Introduction of the service
Are deadlines for payroll being missed?
Are you sure about the calculations for payroll tax?
Do you have a lot of employees? With fewer than 20 or so employees just do the math comparing the cost per hour for what you’re doing now versus the plan a payroll outsourcing firm can provide.
Well it's pretty logical; when you run out of time! When there aren't enough hours in the day to handle the day-to-day operations, clients and employees the payroll outsourcing, which is one of the first functions small businesses outsource, can be a cost effective strategy for your business.
Features of Payroll Outsourcing
The following are features that are available with most of the payroll outsourcing companies.
- Recruiting and on-boarding
- Performance management
- Time and attendance tracking
- Leave management
- Tax processing
- Statutory compliance
Payroll is one of the biggest expenses SMBs have. It can also be your company's biggest headache if it isn't done correctly. Your company can benefit by outsourcing payroll in various ways like:
- Cost effective services that are designed to help you better manage your business.
- Valuable services, included in standard package, that go above and beyond the usual “cookie cutter” services.
- Customized services tailored to your specific needs.
- A specific trained professionals who becomes an extended part of your administrative team.
- Guaranteed satisfaction
Reduce your costs, minimize compliance risks, and increase employee productivity. Do all this and more by outsourcing Time and Attendance to an expertise payroll outsourcing firms.
- Easy to manage time and attendance, time off requests, and process payroll
- Smart e-mail notifications for timely timesheet submissions/approvals
- Helps you to stay in loop even if you are out of the office
- Easy to keep track of employee schedules
- Easily to manage time of part-time, full time, exempt and non-exempt employees
It enables company to focus on other important business matters rather than bothering on employees’ day today leave and attendance.
- Enables you to better manage your staff and lower your costs.
- Provides accurate data on attendance.
- Enables staff to better manage their lives and expectations.
- Ensures your payroll will be correct. (This often a source of staff friction.)
- Allow managers and staff to automate the entire leave management process – greatly reducing paperwork.
- Managers and staff to view currently available leave balances easily.
Companies, whether big and small have to adhere to laws so as to keep businesses out of legal trouble and avoid penalties. Hence, one needs to have a deep knowledge of it, to minimize the risk associated with non-compliance.
- Registration of the company with Provident Fund, Professional Tax, Employee State Insurance, Labor Welfare Fund Authorities
- Calculation & Deduction of the respective statutory dues
- Preparation Statutory Reports/Registers.
- Preparation of Challan and remittance in bank
- Preparation and Filing of Monthly, Half Yearly, Annual and random returns
- Collation and compilation of employees’ documents for Registration, Nomination, Transfer, Withdrawal and Pension
- Liaison with Statutory bodies
Payroll companies generally charge a basic package fee. Your basic package fee may not cover certain payroll tax duties and relevant. For instance, you may pay extra for year-end tax processing. However, each company has different needs and to cater to this. Also some create customized payroll accounting solutions determining the client requirements.
The costs start at as low as INR 6000 to 50000 depending on your employee strength and work type.Request for Quote
Interbiz International Private Ltd., is a leader in providing solutions across the gamut of HRMS solutions. Our products have been consistently serving our customer’s needs effectively for over 15 years. Over 600 clients across top 20 industry verticals have view moreGet Free Quotes
Finsmart Solutions was established in 2007 and is one of the leading organisations that provides Accounts Outsourcing Services, Outsourced/Virtual CFO services, Company Incorporation Services, Recruitment Services, and Payroll Outsourcing. It has maintained an excellent track record in providing accounting view moreGet Free Quotes
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Understand The Difference Between 3 Types Of Payroll Services- Those Offered By Bookkeepers, Certified Public Accountants And Professional Payroll Services
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