Tag: payroll on cloud services in india

Payroll Outsourcing Services And Payroll on Cloud – Know The Difference

Payroll Outsourcing Services And Payroll on Cloud – Know The Difference

Earlier; there was a pre-mindset that Payroll outsourcing services is just one part of the process and that would be a costly affair. Security of data, too, was a major concern back then, with companies feeling in-house processing was much safer and also gave them options to alter processes whenever there was a need to. Before the advent of newer technologies and better capital management systems, companies of all sizes deemed payroll processing to be an in-house function.

In-house payroll processing was considered the best utility option because it essentially completed the whole cycle, from hiring employees to releasing them. The companies had the flexibility of changing the structure and system, while also customizing their reports.

Payroll outsourcing services were considered clunky, and moreover, costly. Companies felt there was a lack of flexibility and processing payroll in-house would lead to better efficiency. Today, all of these concerns are no longer valid. The rapid advancement of technology has made it easy for companies to adapt to with cloud payroll, filling a gap that was long left empty.

Technology has become a big part of the picture, present in every function carried out by your business today. Cloud computing has made it possible for companies to streamline their processes, much quicker than before. Payroll is a critical function for every business out there, which is why you need to choose the best option in front of you.

Cloud is simply outsourcing in a new manifestation, disrupting every industry piece by piece. Unlike the traditional outsourcing industry, cloud computing is newer, with many entrants still learning the capabilities this industry has to offer. There can be seen a paradigm shift, with many features now being deployed over cloud a… READ MORE

 

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Top 10 Payroll Services and Payroll Software in India

Top 10 Payroll Services and Payroll Software in India

Payroll services that are outsourced is an act of delegating payroll administration to a third party having expertise in payroll processes. Generally, companies outsource their payroll functions to cut costs, and to get better services and to ensure smooth and error free monthly payroll cycle.
Payroll services are the most outsourced function in the business world. Titans like Ceridian, Automatic Data Processing Inc., Paychex have been responsible for cutting the paycheck for businesses large and small for many years.
Now that small and medium-sized enterprises have increasingly wrested market share from big corporations, large payroll companies have had to adapt their services to meet the needs of these smaller clients. Simultaneously, technology advances have led to viable payroll software solutions, and vendors have scrambled to meet the needs of SMBs who feel underserved by the payroll behemoths.
Can the payroll service providers meet the specialized needs of today’s small and midsize businesses? Will it be wise to outsource payroll services Or bringing payroll back in-house and using specialized Payroll software the best route for SMBs? SME Joinup breaks down both options to help you choose what is best for your business.
According to the recent survey by Small Business Taxation Survey, the businesses handling payroll internally, nearly one in four reports spending more than six hours per month on payroll. That’s at least 72 hours per year—nearly two full workweeks.
It is to assume that the hourly cost for internal payroll staff to be $36, these 72 hours translate into $2,592 per year. So the businesses doing it themselves are spending their own man-hours on the payroll, while those who outsource believe it’s worth paying someone else to…
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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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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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How To Choose The Best Accounting Outsourcing Agency – Answers by Maple Tree for Small Business

How To Choose The Best Accounting Outsourcing Agency – Answers by Maple Tree for Small Business

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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10 Signs To Look Out For In The Right Cloud Payroll Software

10 Signs To Look Out For In The Right Cloud Payroll Software

Cloud payroll software is the primary reason behind the decline of traditional, painstakingly manual payrolls, obviously for good reason — they’re repetitive, complicated and prone to human error.

If you are tired of slogging your way through payroll by hand, it might be time pass the tedious task off to a cloud payroll software service. Switching to a cloud-based payroll solution not only reduces costs, but minimize mistakes and frees up your time so you can focus on growing your business.

Image result for did you know icon

As a business owner, you might feel like you are doing all the giving during the holidays. Customers might ask for more inventory and better deals. Your employees might want time off or a holiday party. And, you are trying to find time for your family’s holiday events between busy workweeks.

Take a moment to get yourself something. Give yourself the gift of less paperwork and more time to grow your business. You need a basic payroll software solution – A Cloud Based Payroll Solutions

 

Why Your Business Needs Cloud Based Payroll Software?

An efficient payroll system contributes to the employees’ productivity and morale. It also spares the company from lawsuits and hefty fines. Research shows that a faulty payroll system may cost 40% of small businesses almost $1,000 a year. 

 

Image result for benefits of cloud software

Cloud based software allows you to be more flexible with where you do payroll. You store payroll information online. Cloud-based software gives you the freedom to access payroll from anywhere you have an Internet connection. Cloud payroll software can be a low-cost, time-saving way to do payroll.

 

10 Signs To Look Out For In Right Cloud Payroll Software:

 

 1. cloud payroll software   Cloud based and rock solid security

All the benefits of 24/7 anywhere access on any device with automatic updates taken care of for you, along with taking care of all the backups in data centers across offering you ultimate data security peace of mind.

 

2. payroll cloud   Real time information – Keeping it simple

Cloud based payroll software should be offering integration capabilities, such as linking the system to leave applications, timekeeping, overtime pay rates etc. This not only saves a lot of payroll processing time from having to manually input the necessary payroll information but provides real time information in one click.

 

3. Image result for backup icon  Constant backups

Let’s face it: backing up your payroll data is a bit of a pain. That’s why constant backups offered by cloud based payroll software are the most preferred thing by the entrepreneurs. Cloud based payroll software offers facility of automated backups of your payroll data. You don’t have to do anything to back up your data: the backup process starts from the moment you sign up.

If something goes horribly wrong – say, if you delete an employee or remove your business’s entire payroll history – you can easily restore that data.

 

4.  Image result for interface icon  Easy interfaces and shallow learning curves

Cloud based payroll software offer an excellent user interface. The UI is polished, easy-to-use, and features a small learning curve. After just two or three payroll periods, running payroll should be easy.

You can run payroll yourself or teach an employee to run payroll for your company. The easy UI frees up time for your business and frees you from the clunky payroll systems of ages past.

 

5. Image result for automatic tax filing icon  Guarantees you tax accuracy

Cloud based payroll software should be offering tax guarantees ensuring that you will never be assessed a tax penalty. It is a huge advantage that ensures complete accuracy with every form you submitted.
Payroll on Cloud  guarantees accurate tax returns for all the users; providing peace of mind to business owners and protects you from all payroll tax penalties. Messing up payroll tax automatically results in a 5% to 10% penalty against your business. However, you may also be eligible for a further tax penalty which needs to be paid by both the employer and the employee.

6.   payroll on cloud software File tax forms electronically

Cloud based payroll software makes it easy filing your taxes electronically. Payroll on cloud reminds you when your taxes are due. Many cloud based payroll services completes the tasks using the employee information that you have provided. This means less time worrying about tax season and more time running your business.

The penalties for late tax filing can be steep; notifications will never let you miss your tax filing deadlines.

7. Image result for payroll on mobile icon Mobile access

A right cloud payroll software should be offering payroll access on the go. Serving both the company and employees, managers and payroll teams can run payroll and view reports while out of the office, while employees can manage their personal information, view their pay stubs and verify their hours worked. The added benefit is freeing up the burden on HR staff for forms and tasks that can be addressed individually by the employee.

8.  Image result for accounting software icon   Accounting integration

With proper integration, accounting teams can save hours of wasted time of double data entry. Simply click the import button for the current payroll period and the right cloud payroll system should automatically update your books.

Not only automation integration feature save time, but it also adds peace of mind — without manual data entry, the chances of miscalculations, transposed numbers or other “uh-oh” moments are non-existent.

9. Image result for easy setup icon   Minimal setup process

If you are hiring an accountant, you may need to spend days teaching that accountant about your unique systems and processes. Cloud based payroll software, saves you from this hassle; no setup process required: in fact, you don’t even need to download software.

Your all payroll processing takes place over the Internet. After creating your account, you simply add employees, enter hours every payroll period, and run payroll and its done.  You don’t need any special equipment in your office, nor do you need to spend a lot of time familiarizing yourself with the software.

10.  Image result for customer service icon  Amazing customer services

Your payroll needs will grow proportionate to your business and staff growth, so you’ll want to make sure that your cloud payroll software vendor offers best­-in­-class online support, and has highly trained telephone support for all your queries.

To ensure that the vendor can handle your needs over the long haul, ask which added services can be offered over time and for how much.

 

 

11.Image result for benefits of cloud softwareSwitch To An Efficient Cloud Payroll Software

‘Time is money,’ and the big advantage of a payroll automation system is this: what are you doing if your payroll is not automated? You’re getting this all on paper or e-mailing around Excel spreadsheets. That’s time consuming and there is a much higher chance of errors in the calculations. And if you pay people incorrectly, you can face enormous penalties.

Get easy,  quick and worry free cloud based payroll solutions for your business

image courtesy:JeonSoft Corporation,Vmoksha Technologies

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