Payroll Outsourcing Services in Mumbai
Leave and Attendance
Employee Self Service
Client Admin Self Service Portal
What is Payroll Outsourcing?
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 salary outsourcing companies, 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.
Paysquare Is Reffered To As The Best Payroll Outsourcing Companies In Mumbai
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 labour and Income Tax law.
Bonus advice as well as return
Generation of Form 24Q for Quarterly TDS return
A provision to opt for a FBP (Flexi Benefit Plan)
Filing of monthly return and PF advice
Quick query resolution turnaround time by the help desk associates.
ESIC advice as well as return
Creation of the MIS reports easily when required.
Pay slip generation with details of tax as well as CTC
Return submission and professional tax advice
DS advice as well as return
Consultation for your employees at the end of the year for investment and tax saving related purpose.
Generation of Form 16
Payroll Services 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 compliance management.
Payroll Processing consists of following activities
Salary calculation on monthly basis taking into consideration the changes in salary structure and other variable components, if any
Integrating the validated claims with payroll data
Full and final settlement of employees dues and arrears
Sending consolidated reports
Pay slip generation for the month
Updation of monthly TDS challan payment details.
Final report provided to the client comprising of MIS and Compliance Statutory Reports
Reconciliation of monthly TDS challans, with TRACES before creation of quarterly etds files for
Monthly reimbursement processing – allocated and claimed
Tax calculation and year end investment declaration
Generation of eTDS returns along Form 24Q and Form 27Q for NSDL submission Year End Processing
Processing of payroll based on latest legislative updates
Investment proof audit (Proposed vs submitted vs rejected), submission of discrepancy report to client for final approval
Monthly tax challan payment and JV report
Final Investments record updation and final tds deduction report submission to client for approval
Generation of Form 16
Generation of digitally signed TRACES Form 16 (PART A & PART B) combined in single pdf
Validating claims based on your policies
Annual MIS reports
Generation of Provident Fund (PF) monthly forms and challans and UAN generation
Monthly statutory compliance challans for PF, PT, ESIC
Employee State Insurance (ESIC) monthly contribution file in electronic format for uploading on ESIC portal
Monthly salary processed based on data provided as per attendance sheet, change in salary structure and other variable components
Professional Tax (PT) challans and reports
Calculation of TDS based on the proposed investments received from employees
Labour Welfare Fund (LWF)
Audited data with discrepancy report provided to the client for final approval
Processing Reimbursements and Arrears
Generation of Bank transfer files for the credit of monthly salary
Salary Register for the month
Full and Final Settlement for resigned employees
Salary compensation audit report
TDS CORRECTION, REVISE RETURNS FILING
TDS correction and filing of revised returns
Drafting of reply to default notices received from tax department
Analysis of default notice received from tax department and proposing the course of action
INVESTMENT PROOF CHECKING
Checking of investment proofs submitted by employees under different income tax sections
Submission of discrepancy report of investment approved and rejected to the client and concerned employees
REIMBURSEMENT PROOF CHECKING AND PROCESSING
Auditing of reimbursement proof submitted by employees
Processing of reimbursement for payout as per the approved limits
Submission of discrepancy report of approved and rejected proofs by our team
Calculating and accounting the tax impact as per the IT Law
“Paysquare a perfect match for us as a consultant to deliver the best to our client.
We found the implementation team very knowledgeable, supportive and very systematic.Paysquare is a very matured payroll processing solution and they have well paid down processes to manage first time as well as every months processing.”
Co-Founder & CTO
Centralized platform to manage payroll
The most valuable service that we get from you is “peace of mind.” I know that once I…
We would like to take this opportunity to thank you for your continual support till date!
We have successfully completed the go-live for Altra India Payroll.I would like to…
We are very impressed with Paysquare team due to their ability to process payroll…
Honestly , It has been an amazing experience working with Payroll team as on date…
I have been a client of Paysquare for 7 years and their services are fantastic. Migration from the old…
Frequently Asked Questions
How Do We Assists?
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 The Challenges 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.
Kick-Start Your Payroll Outsourcing Journey With Us.
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