PAYROLL OUTSOURCING COMPANY IN MUMBAI- PAYSQUARE
Payroll outsourcing is a process of assigning the process of payroll management to a third party with expertise in this area. Since payroll is mostly an extended department and not the core department in almost 99% of the companies therefore by outsourcing it, the primary advantage which the company enjoys is a reduction in the overall cost as well as quality of service delivery. Paysquare is one of the best payroll outsourcing companies in Mumbai. The team makes use of the latest technology to manage the payroll operations. A team of an account manager, payroll executive, consultants for statutory compliance, help desk team help in managing the payroll processing.
Paysqaure is referred to as the best payroll outsourcing companies in Mumbai because of the following reasons:-
- Quick query resolution turnaround time by the help desk associates.
- Creation of the MIS reports easily when required.
- Consultation for your employees at the end of the year for investment and tax saving related purpose.
- Pay slip generation with details of tax as well as CTC
- A provision to opt for a FBP (Flexi Benefit Plan)
- Online Investment declaration as well as Tax calculator
- Bank transfer advice
- Return submission and professional tax advice
- Filing of monthly return and PF advice
- DS advice as well as return
- Bonus advice as well as return
- ESIC advice as well as return
- Professional tax advice as well as return
- Generation of Form 24Q for Quarterly TDS return
- Generation of Form 16
- Labor welfare fund advice as well as return
- Provident Fund advice along with monthly return
- Handling of the full and final process
WHY PAYSQUARE FOR PAYROLL MANAGEMENT IN HYDERABAD
Paysquare is a kind of company that has the proper understanding and knowledge about the latest norms of payroll management. The company pays full attention to make the payroll records error-free. Paysquare is always attentive about maintaining the security of the data of the clients. To maintain the high standard we follow the most efficient operating procedures to protect the information and utilize them as per the norms. Our teams of experts keep an updated track of newly launched regulations of labor and Income Tax law. We also offer our sincere consultation for the employees of your company so that they can have some better investment and tax saving plans at the end of the year.
- Leave and Attendance Management
- Employee Self Service
- Query Management
- Client Admin Self Service Portal
HOW DO WE ASSIST YOU?
We assign a dedicated account manager to ensure a smooth integration of the payroll service with your business process. This account manager understands your company’s way of working, payroll related tasks, payroll cycle and method of working. Accordingly, it makes changes in the online portal to suit your needs and integrate it according to the workflow of your organization. Before making the final product go live at your facility we ensure a user acceptance test by your payroll team to make sure it fits your style of managing payroll and payroll related activities. Once the portal gets ready and goes live, our job is to make sure that the entire payroll system is secured and the timely payment of the employees happen as per the salary date that your organization follows.
WHAT ARE CHALLENGES FOR PAYROLL SERVICES IN MUMBAI?
Getting a capable vendor to manage payroll services in Mumbai is a wise thing to do because of a number of reasons. With a vendor managing payroll services in Mumbai, it frees up expensive office space and infrastructure. You no longer need to invest in additional manpower, additional hardware infrastructure or any related software for managing payroll services. While payroll is one of the core requirements, with the office space being expensive, it is best to have most of the non-core work outsourced to capable vendors. In terms of challenges, they remain almost the same across locations and there is no specific challenge which is unique to payroll services in Mumbai.
Handling consistent error-free payroll remains one of the niggling challenges for most companies. We do need to realize that payroll is very time-sensitive in nature and payroll processing needs to be done and completed in time. Also, it is important that there are no errors in payroll processing, or in payslips or tax computations
WHAT ARE TYPICAL CHALLENGES FOR PAYROLL OUTSOURCING IN MUMBAI?
Finding a capable vendor, who can manage payroll outsourcing in Mumbai is usually tough. You need to engage with somebody who has experience in the domain, yet is flexible and nimble to adapt to your specific needs and requirements. You need someone who offers you a variety of reports as standard, yet who can customize these the way you want, so that your decision making is that much more simplified. You need to have a vendor, who can offer the necessary data back up and security mechanisms so that you know that your data is in safe hands.
Typically, companies try and process their own payroll, but soon realize that it is too much hassle managing this on an ongoing basis. This is the time they start looking for payroll processing company in Mumbai, who can offer end to end payroll management.
As these companies start engaging with a capable payroll outsourcing company in Mumbai like Paysquare, they realize that payroll processing in Mumbai can be much easier and hassle-free. They can easily manage the employee inputs and most of the other work in payroll processing is done by the vendor company. Companies like Paysquare also take the efforts in integrating their systems with other data points that are relevant from a data perspective like time & attendance management system, employee loans and advances systems, biometric systems that capture attendance. They also take efforts in ensuring that the payroll processing systems integrate with their core accounting software at the back-end so that reporting and MIS is that much more powerful.
HOW DOES ONE GO ABOUT IDENTIFYING PAYROLL COMPANY IN MUMBAI?
If you define the right factors, it will be easy for you to identify the right payroll processing company in Mumbai to partner with. Each business will have its own evaluation criteria, but some of the criteria that you should definitely consider include
- The experience that the company has in the field of payroll outsourcing in Mumbai
- The tools it is using and has invested in to ensure a good level of automation and accuracy while providing payroll processing services in Mumbai.
- The reports that it is able to provide and customize based on specific requirements. These reports will help a lot in decision making, especially at the management level
- The on-time performance that the company has demonstrated while offering payroll processing services in Mumbai at some of the other clients.
- Any recognition/awards that the company has won, based on its service quality and delivery
- What some of their clients are talking about their service based on their relationship with them.
WHAT ARE FACTORS TO CONSIDER WHEN SELECTING A PAYROLL MANAGEMENT COMPANY IN MUMBAI?
There are companies, who offer payroll processing services, and there are companies who will offer end to end payroll management services. It is best to have an end to end payroll management company in Mumbai, who ensures that everything in payroll and compliances is taken care of and you do not need to worry about any of it right through the engagement. What is the difference then, between these two terms? The main difference is that of ownership. A company that offers payroll management services takes complete ownership of the payroll process and ensures that there are no errors in payroll and also ensures that all payroll processing happens on time. While selecting a payroll management company in Mumbai, it is important that you consider the management team and their current service levels in the companies that they are working with. Paysquare is well known and is one of the best payroll management company in Mumbai. With their strong reputation, award winning technology, a lot of clients are already experiencing the benefits of their payroll being managed by a capable payroll processing partner. With the level of automation and technology, they are able to offer these payroll outsourcing services at very competitive prices.
HOW DO YOU IDENTIFY ONE OF THE BEST PAYROLL PROCESSING COMPANY IN MUMBAI?
Superlative service delivery and impeccable quality are some of the things that help identify the best payroll processing company in Mumbai. The pillars of this service quality are the strong domain knowledge that they possess in the payroll domain, knowledge of different regulations and its implications on different types of companies, the investments that they make in data security, business continuity, and disaster recovery. Several of these help you identify the top performers in payroll processing in Mumbai. Paysquare is certainly one of the top payroll processing company in Mumbai as it comes good on almost all the factors that we listed above. It is also useful to look at the management teams of some of the payroll processing companies. Their commitment towards automation and technology make sure that the company is able to offer you sustained benefits, accuracy and on-time performance every time. Paysquare has made significant investments in technology at a very early date and all of these investments are now paying off through the level of service delivery that they are able to provide to their current clients. These investments in technology also ensure that as a client, you can avail of very cost-effective services and it does not need to pinch you in terms of budgets.
PAYROLL SERVICES IN MUMBAI
Payroll services is very complicate if whole process didn’t work properly and managing entire payroll in house create a lot of challenge related to salary on time, less cost, tax and compliance related. One wise quote suggested that keeping the employee’s happy means that half the work is done. If you prefer precision and time-effective quality in your Payroll services process, try out our Payroll services in Mumbai where we provide end to end payroll solution along with saving valuable time and resources, the process helps in avoiding the human errors.
Wherever organization is looking for payroll services in Mumbai, one thing they remember that in the fast culture and hectic life where every activity need to run on quick basis.
MONTHLY PAYROLL OUTSOURCING SERVICES ACTIVITY
- Salary calculation on monthly basis and also if any changes in salary structure and other variable components.
- Monthly reimbursement processing. (Allocated / Claimed)
- Tax calculation and year end investment declaration
- Full and Final Settlement of employee
- Processing your payroll based on the latest legislative updates
- Final report provided to client comprising of MIS and Compliance Statutory Reports. i.e.
- Salary register for the month.
- Payslip for the month
- Salary comparison Audit report.
- Monthly Accounting JV report.
- Monthly Tax Challan payment report.
- Monthly Statutory compliance challans for P.F/ P.TAX/ ESIC.
Payroll Compliance outsourcing Services Activity:
- Provident Fund (PF)
- Employee State Insurance (ESI)
- Professional Tax (PT)
- Labour Welfare Fund (LWF)
- Processing Reimbursements and Arrears
Once your employees submit their reimbursement claims through our intuitive ESS portal, we:
- Validate the claims based on your policies
- Integrate the validated claims with payroll data
- Send consolidated reports on changes made
- Payroll outsourcing in Mumbai
Payroll is the most important aspect of any business. No organization can work without payroll. Employees have to be paid and they have to be paid on-time. Research shows that paying employees on time is a key motivating factor. Today’s biggest challenge for any organization is error-free payroll processing with updated regulations and compliances management.
In any organization the resources allocated to each department are always limited. Allocating internal resources full time for payroll processing services, out of the limited resources the Human resources HR or Finance department have, takes its toll in the long run leading to incorrect payroll processing and compliance penalties. An experienced payroll outsourcing services partner with extensive knowledge and hands on experience of payroll and statutory compliance management is a helping hand to any organization.
QUARTERLY PAYROLL OUTSOURCING SERVICES ACTIVITY
- Updation of monthly TDS challan payment details.
- TDS challans reconciliation with TRACES before creation of quarterly etds files for
- NSDL submission.
- Online PAN Verification of employees with Income Tax Department.
- Generation of eTDS returns along Form 24Q and Form 27Q for NSDL Submission.
- Tds correction and filing of revised returns based on Default notices received.
ONE TIME MASTER SETUP
- Various Masters –Branch, Department, Designation etc.
- Payroll components with rules
- Employee Master Details
- Employee Salary Structure
- Loan Recovery Schedules
MONTHLY PAYROLL PROCESSING
- Monthly salary processed based on data provided as per attendance sheet, change in salary structure and other variable components.
- Calculation of TDS based on the proposed investments received from employees.
- Audited data with discrepancy report provided to the client for final approval.
- Generation of Bank transfer files for the credit of monthly salary.
- Full and Final Settlement for resigned employees.
- Salary register for the month.
- Salary comparison Audit report.
- Monthly Accounting JV report.
- Monthly TDS Challan payment report.
- PF Monthly forms and Challans in electronic & paper format.
- ESIC monthly contribution file in electronic format for uploading on ESIC Portal.
- Profession Tax Challan and reports.
- Updation of monthly TDS challan payment details.
- Reconciliation of monthly TDS challans, with TRACES before creation of quarterly etds files for
- NSDL submission
- Generation of eTDS returns along Form 24Q and Form 27Q for NSDL submission Year End Processing.
- Investment proof audit (Proposed vs submitted vs rejected), submission of discrepancy report to client for final approval.
- Final Investments record updation and final tds deduction report submission to client for approval.
- Generation of eTDS returns along Form 24Q and Form 27Q for NSDL submission.
- Generation of digitally signed TRACES Form 16 (PART A & PART B) combined in single pdf.
- Annual MIS reports.
TDS CORRECTION, REVISE RETURNS FILING
- Tds correction and filing of revised returns.
- Analysis of default notice received from tax department and proposing the course of action.
- Drafting of reply to default notices received from tax department.
INVESTMENT PROOF CHECKING
- Checking of 80C investments / Other deductions for tax purposes.
- Submission of discrepancy report of investment approved and rejected by our auditors.
REIMBURSEMENT PROOF CHECKING AND PROCESSING
- Auditing of reimbursement proof submitted by employees.
- Submission of discrepancy report of approved and rejected proofs by auditors.
- Processing of reimbursement for payout as per the approved limits.
- Calculating and accounting the tax impact as per the IT Law
SOME OF THE SATISFIED CUSTOMERS
It is easy to find Us Here
PAYSQUARE CONSULTANCY LIMITED
G-Building, Kunal-Puram Commercial Complex,Opp. Atlas Copco,
Old Pune – Mumbai Road, Dapodi Pune – 411 012.
020 46901100 / 020 46901101, Mobile: (+91) 9850 888 303