Payroll Outsourcing Company in Pune- Paysquare
What are challenges for payroll services in Pune?
Common payroll challenges which companies face while outsourcing payroll services in Pune include the following:
Difficult to find payroll processing company in Pune, who keeps up to global standards
When companies have presence in multiple locations and multiple countries, it becomes very difficult to sign-up with a payroll processing partner, who not only meets best in class local standards, but also meets the top class global standards and is the best in class for payroll management services. A company that can meet both local and global standards is able to offer superior service and an exhilarating experience to customers. Paysquare offers the answers. With several years of experience, working with local as well as global customers, it offers best in class payroll processing services in pune.
Difficult to find a partner who is flexible to meet your specific requirements
While every payroll management vendor offers different solutions, what you look for is the ability of a vendor to meet your specific requirements in terms of reporting or meeting specific standards etc. A vendor who does not have the right technology platform finds it difficult to be flexible to client requirements and has to do a significant portion of the work manually, which becomes error prone and becomes expensive. A payroll processing company like Paysquare offers the options to meet your specific requirements. With is investments in technology, it is a lot easier to customize their platforms, reports to your your specific requirements.
Difficult to find a partner who is committed to technology
Payroll processing can be a time-consuming process, when done manually. Even if you use some excel based solutions, it continues to remain manual in nature. The key is to leverage automation and streamline payroll so that bulk of the process can be automated and error-free. For this to happen the payroll processing company needs to be committed to using technology in the right way. With a partner like Paysquare, you are in safe hands. With significant investments in technology, both at the back-end as well as in terms of the web based front end, Paysquare provides a wow factor to clients, while it provides payroll management solutions
Difficult to find a partner committed to data security
Across organizations, data management is a massive challenge among payroll departments. Moreover IT department will expect organizations to maintain records for a few years. Maintaining all this data is one challenge and managing security related to it is an even greater challenge. Even in terms of business continuity, it is necessary that the payroll processing vendor have back-up locations or redundancy, so that if one of their servers is affected, the payroll operations for the customer will not be affected, as the data will be mirrored on a different server.
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.
What are benefits for payroll services in Pune?
One of the more time consuming and important responsibilities of the human resources department relates to payroll management. In an effort to cut costs where possible and to streamline payroll processing operations, many companies are looking to outsource the responsibilities relating to organizing and managing payroll. A major advantage that relates to outsourcing this responsibility is that it is possible to significantly reduce the company’s workload in certain areas, and it gives the HR teams more time to work on matters that might be seen as essential to the core business operation.
A dedicated payroll processing vendor that is able to take on all responsibilities of organizing and managing the payroll outsourcing is been sought after by several companies. A high-quality payroll management service is able to take on a range of responsibilities and this might include the calculation of salaries, tax deductions, preparing the payroll on a month by month basis, providing payroll updates.
A further quality aspect to relying on the services of the professionals is that these services save the company funds over the long-term. Using one of the specialized services payroll outsourcing partner like Paysquare is certain to be more cost-effective than having to hire a dedicated member of staff to work on this important work
Why organisation should go for Payroll Company in Pune?
The fluctuating economic conditions and global uncertainties compel businesses to constantly work on ways to streamline their business processes while remaining cost-effective. Outsourcing time consuming and non-core business process activities can help to boost business productivity by enabling organizations to focus on mission critical tasks.
5 Key Reasons to Outsource Payroll Processing
No Major Infrastructure Required:
Implementing and managing payroll management systems in companies can be draining on resources. Effective payroll systems require the purchase and maintenance of extensive infrastructure such as hardware, software, network capabilities and nowadays, cloud technology
No Additional Staff Required:
Maintenance of payroll in-house requires the recruitment and training of staff which can be quite expensive. Once you outsource your payroll, you have no such requirements.
Reduced Security Threats:
Managing payroll process outsourcing and different service providers can often be a nightmare for organizations as there are many security aspects involved. By working with a vendor, who has robust mechanisms for data protection, you are in safe hands.
Delivers Considerable Time Savings:
Time is precious and all organizations are aware of this. Time wasted on non-critical yet unwieldy processes can be costly and a significant distraction for companies. As per research conducted by an agency, in-house payroll processing contributes a great deal to wasted time and loss of productivity
Results in Improved Taxation Efficiency and Reduced Arrears:
The complex nature of payroll processing places additional responsibility on the payroll processing team to ensure compliance with all regulations including payroll regulation and taxation stipulations
how to select a payroll management company in Pune?
Most of the small business owners who want to concentrate in building and establishing their businesses can save their time, as well as money by Payroll Outsourcing.
1. How much Payroll Outsourcing cost? Costing depends upon the scope of work defined and the no of employees. Scope of work would include monthly payroll processing, compliance management-PF/P.TAX./ESIS/Taxation returns filing, other activities like Full & Final settlement, Investment proof checking and auditing, Form 16 generation
2. Which seems to be a good option, In-house or outsourcing Payroll?
The general trend seen in the last few years is more towards OUTSOURCING PAYROLL. Payroll is a once in a month activity in every organization but it requires joint efforts of people from different departments coordinating with each other. i.e. the HR person who takes care of the employee records/salary structure CTC working etc. and other person is from Finance who needs to take care of compliance i.e. monthly tax challans, quarterly and annual returns filing.
- Understanding the payroll process flow adopted by the partner. How does the partner process payroll for its existing clients.
- Internal audit practices built by the partner to maintain the accuracy in data.
- Knowledge on the subject matter. Is he partner updated with the changes happening in statutory compliance? E.g taxation, investment, P.F.,P.TAX etc.
- Customized plan of action designed by the partner for the client in order to maintain the deadline of the payout date
what are the factors we should consider while selecting the Payroll services?
When hiring any company for outsourcing the payroll processing in pune, you need to consider some important points.
Pricing– How much the company is charging for the services
Tax Guarantee-The whole point of purchasing payroll services for small & Medium size business is so you don’t have to pay those payroll tax penalties, for some entrepreneurs. Accordingly, there are certain payroll services that come with a guarantee. They promise you won’t face any fines—and if you do, the services will handle them.
Customer Service Even with the best payroll services for small & medium size business, payroll is complicated. It’s always important to make sure that you have chosen the right company for Payroll outsourcing service
Industry Specifics– you’re in an industry with specific payroll demands, you’ll want to double-check that your favourite service can handle those extra steps.