Organizations chasing an aggressive growth strategy have lots of things to worry about. The least they would want to be bothered about are challenges related to payroll management or payroll processing. These are operational, yet mandatory processes. Managing error free operations consistently for payroll processing in India or payroll management in India can be very challenging.
With over 17 years of experience in managing payroll outsourcing in India, serving a diverse clientele, Paysquare, with its significant investments in technology, is uniquely positioned to offer end-to-end services in payroll processing and payroll management. We offer complete payroll outsourcing services, from basic payroll calculations, statutory compliance, facilitating transparent employee communication while ensuring complete confidentiality we do it all for our clients.
We are able to do this, leveraging our award-winning technology, proven processes and over a decade of expertise, exclusively in managing payroll processing in India. We are committed to providing hassle-free, accurate and timely payroll management consistently.
Paysquare, through its highly customizable and robust back-end payroll engine, called ‘Precision’ offers complete automation while offering payroll outsourcing in India.
There are several benefits to payroll outsourcing in which companies’ handover all their headache to payroll outsourcing companies and get relief from payroll hassles. Some of the benefits from payroll outsourcing include Outsourcing their payroll processing actually helps the organization save cost. Managing payroll processing with in-house employees can get very expensive, considering the infrastructure expenses as well as the cost of errors and missed compliances
- They get access to professional payroll processing services
- They do not need to worry about complex rules and calculations, which change often
- They get ready access to better reports, instantly
- They have access to experts in payroll processing and payroll management field
- Enhanced data security including back-ups and redundancy mechanisms
- They can avoid investments in technology and related upgrades
Nowadays, most organizations are looking for cost effective & flexible payroll management solutions. They also are looking for solutions in bookkeeping and accounting, where they can get access to advanced reports and where bulk of the processes are automated. Payroll is a non-core activity for HR whereas accounting services is an integral part of an organizations operational capabilities and systematic functioning. Both activities are important for any organization and any mistakes or non-adherence to laid out compliances can be costly. Most successful organizations thus outsource their entire payroll processing and accounting, helping organization to streamline their business operations.
There are several things to be considered when companies planto outsource their payroll processing in India.Some of them include
- Cost of outsourcing payroll processing vs a hiring an in-house payroll management team
- With your current payroll management process, what is the level of Accuracy and consistency? Is payroll processing happening consistently on time and without any errors?
- Do you have access to payroll related domain expertise, so that you have the right advice, when it comes to interpreting specific regulations?
- What is the level of automation that you are able to achieve in in entire payroll processing?
- Is the end to end payroll process reliable and easy to manage?
- While you are managing payroll processing, how are you taking care of data Security, back-ups and redundancy mechanisms
The cost of payroll outsourcing in India depends on the scope of work defined between the service provider and the organization. Usually the number of employees in the organization can give you a ball park view of what payroll outsourcing is going to cost, but to get to detailed costs, it is necessary to reach to an agreement in terms of scope of work included for payroll management. The scope of work could 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, Default notice management received from the Income-tax department etc. all these activities are processed on a monthly/quarterly/yearly based on client requirements.
Every organization needs to pay their employees monthly for the work they do for the organization. This payment is their salary or payroll. Processing their detailed salary amounts based on their eligibility, managing tax deductions as appropriate and completing all the necessary compliances as per laid down regulations is part of end to end payroll service. Payroll processing is managed by HR departments in most organization. Several organizations may also have specialized payroll processing teams, who work hand in hand with the accounts team. However most successful companies will just go ahead and outsource their payroll processing. There are several activities in payroll management which 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, Default notice management received from the Income-tax department etc. There are companies like Paysquare which provide end to end payroll management services in India across these cities (Pune, Mumbai, Hyderabad, Bangalore, Chennai, Ahmadabad, Delhi & NCR) Payroll processing is a time-consuming process and also this is non-core activity for HR. Leading companies providing payroll processing in india or payroll outsourcing in india include Paysquare. They can handle all your payroll needs, leaving you free to focus on running and managing your business objectives.
Every organization, whether it is a start-up, SME, large company or a MNC enterprise needs payroll management services. There are multiple ways where companies can manage their payroll processing like in-house, using software or by outsourcingthe entire payroll management process. Most organizations face challenges in payroll processing as it is very time consuming and is very time sensitive. Also the compliances related to payroll processing can be a big challenge as there can be heavy penalties for non-compliance. This is one of the reasons why most successful organizations and owners prefer to outsource their entire payroll management process and have an expert like Paysquare come in and manage this for them.
Every business, whether it is start-up, SME, large company or MNC enterprise needs to do payroll processing for their employees. Payroll processing on an every month basis can be very cumbersome and time consuming as it involves several activities like collecting and integrating with HRMS, leave and attendance data , loans data etc. Spending time on payroll management can take significant time away from managing your core HR activities. By outsourcing payroll management, a company is able to focus on its core objectives and their HR teams can focus on the real HR issues. A professional payroll outsourcing company will also take care of all the related payroll compliances so you do not need to worry about any non-compliances or any penalties on account of the same. A company does not need to invest in software or any infrastructure needed to maintain back-ups, redundancy of payroll processing data. By having an external capable payroll outsourcing team manage it, they can also ensure that confidentiality is maintained in payroll processing. Payroll processing can be very time-consuming and cumbersome process. To manage these hassles well, most successful business’s will outsource payroll processing to a capable payroll management vendor.
Managing payroll process can be very time consuming and complicated. Several of your key resources will get engaged to ensure that payroll processing happens on time and there are no errors made in employee payroll records. It is difficult for companies to invest in the best of breed automation tools or have access to some of the best domain experts in payroll to ensure that they are learning and implementing the payroll management best practices. To solve some of these problems, companies decide to outsource payroll services. By outsourcing payroll processing services in india, companies get to streamline their entire payroll processing process and ensure accurate and error free payroll. They also get access to advanced reports and powerful MIS,which helps them in important decision making. With easy to access 24*7 portal logins, provided by leading payroll outsourcing companies in India, it becomes very convenient to manage data, saves costs and time and enables the HR team to focus on their core activities. As payroll processing is not one of the core activities for HR, they need to spend a lot of time to get a grip of the entire payroll process. If it is not managed well, itis going to create several problems which directly or indirectly hamper business productivity. HR needs to be pro-active to make sure, everything is on right track. Regulations related to payroll, PF and taxation change on a frequent basis and one needs to keep track of that. By outsourcing payroll processing to a capable vendor like Paysquare, all of this is taken care of and is no longer the headache for the organization HR teams. So, what is the alternative to painful in-house payroll processing? Outsourcing payroll services to an expert is an attractive option that you can consider. Outsourcing is a less expensive and simpler means of paying your employees and filing your taxes on time.
The costs for payroll outsourcing in india vary based on the scope involved. Having said that the number of employees in a company can give a fair estimation to a payroll processing vendor in terms of the work involved. The costs could range for as low as 5,000 a month for a small company and it will be factor of the number of employees as the company grows
A payroll management system is a dashboard or window where organization can see or manage their employee payroll process. This is used by companies to manage the financial aspects of the salary of its employees. This is usually an admin area of a login portal , where the company provides inputs to the payroll outsourcing company about important areasdirectly related to employee payroll, salaries, allowances, deductions, and net pay. Payroll management systems help in managing the entire relationship with a payroll outsourcing company. It helps provide inputs on time and in an asynchronous manner so that the entire payroll processing can happen on time and in an accurate manner. Some typical inputs which are provided through the payroll management system include:
- Loan related information for specific employees
- Information on newly joined employees or resigned employees
- Define the emoluments, deductions, leave etc.
- One click pay-slips
- Reports related to employee payroll, leave, attendance etc.
Payroll management is one of the key operational aspects of a business. Computing payroll involves multiple activities includingmonthly 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, Default notice management received from the Income-tax department etc. Most organizations will treat payroll with great respect, as it is important that employees are paid on time consistently and that there are no errors in their payroll. Here are some benefits of outsourcing payroll management
- Hassle free payroll process
- No need to worry about any government Taxation penalties.
- Saves Costand time
- Easy to use and makes entire payroll process flexible.
- Outsourcing payroll management in business enables staff to free up their time to engage and increase business productivity
Payroll processing essentially is the term used for processing salaries of employees. Payroll includes processing salary for the employee as per his employment terms and also includes computing and filing their tax returns. Apart from this, it may include managing several other statutory deductions like PF/EPF/Profession Tax/ ESIC etc. While processing payroll, payroll processing teams need to gather employee data from HR and also understand their salary structures. They need to factor in the IT declarations made by the employee, which gives them clear visibility of the tax liability for the employee. While processing payroll, they also need to seek data from leave and attendance management systems, biometric attendance systems (if used), employee loan advances (if any). Once all the details are available, payroll is processed and pay slips and tax reports are prepared for the employee. For the organization, this information is collated in the form of a bank file, using which the company can instruct the bank to remit salary payment to employees. There are multiple ways to do Payroll processing in India. It is important to pick anexpert payroll outsourcing partner who can make your entire payroll process easy and flexible.
In most companies, if you say the word payroll, people usually frown. It is common to have payroll related delays or errors creeping in payroll often. Several companies have in-house payroll staff, but may not have the necessary industry standard automation tools to help manage payroll processing in an automated fashion. This creates challenges to the teams as most of the work tends to be manual in nature. It is common to have errors creep in, which can create multiple problems. Payroll processing teams gather inputs from HR and pick up data from several other systems like leave and attendance to finalize the payroll computation for the employees. Once that is done, based on the tax declarations made by the employees, total tax liability for the employee is calculated and taxes to be deducted for that particular month are finalized. This gives the final payslip for the employee. For the amounts that have been deducted, returns need to be filed, so that the credit for the tax payment reflects in individual PAN accounts of employees. Payroll processing in India has really matured to a good level and capable payroll outsourcing partners like Paysquare are making things really easy for companies who have payroll processing challenges.
Payroll processing can be done in-house using hired teams. Typically most organizations rely on excel based systems, but as the companies grow in size, this is very inefficient way of handling payroll as there are several complexities involved. At such times, companies look for some automation systems or software that can help them manage their payroll processing. This could be one option. The other option which most companies prefer is to outsource payroll processing to a capable payroll outsourcing partner like Paysquare. This way, there is no investment in people, systems, infrastructure. They also get the advantage that they get to work with payroll teams who are updated with the latest regulations and have significant domain knowledge about the payroll domain.