Staffing industry innovations have revolutionized the way business is done worldwide, so how can India be far behind?
Companies are choosing to focus on their core business and have specialists to handle their payroll, accounting, temporary staffing as well as income tax returns.
The needs of the businesses keep changing according to the demand for products and services, and creating permanent overheads are just not viable as far as sustaining the business is concerned.
Dealing with the formalities involved in recruitment, accounting requirements for a temporary rise in sales, complying with the statutory requirements regarding payment of salaries as well income tax is a responsibility that companies look forward to delegating to a specialist service provider.
What Are the Most Anticipated Staffing Industry Innovations This Year?
Technology has been the game-changer when it comes to staffing industry innovations. Human Resource departments can now concentrate on the more important aspects of employee training and development as all services relating to employee payroll, accounting as well as income tax are handled by payroll service providers.
Let us examine the top staffing industry innovations in India when it comes to staffing trends for the year 2018 which would define the payroll outsourcing service industry:
# Cloud-Based Payroll – the New Norm!
Thanks to cloud-based computing, accessing the payroll data through personal computers and mobile phones becomes extremely convenient.
There are multiple clients under one single account maintained by the outsourcing companies. Clients can log into their respective payroll data through features like ‘my payroll’ which is a web-based self-service portal provided by leading payroll outsourcing companies like Paysquare.
Employees can access their payslip and tax details through their computers as well as mobile apps. The HR, Finance as well as administration department can get MIS reports anytime through this portal.
Information regarding books of accounts as well as income tax returns can be accessed with the help of cloud-based computing services.
# Increased Outsourcing of Payroll Services
Businesses who are truly interested in ensuring that their employees are motivated and aligned with the goals of the company will step up their investment and pay greater attention to outsourcing their payroll process.
There will be exponential growth for existing players in the business who are providing services like accounting & bookkeeping, payroll, temporary staffing as well as income tax return filing. From induction of temporary staff to furnishing their statutory requirements like PF, ESI and so on to providing the relieve letter are all taken care of by providers like Paysquare.
# Seamless System Integration
The entire payroll process will be seamlessly integrated with the online banking processes, accounting software as well as the concerned HR systems.
# Higher Efficiency with Competition
With growing demand for payroll outsourcing services, it is assumed to determine industry status in the future. There will be investments from venture capitalists, companies and individuals. Existing players like Paysquare will upgrade their services to the next level and there will be new entrants in the market.
# Anytime Access to Information
With cloud-based computing, both employers and employees will be able to access their salary data and tax calculations with complete transparency.
# Compliance with Tax Laws
The responsibility of compliance with the tax laws and filing of income tax returns will now be shifted to the outsourcing agency, which is quite a complicated process given the frequent changes in the existing tax laws.
# Cost-reduction with Technology
With advancement in technology, there will a reduction in the cost of cloud computing as well as payroll outsourcing.
Profit by Focusing on Your Strengths!
If you feel you are not being able to focus on your strengths, then you need to give staffing industry innovations a serious thought.
With over 17 years of experience in the payroll outsourcing domain, Paysquare is one of the leading players with a diverse portfolio of clients ranging from consumer durables to healthcare sectors.
You can concentrate on your core area and expand your business while Paysquare will take care of your accounting, tax, temp staffing and payroll responsibilities.