Top 10 Payroll Services and Payroll Software in India
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Payroll services that are outsourced is an act of delegating payroll administration to 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 is 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 adopt 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 report 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 payroll, while those who outsource believe it’s worth paying someone else to do it.
Payroll is more than just cutting paychecks
Payroll is is one of the biggest expenses SMBs have. It can also be your company’s biggest headache if it isn’t done correctly. Whoever is doing your payroll whether a service provider or a member of your team) must understand the relevant tax laws and regulations, all of which vary considerably from state to state. It can be an administrative headache, and mistakes could mean a phone call—or worse—from the taxation department.
AccelaWork outsources its payroll to Automated Payroll Service, which Slaughter describes as “a small payroll company specializing in working with small companies.” He says the service he gets comes with a personal touch, which makes going with the “little guy” worthwhile.
Why outsourcing payroll services or implementing Payroll software make sense?
Large corporations have the resources to sustain large payroll divisions. Smaller businesses usually don’t, so they look elsewhere for help. Running a business is hard enough without getting bogged down with administrative tasks and Payroll mistakes are notoriously commonplace, and many small operations find it nearly impossible to stay on top of the numerous and complicated tax code changes that can lead to these errors.
“For a small business of around 10 people, I have found that the cost of paying an outside agency to manage payroll, tax liabilities, documentation, and process the physical checks is less expensive than having an internal dedicated person,” Rodriguez says.
To outsource payroll services or implement payroll software has made inroads in the Small-medium market because it gives business owners full control over how their employees are paid. Implementing a Payroll software program or outsourcing the service can simply can offer the following benefits:
- Usually cheaper
- Instant access to the data
- Customization as per your business requirements
- Time savings
- Compliance and accuracy
Technically speaking, for small and medium businesses, we know it is a formidable task to sit at the end of every month and pour in many hours to summing up the salary details for each employee. Often, in such companies the owner has to perform multiple duties and it’s difficult to spare time for calculating overtimes and employees taxes.
Here comes the usefulness of this simple yet effective Payroll software and Outsourcing Payroll service provider takes care of all the necessary calculations and takes care that the salaries are paid on time.
Here are top 10 Payroll Services and Payroll Software in India that would take care of all your employee accounting woes.
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.
Testimonials 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.
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 Hotel Chain.” – 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
- Finance and accounting
- Corporate services
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.
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.
– Let’s Comply – Payroll Service provider from New Delhi
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
Greytip has presence & staff in Bangalore, Mumbai, Chennai, Pune, Hyderabad, Coimbatore, Dubai & Muscat.
Remunance – Payroll Service provider from Pune
Remunance is a customer centric 75 member strong organization. They consider themselves as a strategic extension of their customer’s operations.
Remunance formerly EXL-Source is all about teamwork and passion. They have an intense service orientation and culture in our office. High integrity is at the heart of our values and philosophy because they believe that they are mandated to live up to the trust that their clients repose in us. Their team is our core strength and they lay a special emphasis on hiring and retaining people who share the same values that they believe in.
The reason SME Joinup recommends Remunance payroll service to the small business entrepreneurs is because their focus is on simplicity, making things simple using a transparent and predictable approach and consistently meeting delivery expectations.
Remunance have offices at several locations like Ahmedabad, Delhi, Nasik, and Hyderabad.
Remunance caters to all needs of payroll administration from consulting to execution, partial or End-to-End payroll processing as needed.
Treelife Consulting – Payroll service provider from Mumbai
Treelife Consulting has been founded by, Jitesh Agarwal and Garima Mitra. Jitesh Agarwal is a qualified Chartered Accountant and has over 5 years of experience from the Big 4s. He has independently worked on audit engagements of various private and foreign banks.
Garima Mitra is a lawyer with corporate law experience of over 2 years in cross border transactions and has individually been responsible for compliance, legal, secretarial and regulatory issues. Besides us, we have collaborations with a team of professionals from various backgrounds who support us on our journey and make it difficult for you to choose someone else.
Treelife Consulting is a one stop shop where multi-professionals like CAs, Lawyers, CSs and Finance professionals have come together to support your entity operations and help you in scaling up your business. Their multi-disciplinary approach not only helps you streamline your day to day operations i.e. accounting & taxation, legal support, compliances, payroll, it also help you streamline your business finances like internal audit, process overhaul, retainers, MIS reports, to name a few. Their team comprises of young and dynamic professionals with different skill sets and diverse experience giving your problems a solution from a holistic perspective.
SME Joinup believes that Tree Life Consulting personally involves in each of the project giving the best client experience to each one of them.
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