Everything You Need to Know about Trademark Registration Cost

The minute you hear about IPR, the first thing you would think about is the trademark registration cost and lengthy and tedious procedure involved. The process of trademark registration holds an important position in company establishment. A trademark is more than just a visual symbol for your company. It is your brand image and helps in distinguishing your products and services from your competitor’s offerings.

If you own a business and are wondering what will be trademark registration cost or how trademark registration will help in your business let us help you understand the basics.

Starting your own business and establishing it in the market is a very strenuous process. Harder is the process of building trust and brand value among your customers.Will you be fine if some company misuses your brand name to promote their products or if you find that -some competitor has already registered your business name?

Your entire marketing and branding strategy would go waste in such cases. Also, if the brand name were already registered, you would end up being penalized for infringement. This is where registering your trademark helps. It would help you in actually protecting your business and brand image from misuse and can prove to be a valuable asset for your company. Is the process actually worth the trademark registration cost involved and is it worth all the strain? If so, how does one go about the process?

How does one actually go about the trademark registration process to protect your investment on your company’s brand image and logo? Read on.

Things you need to know to trademark your business

In India, you can do trademark registration online for any or a combination of the following things:

  • Letters
  • Numbers
  • Logo
  • Phrase
  • Graphic design
  • Sound
  • Mark
  • Colour scheming
  • Smell
  • Word

So what do you need to be wary about in the trademark registration cost and process? Let’s walk you through the entire process one step at a time.

#Step 1. Zeroing on a name/logo/image for your business

This is the first and the most difficult step in the entire process. You have to come up with a unique brand name/image/logo which is not already in use and which really represents your business. The pointer that you need to keep in mind is not to try the usual names, as they would be already taken! Try using generic names couples with invented words to make it unique and check to see if it already exists. It won’t hurt to have back-ups.

trademark registration cost

#Step 2. Procedure and knowing trademark registration cost

After you choose the name, you have to apply for trademark registration process. Either fill in the TM1 form manually or you can also opt for online registration.

Trademark registration fees is around INR 3500 and is a one-time fee. You would also be required to submit supporting documents validating the type of business you hold (sole proprietorship, partnership, LLP etc.). You also have to provide identity and address proofs of the director(s) of the company, logo image of the size 3.5”X 1.96”. If you choose to do the trademark registration manually, you have to submit the application form along with the supporting documents at the office of Registrar of Trade Marks.

Trademark registration offices are located in Mumbai, Chennai, Ahmedabad, Kolkata, and Delhi. You would ideally get a receipt of acknowledgment within 15-20 days of submission. However, in case you do it online, you would get the acknowledgment immediately on submission and post which you can start using the trademark symbol next to your brand name.

#3. Examination and publication

Once you submit the application, the Registrar examines it. They would ideally check if the name complies with all the laws and is not conflicting with any other brand name already registered or in the process of registration.

Post this; it gets published in the journal of Indian Trade Mark. In case the brand name does not receive any objection within 90 days of publication, it gets accepted.

A person may apply for registration of a trademark to the Trademark office under whose jurisdiction the principal place of the business of the applicant in India falls. In case, the principal place of business is outside India, then the application can be filed in the Trademark Office under whose jurisdiction the office of the lawyer appointed by you is located.

#4.Certification

As soon as the name gets approved, the Registrar would issue a certificate of registration under trademark registry, and you can then start using the registered trademark symbol ®next to the brand name. The process is long and tedious and usually takes anywhere between 18-24 months to get completed.

This trademark symbol is valid for 10years post which it needs to be renewed. You can also hire a legal expert to help you wade through the process easily.

Points to note before starting your trademark registration process

Here are few pointers that will help you complete the process without any glitches.

  • Ensure that you conduct a thorough trademark search to prevent future expenses for rebranding and renaming. Using the services of a good trademark registration agency can simplify the entire process.
  • While handing over the trademark registration process over to an agency, ensure that you provide them exact and accurate information about the trademark which is to be searched and the class of goods or services under which the trademark has to be searched. It is worth noting that there are 45 different classes of goods and services (11 services and 34 goods) according to NICE classification and so it is important to identify the class(es) under which you require protection for your trademark.
  • While applying for trademark provide translations for any non-English words used in your brand name. Provide a list of goods and services for which the registration is intended.
  • If you or someone else have used the trademark before in India, provide the date and tenure of its usage.
  • In the case of filing through a trademark registration agency or an attorney, you do not require any legalization or notarization, and only a signature of the applicant will suffice. It is not essential at the time of submission of application and can be added later without any extra cost.
  • You can go for multi-class applications in India, and separate trademark registration cost is applicable for each application.
  • The trademark registration ceases to exist and is automatically removed if left unused continuously for

Since registering of company names, domain names and business names alone does not give ownership of a name; it is important that you opt for a more definite form of protection of your brand image. These trademarks are not to be confused with trade names, and you require an in-depth knowledge of the advantages and the procedure to understand the various benefits it provides to your business.

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Top 10 Things You Need To Know About GST

Top 10 Things You Need To Know About GST

Goods and Service Tax or GST, in short, is a boon to businesses. Indian tax system is very complex and has different direct and indirect tax deductions for various products and services. Hence, understanding the tax structure for your small business used to be complicated and very difficult to implement. Now and then, there would be a change in the structure due to volatile components like service tax making the traditional taxation process more intricate.

Imagine an entrepreneur who has just started a business. In addition to the businesses processes, they would also have the additional burden of filing taxes before the deadline, understanding tax credits, and payment procedures entirely to run a compliant business. However, with the traditional taxation structure, there is a lot of scope for mistakes, or rather blunders, which a tax auditor would not agree to look past. This might result in serious legal implications and hamper the business mostly.

GST has simplified the entire taxation process for small businesses and ensures that the structure is easy to understand and implement. There are not many variations in the tax structure for different businesses, which further simplifies the process. So, confused about the things that you need to know? Keep reading.

1. Will my tax burden go down?

GST will have a definite impact on the cascading of tax. That is, the tax will not be levied on a produced well at every stage of its transfer till it reaches the end consumer. This would drastically bring down the tax burden. The input credit can only be demanded in case it matches with the billing statement of the respective suppliers in between.

“Tax will not be levied on a produced well at every stage of its transfer till it reaches the end consumer.”

2. What about my compliance procedures?

GST registration process is aimed at bringing down the burden of compliance on small businesses. However, since the procedure is new and contrasting to what has been followed for these many years, you would require a more stringent compliance procedure to ensure a smooth transition.

3. Will it become more tedious?

It is worth noting that the traditional taxation procedures required you to file for VAT, service tax and all other returns separately, as the input mechanism are different for each tax. However, in GST, you only need to input your purchase and sale details, the GSTN would automatically match invoices for claiming input credits, and the returns and prepared accordingly. Once this process is completed, there is no further requirement to file anything else on a monthly basis.

4. Knowing all the GST rate slabs

At present, there are four proposed tax slabs that you need to know which ranges from 0% to 28%. The first one is the special categories of goods and services which would include all the luxury goods like precious metals and falls in the 28% tax slab. The second category is that of standard goods and services which have a 12%-18% tax slab. The third category is that of goods of mass consumption like oil, tea, and spices with a tax rate of 5%. Grains like rice and wheat, and other essential products and goods are exempted from tax, and there is a proposed cess charge on sin products like cigarettes, aerated drinks, luxury cars, and tobacco which is over and above the 28% levied on standard goods.

5. How do I pay

Once you do the GST registration online you can start filing the returns through GSTN and the tax is calculated based on your liability through sales bills. The valid tax input credits also get adjusted automatically. The amount can then be paid online.

6. How will this system impact my working capital?

One of the points to be kept in mind here is that, while there is no cascading of tax, the working capital requirement would increase significantly in case your supplier or customer is non-compliant with regards to tax filings.

7.  GST returns

This is to be prepared based on your invoices for the stipulated period of return filing. You have to upload the relevant bills, sales register, and other relevant information which would be required to authenticate your returns.

8. Matching credit inputs

You have a period of two months to match your credit inputs post which you will have to revoke all unmatched credits. You can work with your vendors and suppliers for any return which doesn’t get matched after which the final tax return would be prepared and tax liability would get discharged.

9. What should I know about GST compliance?

Ensuring GST compliance is an essential thing after online GST registration. The best way to start is to ensure that all your transactions are recorded in the system and is reportable. One of the inevitable GST registration requirements for small businesses would be to have a technology-aided solution to enable them to be compliant. Such a system can effectively capture and record all the transactions and minimize any loss of records or invoices.

10. What is the most important thing I need to know about GST?

You need to be wary about two types of invoice namely the tax invoice and bill of supply to ensure GST compliance. You can issue an invoice for goods any time before the delivery of the product and for service, you can do so within 30 days of supply of the service. In the case of non-taxable supplies, you are not required to issue a separate bill of supply if you have already issued a VAT invoice. Also, issuing invoices is not essential for a small tax-payer who does a large number of transactions below 200 unless specifically requested by the customer.

 

In Conclusion

Online GST registration has become compulsory for every business person in India with an annual supply turnover of over 25lakhs. This is inclusive of all kinds of legal entities like proprietorship, LLP, partnership, company, society and any other related profit making body. The registration has to be completed within a month of exceeding the annual supply turnover limit. The entire GST registration process is seamless, transparent, straightforward, and is an absolute necessity for all businesses.

“The entire GST registration process is seamless, transparent, straightforward, and is an absolute necessity for all businesses.”

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Management Information Systems – Owner’s necessity

Management Information Systems – Owner’s necessity

Can anyone tell me why a profit and loss account is made for a specified period of 12 months or a balance sheet as on a particular date? Most answers I get is for income tax purposes. Management information systems (MIS) is a computerized database of financial information organized and programmed in such a way that it produces regular reports on operations for every level of management in a company.

In the last 4 years of our firm’s existence, we have been instrumental in developing and maintaining the Management Information Systems for several start-up’s and SME’s. It’s found to be most beneficial for organizations that have several revenue channels either in the form of various customers/projects or products or geographies. At times it’s strange to be engaged by organizations who have already invested in high-end ERP’s and still can’t make sense from the enormous data available at their disposal. Many times too much of information is the issue. It’s important to know what is the data you need to have at the end of every month which allows you to take important decisions.

Management Information Systems -I can decode the same into the following sections:

A simple monthly profit and loss account : 

Many times businessman wait until the end of the year to realize that the net profit which they expected to generate has not really happened. Frankly, they are keener to have their financial statements ready for tax requirements. However, when they glance at the statement either they are surprised or shocked. But have no clue about the reasons.  Further, they are at a loss to understand where and when did the problem occur, if so it did. A monthly profit and loss account when generated enables one to understand and decode the performance every month. More important it allows you to take remedial measures almost immediately. It is also important to keep your accounts team on its toe’s.

Sales analyses 

It’s important to analyze every number herein as this is where the game starts. It is important to understand various channels of revenue. Whether it’s the trend of product wise sales or customer or the geographies to which your products go. It is very important to do a variance (year on year movement) and percentage to total sales (contribution of each revenue constituent to total sales) analyses. Many times the cause of your additional costs for a particular month is hidden here. It is also the reason you do business so spend some time on these numbers. Any future decision making pertaining to expansion can also be decoded through sales analyses.

 

management information systems

 

Profit centers 

Once you know the overall profitability it is very important to know where the profits are derived from. To do that it’s important to know which your cost centers are. Generally, they coincide with the revenue channels. A methodical study will enable you to apportion all costs even till the last rupee to such revenue centers. Many times surprising reasons are thrown up. It tells you that certain revenue centers may it be products or geographies are actually loss making in nature. It enables you to either renegotiate prices, terminate such products.

We have had clients who have given up before such analyses saying our clients are MNC’s. They would not agree to any revisions. It’s been extremely gratifying when a logically prepared cost sheet has convinced MNC’s to give them their due share. In case of hospitality for instance its important to analyse each revenue stream – room rent, F&B, banquets etc independently. We have noticed that the negative performance of F&B many times drags the other two down.

Debtors/working capital analyses 

A neglected area generally. Many businessmen ask. My P&L shows good profits, but where is the money? The answer it’s being enjoyed by your customers. Credit period is either not set or adhered to. An ageing analysis is a simple solution. It enables knowledge on the overdue culprits. Ensures good follow up and a good working capital situation. Same follows for stocks.

Cost / budget sheet

it is made to feel to be rocket science but its not. Use the last 2 years data to budget the future. Go into the depth of the activity. Start with sales giving respect to the trends observed over last few years. Any aberration has to be factored out. Once sales freeze look at the costs. There are broadly two kinds – direct costs which move in relation to sales and indirect which are more fixed in nature. Direct costs generally are budgeted as a percentage of sales. For indirect costs the trends are taken into consideration based on the past periods.

Similarly a manufacturing company should also give a lot of importance to product cost sheets. An exercise should be attempted to compare the actual product costs with costs sheets to understand the variances. It helps to tighten controls or to revise an incorrect cost sheet. For this it’s important to track material issue to a product etc.

My advice to all entrepreneurs is, fall in love with your numbers. Most say I don’t understand much of accounts. It’s convenient but not advisable. Don’t allow external and internal factors to take advantage of your chosen ignorance. Go ahead. Develop your own small Management Information Systems. It is fun.

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Making Companies Investment Ready In Tough Business Competition

Making Companies Investment Ready In Tough Business Competition

In recent times Goa has witnessed its share of M&A and business investments. The sentiments are positive and investments into sunrise sectors and across sizes are happening. This is a good time to throw light on a typical investment cycle and focus on the critical aspects.

Raising Capital & Making Companies Investment Ready – How? 

The first step is the preparation of a document called as investment/information memorandum or pitch book or business plan. It refers to your side of the story. Obviously, it has to be very impressive and should leave an impression upon the prospective investor. It comprises of sections such as your credentials till date, the exact business plan in terms of your future, requirement and deployment of funds, your team, market analyses and finally projections. Also, remember that this document may reach the investor before you do. Hence it has to carry a reflection of yourself. At times when you are exploring an investor, you may start with a two page no name based investment teaser. the purpose is to attract the investor towards your best points without divulging too much about yourself.

One important point when making companies investment ready  is also the selection of investor. Many entrepreneurs skip this point. As much as you are desperate for funds it’s also critical to research and understands your exact needs before finalizing on an investor. Broadly there are two kinds – financial and strategic. Financial investors invest for financial returns. Strategic investors would also seek returns but the primary intention would be to gain some synergies from your business to his existing business. Similarly, angel investors or venture capitalists invest in startups or early stage companies while private equities invest in growth stage companies. Always check for the investors’ profile before approaching them.

 

Investment

image source:Emaze

Once this stage is successfully negotiated we move on to a very critical step in the process. Valuations. A tough job as you need to value yourself at this point. Not only till the point of time of the transaction but also in terms of expectations over the next 3-5 years. Valuation till date is referred to as pre-money valuation while valuation post the money being received in terms of the next 3-5 years’ growth is termed as post-money valuations. There are different methods involved to do the same. More important is to ensure that you are totally convinced about all the assumptions that go into arriving at such a valuation number.

Due importance needs to also be given to the market conditions at that time and the transactions that have just occurred during those times. A comparison should be drawn to a recent transaction if it works in your favor. So for e.g. If a company had achieved a valuation of 3 times its sales, you can try and target such a valuation provided you can prove that your company is comparable to such company. There are different methods involved in valuations. The most prominent being discounted cash flow and market multiple. In the case of an asset heavy company, net asset value can also be considered. Depending on the circumstances the choice is made. Important is to negotiate it well and achieve the same.

Let’s say we cross this hurdle. The broad contours of the deal are than entered into a document called ‘term sheet’. This is legally a non-binding document which highlights the main portions of the deal and is subject to a due diligence. So this brings us to the next step – due diligence. Due diligence always reminds me of the dialogue in the famous movie – 3 idiots – “jahapana…” reason being you are literally stripped by the due diligence team of the investor. This is fair as he is taking a big risk by investing and wants to ensure that his decision won’t back fire. Imagine when we buy vegetables from the market. Though our risk exposure is minimum we still try to form an opinion on the seller, thoroughly check the vegetables, see where they were stored etc. Only once we are convinced we pay and buy. Imagine a much larger exposure for the investor. The gravity is much more. So what does a due diligence comprise? Broadly the following:

  • Evaluation of your management information systems which make up your financial statements – the more information you keep pertaining to your operations will make the process simpler. Eg. Break down of your sales in terms of products, geographies etc.
  • Secretarial Compliances review
  • Legal and employee compliances
  • Any other specific aspect connected with business e.g. Environmental clearances

This is a very interesting process cause within a short time the investors’ team evaluates your business and forms an opinion. This opinion could be as harsh as a ‘deal breaker’ or it could be warning the investor of such major issues or it could be an effect of bringing the valuation down or it could be including some major clauses into the final agreement.

A bad agreement can spell doom. It is often said that if ever the parties to a transaction feel the need to remove the agreement from the closet and refer to it, it marks the beginning of the end. An agreement should be carefully drafted and agreed to. It is important that both parties are well aware of what they are signing. There is a general tendency to avoid understanding the agreement and relying on consultants. This should be avoided. For e.g. A generally used clause is ‘drag along rights’. It’s a right demanded by the investor but can create major issues for the Company. It gives the investor a right to sell his shares to any other investor at the agreed price. But what is worse is that he can force you to sell your shares too to the new investor at the same price. So in a flash, you may lose your company to someone else. Hence, it is important to understand every word in the agreement.

Inorganic growth is like taking the escalator instead of the steps. It helps you grow in multiples. However, it brings its own share of risks. It’s important you evaluate your escalator in thorough detail. Cause if you do not there are chances of you being grounded along with it.

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Running Payroll Yourself Can Be Risky- Trust PaySquare

Running Payroll Yourself Can Be Risky- Trust PaySquare

 

Even the most experienced and meticulous business owner finds that payroll can be a headache. Slap on a stiff penalty for the tax filing omission, and now we are talking about full blown financial induced migraine.

For many businesses, outsourcing payroll services offer attractive and valuable insights to in-house processing. If chosen correctly, they offer a less expensive, simpler means of paying your employees, filing your taxes and performing a host of other duties these companies sales representatives cannot wait to tell you about.

Payroll being an important function for any organization requires specialization and a clear understanding of applicable laws in processing the payroll of the employees. PaySquare’s dedicated team of experienced professionals with extensive knowledge of methods relating to payroll processing can offer you full-fledged payroll services for your all employees and top management.

Describe the business

For over 14 years, Paysquare has been focused on simplifying payroll and offering exemplary services in payroll outsourcing and related compliance matters to its clients spread across various regions. Paysquare, an ISO 27001 as well as ISAE 3402 – SSAE 16 certified company headquartered in Pune with its presence in major cities like Mumbai, Bangalore, Hyderabad and Mysore.

Paysquare is proud to be serving 450+ clients across India and a few international locations. Currently Paysquare processes over 1, 50,000 payroll records every month.

What kind of clients/industry you have been working in the last 6 months?

 We have been servicing clients across various industry segments like manufacturing, IT and ITES, automobile, education, hotel, pharmaceutical etc.

What makes your products or services excellent? You can list few USPs

 The main characteristic of Paysquare which differentiates it from other payroll companies is our ability to simplify payroll operations. Whether it’s a start up or large organization with presence across multiple cities we make payroll management easy for each one of them.

Few of our USPs

  • Impeccable service and excellent client relationships
  • Highly customizable and robust ‘Precision’ software platform
  • Highly adjustable to various/complex payroll requirements
  • Self-service tool ‘myPayroll’ to maintain transparency throughout the organization

What were the business hurdles when you started the company, and how did you improve the turnover?

Paysquare’s’ journey started 15 years ago with a small team operating from a small set up.

As every start up faces different challenges we also faced almost the same challenges while we were moving ahead but we always saw the those hurdles as improvement opportunities.

At the start many of our processes were manual and labor intensive but later we invested in technology and bought automation which increased our payroll efficiency.

With the technology we were able to manage complex payroll requirements of our clients as well. Our robust payroll engine ‘Precision’ and online payroll portal ‘myPayroll’ started getting us industry accolades and acknowledgement.

The organization has seen sea changes in functions, systems and processes which impacted very positively. It has been backed with a strong technological advancement which has taken the organization to new heights.

How did you transform your business from start-up to a successful one?

Taking a small business to the next level requires hard work, perseverance, great customer service and a good product or service. There is no specific turning point in Paysquare’s journey, at every point of time we are only thinking of continuously reinventing/ improving our services, bringing in best practices, advanced technology continue to drive efficient payroll for our clients.

For any business to succeed first you must realize you can’t do it on your own; you need a good team around you. Since inception Paysquare always believed in team work. We work in team & nurture our talent so they can also excel in their career. And having a team to manage tasks always freed up management to focus on business growth.

Describe why this company is the best example of business excellence. Do mention if you engage in social activities/CSR as a part of your business. 

For every organization it is mandatory to have a well-managed and compliant payroll.

But the level of complexity in payroll management is different for different companies. Paysquare always worked with a motto to simplify payroll operations for its clients. The experience of working with clients across different industry segments and with different number of employees made us know every minute detail in payroll management. Over the 15 years we always pushed our limits in terms of technology, automation, process efficiency and customer service. Our sole focus to eliminate hassles in payroll management for our clients made us excel.

Have you made a positive impact within your industry? If yes, how?

 While looking back, we feel that Paysquare has made a huge difference in the payroll outsourcing industry. Our standards and consistency have inspired several other service providers and the industry has overall benefitted with better services offered by us.

Paysquare will continue bring in more and more innovations in payroll management and continue to excel. Paysquare is here to create and deliver lasting value.

 Do you offer a superior level of customer service? If yes, how?

 Our services are highly valued by the clients. As a testimony to the value that we deliver, I am happy to state that many of our clients have been with us for over five years now.

Payroll duties can create a huge burden and unwanted stress for the small business owners. A missed deadline or incorrect filing of the taxes can result in huge fines. To avoid these issues, small and medium sized businesses can benefit from using payroll services.

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How To Choose Best Payroll Outsourcing Agency- Answers by Assure IT Services for Small Businesses

How To Choose Best Payroll Outsourcing Agency- Answers by Assure IT Services for Small Businesses

 

 

Most of the small business owners who want to concentrate in building and establishing their businesses can save their time, worry as well as money by PAYROLL OUTSOURCING. Running a small business requires handling several responsibilities – the more you take responsibilities, the less efficient you will become and less likely you are to increase the success and profitability of your company.

The majority of the SMALL BUSINESSES are under 25 employees, and this means that the owner has to be more productive by generating more sales,” says Randhir, the director of Assure IT Services. In assessing, whether or not you should OUTSOURCE PAYROLL there are several questions to consider before you make a decision:

How much payroll outsourcing cost?

Costing depends upon the scope of work defined and the nos 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, Default notice management received from the Income tax department etc. These activities are conducted on a monthly/quarterly/yearly basis. The clients prefer a break up on the costing depending upon the activity. e.g. What would be the cost for Investment proof auditing which will be an activity conducted once in a year only. Number of employees also plays a crucial role. In case of start up with less than 20 employees the client may be charged a fixed amount per month with a cap on the number of employees. e.g from 1-25 fixed charges of Rs. 5000/- per month. In case of companies with an substantial employee base may be charged on a per employee per month basis for basic monthly payroll processing, rest of the activities like employee F&F, Investment auditing will be quoted separately.

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 more than 2 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, investment auditing, FORM 16 submission, handling tax queries of employees etc. For a start up/Small /Midsize company using the 2 resources for single activity is a costly affair and for a large organization with a PAN India presence will require more than 2 resources in both departments (HR/Finance) to coordinate between the Head Office and Branches. So the best solutions seen is to outsource the activity to a single entity and appointment a single resource to coordinate with the third party on all activities starting from payroll to taxation and compliance. Compliance is getting tougher day by day, companies are paying heavy penalties in terms of late tax returns filing, short tax deduction, incorrect calculations etc. Replying the default notices and other compliance queries take a lot of the employee productive time though these issues are completely non-productive in nature. Companies want their employees to focus on the core activity for which they have been appointed and hence outsourcing such important but non-core activities becomes a better solution.

Is my employee data secure when I OUTSOURCE PAYROLL?

Employee data security is an important aspect of payroll outsourcing. Data security can be of 2 kinds a) Having a robust data backup systems & b) Non-disclosure of client employee information to a third party. Data Backup Systems – Data is backed up on internal servers and also at other backup systems situated at a different location. In case of a sudden failure of internal systems data can be restore from other locations within no time. Data backups are broadly classified as monthly backups/ quarterly / yearly backups. Once the active month is processed and closed a final cut backup with be generated by the system. In a similar pattern the quarterly and yearly closed backups are generated. Clients also sign a non-disclosure agreement with the payroll outsourcing company preventing them from disclosing any employee information without prior permission.

How to choose right payroll outsourcing partner?

Payroll processing as an activity comprises of 2 key aspects which is Processing of monthly payroll & Auditing of processed data thereby maintaining accuracy. In PAYROLL PROCESSING data accuracy has to be maintained at the master level as well as at the calculation level. Before choosing a payroll partner one must understand the practices implemented by the partner to process and audit the data at the master level and at the calculation level. Most of the time the auditing aspect is ignored by the partner as he expects the client to audit the processed data at his end, in such a scenario the whole purpose of payroll outsourcing is defeated. After auditing if the client comes across errors in the processed data then later on he would prefer to move to another partner or go for the in-house processing option. Points to be considered while selecting the payroll partner would be

  • 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.

How much employee strength do you need to OUTSOURCE PAYROLL?

Today companies prefer to have their systems in place from day 1 itself. Every organization however big or small in a competitive environment thinks alike. Assignments get broadly classified under core and non-core activities. Any assignment that adds to the productivity of the company or the employee may be internally managed. Assignments which are routine and mandatory but do not add to the company’s productivity in terms profit or any other format and also demand additional resources to manage are preferred to be outsourced. The employee strength in the company is not anymore a deciding factor. The HR / Finance Head in an organization has to decide whether he should invest 2-3 days in a month on a non-core activity of processing payroll or invest the same time on a core activity within the organization.

About Assure IT Services 

Assure IT Services is a PAYROLL PROCESSING company in Mumbai, offering payroll services to start-ups and mid-sized companies in India. The company offers 360 degree payroll management outsourcing solutions with the state-of-the-art software and a team that is well-versed in payroll services.

Randhir Nagvenkar is a director of Assure IT Services. He is a management graduate and has played multiple roles, from product marketing to implementation at the client side. Over the years he has gathered skills and knowledge in executing and managing large scale payroll implementation projects in various industry verticals.

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8 Crucial Tips To Choose Right HRMS Software For Your Business

8 Crucial Tips To Choose Right HRMS Software For Your Business

If you are considering implementing HRMS Software, you don’t have to be a software expert, but it’s up to you to champion the possibility. If your current tools were meeting your needs, you wouldn’t be thinking about replacing them. To gain the backing you need within your organization, you need to identify what is lacking in your current setup and how your company will benefit from HR Software solutions.

Implementing a new HR Software is not something you do it often, but you certainly want to do it right. Proper planning can help ensure a savvy system choice that will support your organization for years to come.

 

Fortunately, there are guidelines to help you navigate the terrain of HRMS software purchasing.

#1. Image result for smart shopping icon png Do Smart Shop When It Comes To Buying HRMS Software

Before you begin looking, educate yourself. You need to have a solid understanding of the features and functionality available, and how they will meet the needs of your organization. Become familiar with your company’s existing software. What does it do well? More importantly, what could it do better?

Spend some time talking to your team, salespeople, and vendors to determine your software needs. Focus on the needs of the people who will be using the software and the expectation of the people who will be making decisions based on how well the software performs. Ask plenty of questions, such as:

  • Do we need a program that is Windows based or web-enabled?
  • Should it be hosted or do we want to purchase it and install it on our network?
  • Does the company need time collection? Many programs now have integrated applications to track time records for payroll. Some programs allow you to import time records from your current time collection system.
  • Do we need to track employee benefits? Benefits such as accrued vacation and sick time can be tracked and managed with the right program.
  • Do we have any special payroll needs? Will we need to export payroll data? Are there any garnishment issues or other complications we will need to manage?
  • Do we require training management? Determine if the company would benefit from an application with the ability to track, record and schedule employee coursework.
  • What do we need in terms of reporting? Reports may be simple, or they may be complicated, so you will need to find a program that meets your requirements.

#2. hrms software Consider Integration Of Various HR Modules

Once you have created a list of your organization’s HR requirements, talk to various vendors and check how you can integrate the various modules that you specifically require for your organization. To begin with, make a list of all the available modules in the market, and check which can be included for your business’ unique requirements.

 

#3.  Related image Focus On Leading Software Technology in HR

It’s also important that you research a little on the leading technologies that are used for this software. Check out software that uses the more advanced forms of technology such as direct access, mobile technology, and social media. Make sure that the software you select is in line with the latest technology to avoid an immediate upgrade in the near future.

 

#4. Image result for customized icon png Customized Modules As Per Your Business Requirements

Well, although there are some standard processes, each organization has a unique way of functioning. They run their departments as per their business logic and their business requirements. So, the ability to customize is an important factor in any HRMS system.

 

#5. Image result for software testing png icon Software Integration Capabilities

Over the years, your business has probably used a variety of software to handle multiple HR tasks. While an HRMS product many are able to replace many of these outdated systems, it should also be able to quickly integrate with them to make downtime less of an issue.

#6. Image result for software testing png iconTake The Software On Test Drive

Testing the various HR Software is probably the most important part of the process. Generally, you should test for six things: the actual ability to integrate with current software, ease of learning, the simplicity of data entry, function performance, flexibility and reporting capabilities.

#7. Image result for update icon png Updates & Enhancements

As you know, HR laws change continually. That’s why it’s critical to choose an HRMS product that includes regular compliance updates and enhancements to make it better for everyday use. A product in the cloud may also provide added features, such as portability and remote accessibility.

#8. Image result for software integration icon png  Software Support and Security

When evaluating a potential HRMS product for your business, you will want to also note how responsive and knowledgeable the software support team is for your industry. Find out what security features are present to protect valuable employee and vendor data.

 

Taking a short way…

While the above-mentioned process may seem time-consuming, but you will see that it surely saves your for several reasons:

  • By working with the demo software packages, you can make great strides in learning about the program you ultimately select, as well as gain a general knowledge of HR software.
  • You will establish a relationship with the company you later choose, including establishing a rapport with the technical support staff.
  • As you speak with references and other HR professionals, you will learn a great deal about how to smooth the implementation process and will be able to use their tips to cut time out of your process.
  • You will know what implementation help you can expect from the software company and make those arrangements early.

Single Point HR’s  HRMS software is integrated to meet all the needs of HR. It helps to improve the morale and productivity of the organization. This software is designed to meet the needs of various companies and locations offering best HR software solutions.

Single Point HR – A Leading Vendor of HRMS Software Development that streamlines employee management for businesses of all sizes. Get Technomeet HR & Payroll Software Design & Development Now.

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