How To Get Rid of Payroll Stress From Your Business ?

How To Get Rid of Payroll Stress From Your Business ?

Human resources are important to the success of any business. As an owner of a small business, you know that people are your most important asset. But unlike large organizations, most small businesses do not enjoy the privilege of an HR department to handle administrative tasks such as payroll. This lays a big burden on the limited resources and adds to mounting risks and costs.

Here are some ways you can help take the stress out of payroll:

Reduce payroll-related cost

As a small business owner, you’re constantly on the look-out for avenues to maximize your investments. But unwanted costs in the form of non-compliance can affect the health of your business. ADP survey shows that organizations across the APAC pay up to $1.24 million as a penalty for non-compliance. Apart from these there are other costs of running payroll and HR systems in-house such as labour costs of staff working to keep payroll systems running on time and ongoing IT maintenance fees.

Investing in a reliable payroll solution can help growing businesses avoid a considerable cost. With the right payroll software, payroll processing can be made cheaper, more efficient and far more reliable.

Reduce payroll-related risk

Most small businesses do not have the budget capable of supporting the outcome of a crisis and continued business operations. This makes it important for small business owners to follow best practices to avoid risk. But the pressures of running a fast evolving business sometimes mean that these best practices are not adhered to.

ADP’s research finds that 37% of company data is left sitting in Excel or similar types of databases. This increases the risk of a probable misuse of data or a software crash could mean your employees not getting paid on time. Also, if the resource handling the complex spreadsheet system leaves the organization, it would be a payroll nightmare on your hands. Mistakes caused by using manual methods of payroll cost companies almost 1% to 8% of their total payroll. Payroll on cloud is accessible anytime and anywhere which helps you stay on top of your administrative tasks while not spending a lot of time doing them. It also ensures that no data loss occurs for any reason. 

Boost business growth with the right payroll provider

Most growing businesses operate in a highly competitive environment. This makes it important for small business owners to choose their tasks wisely and concentrate on strategic activities that would promote growth. By using the right technology, you can free up your time to focus on what matters.

A survey of small businesses by the Manchester Business School found that 88% of cloud users experienced cost savings and 56% found that cloud services helped them to boost profits which is a perfect recipe for growth. Moreover, cloud software grows with you – you don’t have to continually upgrade your software as your company grows.

Relieve your workforce from payroll stress

According to Gallup, companies with engaged employees outperform those without by up to 202%. The right employees are critical to the growth of your business. It is important that these employees are engaged in the right way. Since most operations are not automated in small businesses, they tend to employ more senior people to do administrative tasks.

Also as small businesses typically do not have the budgets to maintain large teams, there could be a risk of few people taking care of multiple tasks thus increasing the possibility of getting payroll wrong through human error. By removing payroll from your small band of employees’ job responsibility, you can make better use of their talent and free up their time to operate on people core job roles. This not only boosts performance and job satisfaction but also gives you the reassurance that your payroll is always up to date thanks to your reliable payroll partner.

Become more competitive with the right payroll software

Most small businesses which invest in a payroll software find that the benefits can go way beyond cost. Old, inflexible internal systems and processes can limit your competitiveness. A payroll provider can provide strategic value to your business, and makes you more competitive, with –

  • Predictable and scalable fees
  • Zero maintenance and infrastructure costs
  • Up-to-date compliance knowledge
  • Clear overall payroll costs
  • Single, easy to use, cloud-based platform

The best payroll provider knows your business inside out and has the right payroll solution that complements your business growth. ADP Vista HCMSM is one such solution which can give you tremendous benefits while protecting your business from errors stemming from lack of knowledge or visibility. Invest in the right technology today to build the business of your dreams.

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Payroll Services, And Payroll Software – What’s the difference? Get Connected To The Best For Both

Payroll Services, And Payroll Software – What’s the difference? Get Connected To The Best For Both

Payroll is the sum of all financial records of salaries for an employee, which includes wages, bonuses and deductions. To ensure that all employees receive their wages or bonuses, companies usually use calculators or, thanks to the technological advances, software that can reduce the burden of understanding complex payroll legislation and payroll systems operation to do what we call a payroll. Selecting the right payroll solution is an important decision for all business owners.

The wrong payroll solution can be expensive not only in terms of money, but in productivity, which translates back to morale, which translates back to money. When selecting payroll solutions, carefully consider your resources. Here are brief descriptions of each type, and the resources you need to implement them: When using payroll software, or when running payroll within your accounting software, your company runs payroll “in-house.”

Your company is responsible for all upgrades to the software, including tax table and tax rate changes. This option provides a high level of control, which some clients prefer. Generating checks, withholding taxes, tax return filings, and payroll tax payments are the main duties that must be carried out in a timely manner by somebody within the business. Electronic services, such as direct deposit, may or may not be available through the software.

Speaking of payroll set-up: be certain your software provides excellent customer support during the set-up process. Depending on the number of checks run in the current year, payroll set-up can be challenging, to put it mildly. Payroll Software When using a payroll service, your company outsources payroll duties entirely.

You are in contact with the payroll service provider as often as you run payroll (for example, every week or every two weeks), telling the service how many hours each employee worked, informing the service of new or terminated employees, or asking any other questions. The payroll service will then generate and deliver checks; withhold taxes; make tax payments; file tax returns; and compute, distribute, and file year-end forms.

Electronic services are available. Human resource (HR) services are sometimes available. Usually you can find a payroll service in close proximity to your business. This is a very simple option. A phone call to the payroll service provider takes care of your most payroll duties. This is a good option for those who do not want to take care of payroll duties themselves, and who do have other resources  such as time or personel to run payroll in some other manner.

Even the set-up should be trouble free, since the payroll service will handle it. Whether you choose Payroll services or Payroll Software, SME Joinup lets you get connected with top recommended service providers that not only gives “Money for value” thing but also gives you hassle free customer support and stays updated with the current trend, implementing the same. SME Joinup has lined up Payroll service providers as well as Payroll Software that offers you best of the best service. You can choose from below mention suiting your budgetary requirements, location, and of course business requirements.

PaySquare – Payroll service provider from Pune

Paysquare is a specialist in the area of end to end payroll outsourcing and provides its services across India. Headquartered in Pune, India, Paysquare was incorporated in 2000. Paysquare solves and streamlines its clients’ payroll processes. For over 14 years our team of experts is committed to providing Consistent, Accurate, and Timely processing of your companies payroll. Paysquare currently processes over 1,20,000 payroll records every month across 300+ clients across India.

Most of the clients have been with Paysquare for several years. Across our engagements, we have provided 100% accuracy in payroll processing. Paysquare follows international standards in its operations and is ISO 27001 as well as ISAE 3402 – SSAE 16 certified. Paysquare also has Business Continuity plans (BCP) as well as Disaster Recovery plans (DRP) in place to ensure that any calamity does not affect business operations of clients. For latest news of Paysquare, click hereTestimonials from PaySquare clients:

The team at Paysquare understands the payroll process very well. They have been sensitive and attentive to our requirements and have delivered to our satisfaction. Their focus on customer relationship has been commendable.

-Ms Rani Desai – VP HR Geometric Ltd.

Employees being able to get access to their salary related information through a web based self-service portal was an important factor for us. Getting a consolidated HR report across all our locations was a tough challenge, but this was made easy by the Paysquare team. Overall they have been very approachable and helpful partner for us.

-Mr. Vipin Ghate, Director HR Lear Automation India Pvt. Ltd.

Accurate and consistent payroll processing was the highest on our agenda, when we evaluated vendors. We are very glad that we chose Paysquare. Their consistency and level of automation in payroll processing has been very good.

-Mr. Deepak Joshi, HR Tata Autocomp Systems Ltd.

 SME Joinup believes that payroll services offered by Paysquare could be beneficial especially for the small business because it exclusive focus on payroll outsourcing and led by a highly qualified team of chartered accountants. Paysquare has consistently ensured accuracy in payroll outsourcing across its engagements.

Know more about Paysquare and its services offered, by clicking here.

 Finsmart- Payroll service provider from Pune

Finsmart Solutions is a one stop solution for all your accounting and payroll needs. We are one of the leading organizations that provide high quality Outsourced Accounting and Payroll Processing Services. Since the time we started off in 2007, we have grown considerably with an excellent track record of providing professional accounting and payroll services to our clients. Finsmart Solutions offers a wide range of Outsourced Accounting and Payroll services with a variety of allied value added services. The company believe in undertaking the responsibility of your entire accounting and payroll function thereby allowing you more time to focus on your core business competencies. Apart from Payroll services, Finsmart offers:

  • Outsourced reconciliation services
  • Audit and review services
  • Company incorporation services
  • Outsourced accounting services

 SME Joinup recommends Finsmart Solutions for your payroll needs because their approach towards payroll outsourcing services are transparent. The company practices:

  • Pay for what you need, and when you need it
  • It makes it one stop solution for your payroll and accounting needs
  • It offers services at your doorstep
  • It has an affordable fix price pricing

  Intero Solutions – Payroll service provider from New Delhi

Intero Solutions Private Limited started in 2008 with the team of four people in Delhi is one of the leading business process outsourcing services provider in the country. The company operating with over 200 professionals across the India has presence in more than 15 cities with regional offices in Delhi, Mumbai, Bangalore and Hyderabad. In 2013, Intero has extended its reach in many countries with channel of cohesive partner networks in other countries of Asian and African continents. Other than payroll services, Intero Solutions offered:

  • HR Outsourcing solutions
  • Data management
  • Manpower outsourcing
  • Finance accounting outsourcing
  • Payroll management
  • Statutory compliance

Intero Solutions clientele list covers majority of the industry segment like hotels, infrastructure, real estate, and government.

What does the clients of Intero Solutions say, let’s hear them out:

“Your HR application and support services have helped us in being employee centric and provide best solutions on day to day requirements. We see this partnership as pivotal in our endeavour to automate HR processes and provide employee support in the desired manner. We will hope that the engagement will help in making the tool better as we progress. We moved out Payroll processes from the earlier vendor to Intero on account of data accuracy and consistent quality support and so far the experience has been fruitful! – Head HR Manufacturing company

“We are satisfied with Intero\’s professional service in terms of accuracy and prompt action. Everything is provided in time without delay” – HR Head Real Estate company

” We appreciate the services of Intero Solutions on providing accurate and timely payroll. This includes TDS calculation, Statutory Compliances, IT return file, employee final settlements and understanding of our time to time MIS requirements. –Manager HR & Admin, a leading chain of hotel.

The reason SME Joinup has listed it as an expertise and experienced payroll outsourcing management is because Intero Solutions provide integrated solutions for all manpower and management interrelated departments of an organization with separate reporting system for each division along with other required details as per the need of the clients.

 Maple Tree Business Consultants – Payroll services from Mumbai

Maple Tree is an India based Business Consultancy firm set up by a team of well experienced dedicated professionals rendering comprehensive professional services which mainly include Business Entry Services, Finance and Accounting (F&A), Taxation, Corporate Services and Payroll Management etc. Client satisfaction and quality work have been our main focus from the day one and we have designed our services in such a way that an entity can avail our services on one stop shop basis i.e. right from the start to the growth phase.

It has other offices in the locations like Bangalore, and New Delhi.

Apart from outsourcing payroll, it offers services like:

  • Business entry services
  • Taxation
  • Finance and accounting
  • Recruitment
  • Corporate services

Grow with us TopSource – Payroll Service provider located at Pune

Top Source brings to midsize companies a level of service and business value previously available only to the largest corporations. Our services are easy to deploy, highly affordable, and are readily scaled from basic payroll and accounting functions to deliver greatly expanded value as your needs – and your company – grow. TopSource can be found at other locations as well like Hyderabad, and Mumbai. Why SME Joinup recommends TopSource because it is an award winning specialist payroll and accounting support services organisation. It offers the optimum balance of process and flexibility to help your business grow. Our services are utilised by over 500 companies that range in size from owner-managed to multi-national corporations. To read their upcoming blogs, click here.

 Assure IT Services – Payroll service provider from Mumbai

Assure IT Services is managed by 3 dynamic professionals from varied backgrounds. Mr. Dinesh Kumar Tejwani is the founder Director of Assure IT. He is a rank holder chartered accountant who went on to become an entrepreneur. With 15 years of tax and audit practice experience, he ventured into tax technologies and founded Fast Facts Computer Systems Ltd. Randhir Nagvenkar is a Management Graduate and has more than 8 years’ experience in the software consulting industry. As a consultant he has played multiple roles, from product marketing to implementation at the client side. Over the years he has gathered knowledge and skills in executing and managing large scale payroll implementation project in various industry verticals. His man management skills and domain knowledge bridge the gap between processes, technology and people. Kapish Saluja Management Graduate and has more than 8 years’ experience in the software consulting industry. As a consultant he has played multiple roles, from product marketing to implementation at the client side. Over the years he has gathered knowledge and skills in executing and managing large scale payroll implementation project in various industry verticals. His man management skills and domain knowledge bridge the gap between processes, technology and people. SME Joinup recommends Assure IT Services especially for the small business because it is able to meet this challenge by offering its clients a complete payroll outsourcing solution taking into consideration their need for an accurate payroll process, ensuring compliance deadlines and maintaining data confidentiality.

LetsComply – Let’s Comply – Payroll Service provider from New Delhi

Lets Comply is a technology driven platform to provide world-class affordable and convenient professional services under the guidance of experienced team of professionals, whose knowledge & credentials are proven.

SME Joinup believes that the Payroll services offered by Lets Comply are committed to help entrepreneurs and business owners to start, manage and grow their business by simplifying everything related to financial & taxation related regulatory framework of business so that they focus on innovation and expansion without having concern about compliance, which matters the most.

The company aim to be a partner in the entire business life cycle for all stages of entrepreneurship i.e. Startup, Growth, Acceleration& Progressive Stage to make sure they are compliant at every stage and grow manifold. Along with payroll services it also offers:

  • Virtual Intelligence by way of Virtual CFO (vCFO)
  • Virtual General Counsel services

It is a team of experienced Chartered Accountants, Company Secretaries, Cost Accountants, Corporate Lawyers Management Graduates, IP Attorneys and Technologists. Let’s Comply provide excellent confidentiality undertakings as well as high technical firewalls that satisfy its valued clients. Know more in detail about Let’s comply and its offerings clicking here.

 GreyTip – Payroll Software service provider from Bangalore.

GreyTip enables HR departments to leverage IT for both effectiveness and efficiency. Their Payroll software solutions cover most areas including employee information management, leave and attendance management, training, appraisals and compensation etc. SME Joinup believe in GreyTip’s Payroll software solutions because their team has been focusing and having daily interactions with the best HR professionals in the field have given us deep insights into your needs. We have incorporated their best practices and wisdom in our products. It constantly innovate and upgrade the products to incorporate the latest advances in technology and the ever changing needs of HR and Payroll departments You can visit the video presentation here. Greytip has presence & staff in Bangalore, Mumbai, Chennai, Pune, Hyderabad, Coimbatore, Dubai & Muscat. sumHR – Free Employee Attendance, Leaves and Payroll Management Software. SUM HR  – HRMS Software service provider from Pune and MumbaisumHR is a modern, delightful, and extremely easy to use Human Resource Management Software that helps start-ups and SMEs streamline their HR & payroll processes. It is  on the mission to change the way companies look at Human Resource Management. The company want to make the lives of HR professionals easier and happier by automating processes and eliminating the error-prone, highly unreliable spreadsheets. They don’t want to bother our customers with expensive license fees, installation nightmares, or setup and training ordeals. Using the experience and knowledge of new-age HR practitioners, they are creating a modern cloud-based HR software that will reduce paper work, increase productivity and give everyone time to concentrate on real work. SME Joinup refers SUM HR or its HRMS because it presents simple, easy, and effective way to manage tons of your HR data and processes. Alp Consulting Logo Alp Consutling – HRMS software service provider from Bengaluru Human Resource Management System, or HRMS as it is commonly referred to, is a combination of all the systems and processes that are necessary to efficiently manage the HR Department of an organisation. There are many routine and tedious activities in HR that should ideally be handled by technology. By using an HRMS software, you can significantly reduce the manual workload required to carry out these tasks. Alp Consulting offers an end-to-end enterprise HRMS web based SAAS application which can manage the entire gamut of HR functions. Alp Consulting has its offices at other locations like Mumbai, Pune, Noida, Chennai, and Hyderabad The following are just a few of the functionalities that we offer:

  • Adding statutory details
  • Bulk import of employee details
  • Payroll processing
  • Salary statement generation
  • Exporting bank statements
  • Bank advice
  • Payroll and statutory reports generation
  • PF statement generation
  • PF challan preparation
  • ESS -employees can access, view, or request personal or company related information 24/7
  • Employee login facility
  • Employee query management
  • Statutory outsourcing
  • Payroll cycle management

Get connected now…………

The above mentioned are the best of the best Payroll service providers and Payroll Software service providers recommended by SME Joinup. There are several routine and tedious activities in HR that should be ideally handled by a pro or technology. Choose from the above and let us get you connected to them immediately…Fill in the below mentioned below that will help you get instant access to these top recommended providers.

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Top 5 Points To Consider When Outsourcing To Cloud Payroll Software Service Provider

Top 5 Points To Consider When Outsourcing To Cloud Payroll Software Service Provider

According to an international market report, 27 % of SMEs spend minimum 5 hours per month on payroll management. It means minimum 60 hours required to do this task efficiently per year. If you opt for alternative solution (payroll outsourcing) to do this task error free, you can use that much of time to grow your business. Here is key information you should know about payroll services.

5things to know about payroll

Why Outsourcing of Payroll Services is best Choice?

Should you keep your payroll in-house or outsource it? Well, outsourcing of payroll is best choice as it saves your time, cost effective, promise accuracy and offer many other benefits. When you start your small business, you can make payment to your employees two ways either you can do this task by yourself or can outsource a payroll service. If you are not well versed with payroll and accounting work, outsourcing payroll services will be the best choice for your business.

However opting for outsourcing of payroll services is one step, but you should be well versed about how to choose a payroll service provider for your small business. However before you dig in more in finding a right payroll service provider service for your company, it’s better to understand why exactly you or other small businesses needs to outsource payroll. Some compelling reasons include:

benefits of payroll software

  1. Ensure significant savings in cost, time and labor
  2. 0 % expensive payroll processing errors
  3. Greater compliance with laws, government regulatory and tax requirements etc.

What exactly will Cloud Payroll Software Do?

Cloud payroll services operate everything on cloud. The best cloud payroll software allows businesses to tracks all accounting related information online on phones, tablets and computer systems. It streamlines manual accounting processes and eases the risk associated to tax payment and legal things require doing a business. The other advantages that make cloud payroll paramount are wage management, employee benefits management, tax management, attendance management, generates reports, tax form preparation, prints checks or direct deposit etc.

Why Cloud Payroll Software’s Demand is growing fast?

Cloud payroll outsourcing market is growing fast as this technology is compliant to the various needs of small businesses, handy and cost effective. A number of service providers are coming up with technical advanced cloud based payroll solutions and SMEs are buying them to keep protected their businesses from any legal hassle and harassment.

Payroll software are now available both in-house and cloud based systems and designed in a way that they can be implemented easily with any business’s existing accounting system. These systems can ease SMEs payroll tasks and are cost effective too. Additionally, cloud payroll software also offers numerous other benefits:

cloud payroll benefits for small business

Selecting the right cloud payroll software to accomplish your specific needs-Where to start?

There are a number of considerations for finding the best payroll service provider for your company. Your must be pretty sure about some points all along considering the size of your company, available budget that can be allocated to payroll outsourcing comfortably and your level of knowledge with regulatory and legal work.

With all of information about your business, you can move ahead to ask your contacts and fellow businesses for keen referrals who are predominantly handling the businesses like yours. Or, you can connect to SME Joinup for professional guidance and look more closely to some of trustworthy vendors’ list. Once you succeed to get a few names, move forward to check some must haves that cloud payroll Software Company should be able to provide:

clould payroll software support image

 

Experienced Cloud Payroll Service Provider

Making sure that the chosen company has everything to make employees’ payment on time is very important. So selection of an experienced Cloud Payroll Service provider company could be a right decision as most of the old companies have well developed technologies and more efficient to cover wide range of requirements of small business.

A newly established cloud payroll company could also be a right choice if it ensures that all payment will be done on time with no errors. For making a right selection, check the record and ability for solving the some specific challenges related to your business. For example Intersoft International Private Ltd (myHRSuite) and greytHR carries over years of experience and the most preferred companies for cloud payroll software services outsourcing in the country.

Most Advanced Cloud- Based Technology

A top class payroll service provider should offer most advanced cloud payroll technology all along a proven track record in the market. Check out that vendor offer you a freedom of managing businesses online through a browser, mobile app, tablet and smartphone etc. Or, you can ask for technology testing trial to determine challenges that may make difficult to use this technology in the future.

The cloud payroll software like Elife-Payroll on cloud from ePeople Bespoke Consulting (P) Ltd and myHRSuite from Intersoft International come under the list of fore-runners in delivering technical advanced cloud- based payroll technology.  To know about other leaders, you can talk to SME Joinup team. The team will help you to find the most advanced cloud payroll software for your business.

Delivery of Desired Features and other options

Sometimes a small business not requires many features and options in payroll software. So make sure that the selected software has all the features that you desire to handle your employees’ attendance and record according to law and policies. If your business is of larger size with more number of employees, it means you require some additional features to ensure accuracy in the record. So must check all the features and options carefully to find perfect fit payroll software for your business.

Maintain Security and Trust

If you select a referral company its good, otherwise you need to make sure that the selected vendor is trustworthy and has good market reputation. Hire someone who promises the security of your company’s sensitive data. Also, you can do online research to know about reviews and recommendations of clients who has already used or using the shortlisted payroll software.

Strong Customer Service

When you start using any new technology, you are going to face a number of problems. Similarly, may you will face many problems with your payroll software and want to talk to your payroll provider for prompt solution. So make sure that the selected company have 24/7 customer support for immediate attention and solution for your problem.

Transparent Pricing and Special Services

It is very important to understand that what the company will charge for any particular cloud payroll service. Comparison of services, features and pricing from different vendors is good but make sure that the cheaper option may not end up with any mess or unpleasant experience. At times companies also charge extra for some features or services, so it’s better to clarify everything before hiring a vendor.

Smart Tips on Cloud Payroll Services Management:

As a business owner, you must be smart enough to understand and manage cloud payroll. If you deploy it right from the beginning of your business, you can maintain all records and information according to regulations easily. Also, keep an eye on payroll rules and regulations changes and updates. Must remember mentioned key parameters of payroll processing:

compliance updates

Speak with SME Joinup’s team of experts now. They will do all research work for you and find that best cloud payroll service provider to help you to meet your business goals easily. 

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How Cloud Payroll Can Help You Save Time In Your Small Business?

How Cloud Payroll Can Help You Save Time In Your Small Business?

If you run a small business, you must be well aware that time is your most valuable asset. According to an e-Voice survey, 53% of small business owners say that the most difficult part of running a small business is having to cover multiple jobs and not finding enough time to get everything done. The same survey also quotes that of the many roles that a small business owner handles, keeping a track of accounts and payroll is enjoyed the least. Luckily administrative tasks such as payroll can be automated today with the help of a reliable software thus making a business owner’s life easier.

Cloud based software can be your answer to a low-cost and efficient payroll processing.

#1. Pay your employees in three simple steps with the right Cloud payroll solution

When on the lookout for Cloud payroll software, business owners should consider factors such as simplicity and ease of use. Manually updating your system with all of your employees’ database and running a software with an elaborate set of instructions on a monthly basis can be cumbersome. Choose a software which can best aid your business but not at the cost of your time. Essentially look for a software which can help you run your payroll in three simple steps – Upload payroll data, Process it and Make payment.

A flexible solution which comes pre-configured with all of your employees’ data will further enhance the ease of use. Another important consideration is to make sure that setup support is available to you.

The right guidance can help you transition faster from your current payroll system to a cloud platform. A payroll provider which can promptly address all your queries with a strict adherence to SLA should be considered. Seek out a provider which can give real time assistance via a web help-desk which will ensure optimal business-continuity with regards to payroll.

#2. Stay up to date with tax changes and avoid unwanted costs

Do you spend a lot of time working through changes in payroll compliance on your own? The right payroll software can help you stay up to date on changing payroll laws and tax rates. Choose a solution which is supported by industry experts which makes it easy to track, develop and implement any new changes in payroll related legislations. The good news is there are several reliable cloud payroll software available today with built-in tax liabilities and which are updated real-time with tax changes thus leaving business administrators stress-free.

#3. Increase employee ownership and save time through self-service portal

Most reliable payroll solutions give your employees the freedom to access their data at any point of time through an employee self-service portal. Employee portals allow employees to keep a track of their payroll history. They help cut down on redundancies and save a lot time from answering repetitive employee payroll queries. Moreover, it can also help you let go of all the manual paperwork and filings. Intuitive dashboards and reporting provide the right visibility to employees to answer their payroll questions on their own.

#4. Save time through better human resource management

Most payroll solutions also offer additional HR modules. An integrated HR module such as a Leave Management System can help you configure leave rules and policies. It also helps you streamline processes which in-turn makes tracking your employees’ leaves easy. These modules also come with in-built automatic workflow notifications which can help you stay on top of your employees’ day to day activities. All these features invariably help you in saving a lot of your productive time.

#5. Cloud Payroll Software: A valuable investment

To a small business owner who is juggling multiple roles on a daily basis, time is a precious commodity. To make the most of the time on your hands, invest in an automated cloud payroll software. ADP Vista HCMSM is one such software which can help you stay up-to-date on your payroll tasks while bringing down your administrative burden considerably. With several innovative features such as an adaptable payroll management platform, dynamic dashboards, effective leave management system, and easy to use self-service portal, this software can help address your monthly payroll challenges effectively.
As a small business owner, you give a lot to keep a business moving. Today, gift yourself a cloud payroll solution that can help you get back to doing what you do best – building your business.

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Key Benefits Of Hiring Payroll Processing Services

Key Benefits Of Hiring Payroll Processing Services

Hiring payroll processing services can offer small businesses an appealing and beneficial alternative to managing payroll internally. Tedious administrative and routine works like calculating payroll, preparing checks, determining tax obligations, and maintaining accurate records can be burdensome and costly. Outsourcing payroll services can help you cut cost, save time and ensure accurate tax calculations. Payroll companies can offer HR payroll solutions that help you improve your company’s human capital management and benefits.

Outsourcing payroll for SME has become even more viable as third party payroll companies are shifting focus from big organisations and offering customized services to small businesses. The significance of payroll outsourcing can better be comprehended by looking at the key benefits it provides –

1) Accountability

Tax regulations change from time to time and that increases the chances of making errors. Corporate payroll services can cover the requirements of filing state and federal payroll taxes for your business. This reduces the headache of knowing the latest tax code, filing deadlines, deposit requirements, tax tables, government forms or payroll software version.

2) Productivity

Employing the expertise of a professional third party payroll company eliminates the time-consuming process of having you or your staff manage payroll. Thus rendering you and your staff free of monotonous administrative work, allowing you to use your valuable time and energy for core and more important business activities.

“One of my rules is if you have one employee, get a payroll service,” says Rhonda Abrams, president of the business services site ‘The Planning Shop’ and author of the guidebook ‘Hire Your First Employee’. 

3) Cost-Effectiveness

Carrying out the payroll function in-house requires you to hire experienced staff to do the activities involved, you may have to purchase relevant payroll software and buy software updates when needed. You may also have to bear cost of technical support provided by software vendor. On the other hand, HR payroll solutions providers charge a reasonable fixed amount and additional fee for extra services. This is often more cost-effective than maintaining an in-house payroll team and software.

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4) Multiple Options

Payroll outsourcing India offers varied service choices to clients. Clients can have their employees’ payroll data uploaded in the vendor’s online system and managed by them. Many payroll outsourcing companies also offer services outside of payroll processing, such as new-hire reporting, tax payment and reporting, and employee benefits assistance.

5) Financial Reporting

Payroll system outsourcing comes with added benefit of having all your payroll related reports ready on time, effortlessly and effectively. Payroll outsourcing firms provide reports such as summaries on earning statements, time sheets, expenses, payroll by departments and several other useful reports.

Hire payroll services for your business!

Every company is different, and there is no single software solution that is perfect for every employer. If you are interested in finding out what integrated payroll solution will work for your business then Intero, Finsmart, Paysquare, TCF and Top Source are the reliable names to go for. These third party payroll companies are expert at what they do and can meet your needs.

Promising high level of professionalism and customer service, these payroll services providers are well aware of the requirements of small and medium sized businesses. They can help you save a lot of time and even money, allowing you to concentrate on more important parts of your business.

These payroll outsourcing companies are run and managed by highly qualified chartered accountants, who leverage latest technology and have stronghold of statutory requirements. These vendors can offer you – accuracy and consistency to increase payroll efficiency, compliant payroll services, high level of automation, improved operating efficiency, and protection against employee dissatisfaction, costly errors and hidden costs.

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Should Payroll Management be Outsourced or Kept In-House?

Should Payroll Management be Outsourced or Kept In-House?

Payroll stays an integral part of any business operation. No matter how big or small a company is, payroll happens to be one of the key business activity. And as more and more companies are outsourcing payroll function, the question arises whether to keep payroll an in-house function or involve a third party.

Need of payroll management outsourcing for small businesses

Payroll management administration had always been internally handled by the companies, especially small businesses. But this is not the case anymore. Small companies are gradually realizing that payroll processing is a function that requires expertise. The technological advances, software updates and statutory requirements can be very demanding in terms of time and money.

Payroll management services cover a spectrum of activities including salary and wages calculation, withholding of taxes, distribution of withheld funds to respective government agencies and direct deposit of in-hand salaries into the bank accounts of employees. These tedious and routine functions can keep any business owner or his key employees occupied while they could better have worked on more important revenue-generating or sales-enhancing activities. While saving time, outsourcing payroll services can help cut cost and ensure accurate tax calculations. Payroll companies can offer HR payroll solutions that help to improve a company’s human capital management and benefits.

In a recent survey conducted by Actionable Research-1, nearly 75 percent of CPA’s (Certified Public Accountant) who serve small businesses felt that their clients do not have the necessary expertise to handle the demands of payroll processing. And 68 percent suggested their clients’ time would be better spent working on the many other demands of their businesses.

Payroll management consultants, who had been serving corporate until recently, have been getting requirements from SMEs. Looking at the potential opportunity, many big and small payroll outsourcing firms are now offering customized payroll services for small businesses.

It has become much easier for small and medium-sized companies to leverage benefits of outsourced payroll.

So your small business should keep payroll in-house or outsource?

The case of outsourcing is stronger than ever. Several small companies have already outsourced their payroll function completely or partially. With payroll management services giving wide options to business owners, outsourcing is turning out to be a win-win situation for SMEs.

Small business owners tend to wear too many hats at the same time. But as the business grows this becomes more and more impossible. The processes start becoming more and more complex. This is the time when small businesses should consider the advantages of outsourcing.

Whether you are a start-up or have a considerable strength of employees, you can get benefited immensely from customized and value based payroll solutions being provided in the market. The cost that you spend on hiring payroll professionals, getting required software, regular updated versions of software, technical support, maintaining and securing database – You can instead invest this money on your revenue generation!

Other than being cost-effective, payroll management outsourcing will offer you following advantages –

1) Better Productivity

Outsourcing payroll for SME can save their time, efforts and costs incurred on carrying out payroll operations in-house. They offer customized solutions for different businesses, for instance, some provide the choice of flexible savings accounts or retirement accounts, while some offer specific tax saving proposals and insurance payments. Thus efficiently managing payroll with better productivity.

2) Zero Penalties During Tax Processing

Inappropriate payroll management could lead to inaccurate tax filing resulting in tax penalties. Outsourcing payroll processing services to professionals can save you these hassles and ensure accurate payroll processing. The best part is that third party payroll companies provide tax guarantee benefits, which means if they file or make payments late, it will be they who will be held responsible for covering the cost of penalties.

3) Most Advanced Technology

A constant question for small business owners is whether they have the latest version of their payroll software and the most recent tax tables installed on their computer. You can easily avoid such problematic situation by letting a payroll outsourcing company to take care of it. They use the latest software programs for payroll processing and tax computation for minimizing errors and delays. Also your employee data stays protected through an authorized control panel that you can access anytime.

4) Financial Reporting

Payroll system outsourcing comes with added benefit of having all your payroll related reports ready on time, effortlessly and effectively. Payroll outsourcing firms provide reports such as summaries on earning statements, time sheets, expenses, payroll by departments and several other useful reports.

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Tapping into the benefits of payroll outsourcing can prove highly beneficial for your business. When looking out for an outsource partner make sure it is someone who is professional and reliable. An expert payroll solution provider like Paysquare can be your trustworthy partner. They are one of the most preferred payroll outsourcing company in the market, with an exclusive focus on payroll outsourcing. What makes Paysquare the number one choice is its ability to consistently ensure accuracy in payroll processing across its engagements.

Paysquare’s client portfolio encompasses reputed names such as ITC, Kirloskar, Fiat, Atlas Copco, Johnson Control, Hitachi Consulting, Kimberly-Clark, Marico, Coca Cola and JCB.

Paysquare is the specialist in the area of end to end payroll outsourcing services for small businesses.

Certification and Awards

A SSAE 16 & ISAE 3402 certified organization with ISO 27001/2013 Standards, Paysquare featured among India’s 20 most promising compliance companies Featured by CIO Review for its outstanding contribution in the field of risk, compliance and governance.

Paysquare CEO, Mr. Rakesh Jain, received Sarathi-IT award, felicitated for his outstanding contribution in the field of information technology (IT).

Paysquare CEO, Mr. Rakesh Jain, received IT-Technovation award 2012 from Indira Group of Institutes (IGI), felicitated for his outstanding contribution in the field of information technology (IT).

Similar to Paysquare, Intero also offers reliable payroll services. The company is currently catering to several clients in government, manufacturing, hospitality, real-estate and infrastructure industries.

TopSource is another payroll expert offering comprehensive services. They won the coveted Service Provider of the Year award, by Pay & Benefits Magazine in March 2014.

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Why The #1 Task Small Businesses Outsource Worldwide is Accounting And Payroll

Why The #1 Task Small Businesses Outsource Worldwide is Accounting And Payroll

There is a lot going on when you pay your employees. It’s not just a game of writing checks, clocking employee billable hours or cash handling. For small businesses that aren’t well versed in accounting and payroll processing, In-house processing is a hidden money burner and a major headache with spends upwards of 2 lakh per year just in direct labor costs.

Why consider outsourcing accounting and/or payroll services?

Before outsourcing payroll and/or accounting services, the first question you need to ask yourself is whether you truly need to? If you’re acquainted with accounting or have someone in your office that can take on the job, it might be OK to keep this in-house, but only if you have less than 10-15 employees.

Just managing payroll itself, is however, not everyone’s cup of tea & for everyone out there who thinks this job needs no experience and can be done easily; have a look at what your responsibilities can be as a accounting/payroll manager:

  1. Filing quarterly reports.
  2. Withholding employee taxes.
  3. Paying withholding to government agencies.
  4. Making summary filings at the state level.
  5. Managing employees’ health and pension plan contributions.
  6. Family leave assessments & handling state disability/ unemployment.

Now, for those who sincerely think they weren’t aware of this or were aware of these responsibilities & were ignoring them till now, you could have a serious issue at hand. An increasing number of companies are outsourcing their accounting services requirements to expert vendors. An outsourcing partner can deliver superior results and minimize costs, while allowing you to focus on strengthening your focus business areas.

Benefits of using outsourced accounting and payroll services?

The small business owners that we talked to who use online payroll and accounting services say they see a variety of benefits, including:

  • Reduced headache: of recruiting, hiring and managing clerical staff with accounting work outsourcing. Business owners who outsource payroll eliminate a major source of personal pain.
  • Using payroll software means no angry employees, no technology headaches and expert advice.
  • Reduce costs: Eliminates unnecessary operating costs and overheads; save money on wages
  • Do not ever miss any statutory compliances with outsourcing of accounting & taxation work
  • Better technology and more experts with outsourced accounting, payroll services

Accounting Outsourcing costs totally depends on the size of the business and its operation scale. Accounts outsourcing services can be customized based on the budget, which the client may have, depending upon following outsourcing models: Onsite full time, Onsite part time accounting or Offsite accounting.

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 hence Outsource Payroll.

Outsourced Payroll service features include:

At a basic level, you want a payroll service that keeps track of employees’ wages and fees, processes paychecks and records and organize everything for evaluation of tax. However, today payroll companies offer much more than you expect and the thing is it’s good because the whole point of appointing an expert is to get more; here is checklist of what ‘more’ they offer:

  1. Employer tax payments: Online payroll services handle all the tax-related issues, take care of complicated tax forms, online payroll and accounting services thus help reducing the risk of something going wrong.
  2. Benefits administration: They offer ways to enhance employee benefits. Small businesses can use these tools to manage health insurance plans, flexible spending accounts and transit reimbursement plans
  3. Retirement services: These systems make it much easier for businesses to set up and monitor IRA retirement plans, and for employees to control their contributions.
  4. Paid time off: Keeping track of employees’ billable hours &sick leaves. These features also make it easy for employees to request time off and for employers to approve or deny it.
  5. HR forms management: Payroll services also provide a way for businesses to keep important human resources forms and documents in one, easily accessible and safe place thus minimizing workload and keeps everything organized.
  6. Report filing: Handling all of the required reports that must be filed with federal, state and local governments, also sending those reports on time, some services also offer businesses the ability to review them online.

Outsourced Accounting and Bookkeeping Services

Good accounting firms believes in understanding customers’ exact needs and developing a customized solution that best suits their diverse business needs. They cater to the accounting needs of global clients by offering a comprehensive range of services, which includes –

  1. General Accounting and Bookkeeping Services: Preparation and maintenance of day-to-day bookkeeping and monthly or quarterly accounts, where they act as your accounting bookkeeper.
  2. Preparation of Financial Statements: Preparation of annual accounts for the statutory annual audit
  3. Preparation of Tax Returns: Preparation of periodic tax, sales tax, and other returns
  4. Cash Forecasting Services: Analysis of the cash requirements of the business and forecasting cash requirements
  5. Debt Collection Services: Assistance for the recovery of debts and taking necessary legal action
  6. Payments to Creditors: Assistance with making payments to creditors while leaving ultimate control with the management
  7. Cash Handling Services: Assistance with treasury functions like operation and monitoring of high-interest deposits and current accounts
  8. E-accounting services:They have expertise in this area and can help you with any of your e-accounting functions
  9. Accounting Setup Services:They can help you achieve your business objectives with our accounting setup services.
  10. Additional Services typically include:
    • Accounts payable services.
    • Accounts receivable services.
    • Financial reporting services.
    • Accounts reconciliation services.
    • Write-up Services.
    • Invoice processing services.
    • Migration of Legacy Systems.
    • Customer invoice services.

How much does outsourcing accounting / payroll cost?

Payroll & accounting services pricing structure is pretty standard. Most online payroll & accounting services charge users a monthly flat fee, based on the services being provided and the number of employees. Many of the services that we found offer businesses different packages. For example, a basic package might only include the running of your business’s payroll & accounting, while more advanced packages might also include paying your taxes and printing forms for employees. Monthly fees can range from anywhere between 12k and 60k INR per month depending on the package chosen.

There are onsite/offsite accounting services wherein onsite costs around 20-25k INR per month whereas an offsite service might cost 15-20k INR per month. Payroll services for small & medium enterprises are usually charged on the basis of number of employees which can be 10k INR for up to 30 employees & 100-150 INR per employee above that number. In addition, most services also charge an additional fee per employee check paid. We found that those costs can run anywhere between 120 to 500 INR.

Choosing the right one

If you’ve decided you’re ready to choose an accounting and payroll outsourced service, it’s time to decide which one might be right for your company. The small & medium enterprise owners we spoke with said some of the most important factors to consider include:

  • Cost
  • Ease of use
  • Customer service support

A more robust way to help determine the right payroll & accounting service for you is to make sure you are asking the right questions. Payroll & accounting experts that we interviewed told us that before making a decision, you should ask potential payroll & accounting service providers questions, such as:

  1. How long have you been in business?
  2. How often are your tax tables updated for compliance?
  3. Do you have other clients in my industry?
  4. How important will my business be to your company?
  5. If I have a question or concern, whom do I go to?
  6. What’s the structure of your customer service department?
  7. Can you integrate with my employee benefits offerings?
  8. How can I monitor all of my payroll & accounting transactions with you?
  9. How will you handle my business as my company grows?
  10. What are your fees and contract policies?

What to watch out for

You also want to watch out for any potential red flags when researching online payroll and accounting providers. Here are some things to watch out for:

  • Make sure the company you outsource your payroll & accounting to is trustworthy and dependable so you can be sure your critical information is in good hands. The company should be bonded and insured.
  • Make sure the online payroll & accounting service is properly paying the IRS on your behalf. If they aren’t, your business could incur huge tax penalties.
  • Make sure your online payroll & accounting service providers are aware of your tax requirements and deadlines.
  • If you are using an online service, make sure they company provides a secure connection to ensure your data is protected.
  • Choose a service that is very transparent and up front with its clients.

 

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