old traditional method, very few moved into the new way. But in this year they are instructed strictly to use this function specially for the employers who have more than 50 employees and now they are seemed to be moving to e-returns more rapidly.
We are happy and proud to inform you that we are providing this feature with our Payroll Solution (BizPay) and you can do it reliably and efficiently with the ease of confidence.