Tag: payroll

What Small Businesses India Needs To Know About Payroll Outsourcing Services

What Small Businesses India Needs To Know About Payroll Outsourcing Services

Small business payroll outsourcing is the most cost-effective ways of running your staff payroll!!!

Even the most meticulous and experienced professionals find that payroll can be a headache. Taking care of tax filing, cautious about the penalties, and now we are talking a full-blown financially-induced migraine. For many small businesses, payroll services offer an attractive and valuable alternative to in-house processing. When chosen correctly, they provide a less expensive, simpler means of paying your employees, filing your taxes, and performing a host of other duties these companies’ sales reps can’t wait to tell you about.

However, choosing poorly is like starting a new job you weren’t right for in the first place — it’s a hassle to leave, but if you stay, you’ll be perpetually frustrated.

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Companies often initially process payroll themselves for any number of the following reasons:

  • They consider in-house processing to be more cost-effective than outsourcing
  • They are protective of wage information
  • They want to maintain control over payroll data to handle last-minute changes.

Why Does It Make Sense To Outsource Your Payroll?

Payroll Processing is an important aspect of every organization. Payroll is also crucial because payroll and payroll taxes considerably affect the net income of most companies and they are subject to laws and regulations inclusive of employee benefits and overhead costs.

Payroll processing involves tedious routine work and it allows little margin for error and is usually well outside most companies area of expertise.

payroll processsing

Small business payroll outsourcing is becoming a huge business. Increasingly, small business owners are realizing that they don’t have to maintain a finance department in their business. They don’t have to employ finance staff and pay them the going rates, keep dedicated office space, heat it and light it; the list is endless!

They can save money – a lot of money – by letting another company that specializes in payroll outsourcing takes over the running of their wages and tax deductions for their employees. This makes sense for both the small business owner and the outsourcing company. They both stand to gain; it’s a mutually beneficial situation.

What Makes Payroll Outsourcing a Popular Business Solution?

Payroll outsourcing has become a very common and accessible business solution today. Many freelance outsourcing companies now offer payroll for business corporations significantly improving their operational performances. It has become very popular today because of the efficiency of their services.

payroll outsourced in-house

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The fact that efficient professionals are charged with your payroll services mean that they can provide you with quality service in making careful calculations and other payroll functions. This is important because mistakes in computation of tax amounts or savings can cost you money and can waste your time. Some payroll companies however offer compensation for errors in their work or even pay tax penalties for failures in their service.

Paving Ways With Simplified Payroll Outsourcing Services………

With steady advancement in technology, legislation and work culture values, it has become essential to see payroll as a specialized function. For that reason, outsourcing your company’s payroll function aims at bringing process efficiency and enables the company to focus its energies on its primary business. In this pursuit, it requires payroll expertise to manage the most complex payroll and tax scenarios.

Payroll Processing Has Different Segments Which Are Also Outsourced And They Are:

  Payroll Management

By outsourcing Payroll management can bring about new business insights and help you focus on what you do best – running your own business. The payroll processing services allow you to take your human resources management to a higher level.

It is important for your organization to ensure error-free payroll management activities. This way your company can enjoy a payroll process which is timely and accurate. When you don’t want to manage all payroll processes in-house, you can think of payroll outsourcing to an experienced provider such as Pay Square, Finsmart, Intero Solutions, Top Source & ADP.

What Pro vendors have to say about outsourcing payroll……

ADP like we all know is a leading Payroll outsourcing service provider and now has extended the services for small businesses IndiaADP is been into offering customized payroll solutions for small business. The payroll solutions are simple, quick and designed particularly for the small businesses. ADP’s small business payroll solution offers services that include human resources information system, time and attendance and leave management that help you optimize various important aspects of your business – such as employees’ productivity, accurate payroll, compliance, just to name a few. The multi-country payroll solution from ADP ensures that it has your back covered when you are ready to expand your business.

You can read ADP’s latest newsletter here...

Like ADP, PaySquare is a leading Payroll outsourcing service provider that helps small businesses India manage it all – From consolidating HR/Finance and employee inputs to processing of Payroll, providing the respective outputs and managing statutory filings.

Managing complex payroll across locations- Ever changing regulations and policies across different categories of employees made it difficult to process payroll efficiently.

Manual interventions were many, but ideally, they wanted to do away with these and have a completely automated solution….Find more Pay Square case studies here.

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Pay Square believes that having accurate payroll and on-time payroll matters a lot. Every employee wants to get paid on time and when they check their bank accounts on the day of salary they want it to be exactly what they were expecting and they do not want to find any.

Let the experts manage your payroll processing, which in return will give you:

accurate salary calculationpayroll practices

The benefits you avail by hiring payroll outsourcing services:

  • Fast turnaround
  • Assistance throughout the entire life-cycle of the employee, right from the day of recruitment to exit
  • Streamlining of all payroll processes
  • Reduced investment in IT infrastructure
  • Well thought-out resource deployment

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  • Strict adherence to compliance and statutory requirements
  • Error-free documentation and reports
  • Solid business intelligence that helps top management with their strategic initiatives
  • Low-risk of penalties due to non-compliance
  • Speedy and efficient resolution of all employee issues

 

leave management icon   Leave Management

The HR department always tries its best to ensure compliance with leave policies as well as ensure that there are enough resources available for business continuance. Besides, they strive to improve employee satisfaction.

Managing leave data can indeed be a challenging task when done manually or using traditional methods. A technology that simplifies leave management is most needed for streamlining leave and attendance data and outsourcing payroll service providers help their clients to achieve the same.

By outsourcing Leave Management services, it will make easier than ever before for your business, your HR team and managers, and your employees. It allows employees to holistically maintain leave data and information, apply for leave and get approval from their managers through an extensive set of user-defined parameters, available in the application. The same is available on mobile devices and helps increase productivity by providing access anywhere, anytime.

The key benefits that your organization will enjoy are:

  • Increases productivity of the organization by streamlining the leaves of the employees
  • Employees enjoy the privileges of leave without disturbing the work process of the department
  • The software helps ensure the compliance to labor laws without any hassles
  • Manages the system of leaves and makes it easy to refer later by managers

Now no more mistakes when you have a PRO to take care of….PaySquare being “PRO” outsourcing vendor when it comes to “Leave Management”. PaySquare’s Leave Management System enables clients to focus on strategic goals rather than bothering about day to day leave and attendance related operations.

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Pay Square clients enjoy the benefits like:

  • Employees can directly apply for leave online, comp off, encashment, view leave balances & other related time – off information.
  • Various outputs stating the leave calculations/ balances etc.
  • Leave Planner for better resource management.
  • Interface with attendance systems for data transfer & Attendance regularization
  • Rights for updating of shift roistering/ approval of leaves/ adjustment in leaves etc.

Some of the case studies of the Pay Square clients are presented here:

  • DELIVERING VALUE IN A RE-ENGAGEMENT CASE

SNS Tech was facing challenges in accuracy and consistency from their existing payroll partner

  • CONSOLIDATED PAYROLL ACROSS GROUP COMPANIES

“TACO was looking for a partner who could streamline the payroll process and operate with 100% accuracy. Points like centralization of data and consolidation of inputs were also high on their wish-list.”

time attendance image Time Attendance

Tracking time and attendance of the employees are very important, as it forms the basis for many HR activities like Payroll Administration, and so on. Moreover, it is very important that employees meet the required time schedules. Outsourcing your time and attendance to the payroll service provider will help you to manage your employees’ time and attendance data effectively. You can ensure that employees record their work time using employee self-service, while you centrally record the data in the Human Capital Management System.

Outsourcing your Time & Attendance will integrate a seamless working pattern across your existing systems around biometric devices, swipe cards and any other conventional attendance systems along with future-ready solutions including NFC & GPS based Attendance. Your organization can visualize your employee availability across your offices leveraging the geo-spatial abilities to tag an employee to a specific location.

Get free quotes on payroll processing from SME Joinup now!!!  

statutorycomp Statutory Compliance

The landscape of statutes of labor laws is constantly evolving, and it takes a special agility to keep abreast of all the latest developments and ensure compliance.

It is absolutely imperative to comply with all legal and statutory norms for businesses to operate successfully in India. This often involves a significant investment of resources, time, and continuous monitoring to be in the know of all the changes that are happening, in order to be compliant and avoid penalties.

stat compliance

With the ever-changing employment laws, it becomes a challenge for small and mid-sized companies to keep themselves compliant. What these organizations need is reliable HR compliance services from an experienced provider. To ensure timely and efficient statutory compliance in your organization, the following aspects must be in place:

  • Unrestricted access to local and regional expertise
  • Expert support during all audits and inspections
  • Following ethical practices
  • Knowledge of time-lines for adherence to the many laws and regulations
  • Updated documents and data in a centralized location, and which are readily available

As you can imagine, this takes a lot of effort and investment in terms of both money and manpower. Not every organization can afford to or even want to spend so many resources in ensuring compliance. Nonetheless, it is absolutely vital for a business to be compliant to all the laws of the land.

It statutory compliance outsourcing to an experienced firm, you can ensure compliance without having to hire and maintain a separate department for it.

The outsourcing payroll service providers come with years of experience and expertise in the following areas:

  • Statutory compliance audit
  • Statutory benefits administration
  • Comprehensive coverage of all labor laws – Factories Act, ESI Act, Minimum Wages Act, Bonus Act, Shop and Establishment Act, PF and Misc Provisions Act, and Labor Welfare Fund.

Benefits of outsourcing your statutory compliance:

  • The clients benefit from outsourcing statutory compliance management in many different ways.
  • Sound corporate governance
  • An increase in focus on strategic business areas
  • A reduction in the labor overheads
  • Timely compliance and adherence to all the different statutes and labor laws
  • Avoidance of all litigation and associated costs that may arise out of non-compliance
  • Complete and accurate maintenance all records that are relevant to compliance

The Scope of work offered by outsourcing service providers:

The services offered covers all the following under the labor laws that are applicable to your factory of establishment:

  • Audit of Labor Law compliance
  • License application/amendment/renewal
  • Maintenance of statutory registers, records, notices, and returns
  • Liaison with Factories, Labor, ESI and PF authorities
  • Remittance of statutory payments
  • Continuous monitoring of contractor compliances
  • Nominations under different legislation
  • Exemptions under labor legislation
  • Benefits under labor legislation
  • Accident coordination activities

No matter what…

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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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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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