A Guide to Know All about Cloud Payroll Outsourcing in India and How It is benefiting Small Businesses
“As more and more millennial make up a greater percentage of the workforce, they do not have the same concerns as professionals that did not grow up with the cloud. This generation is used to everything being mobile and accessible; their point of reference is different which changes their fear factor of data being in the cloud.” –AMY VETTER, global vice president of education and head of accounting at Xero USA
Cloud payroll can be operated via a web browser on any well-suited device and operating system. Most of the times cloud payroll service provider companies offer IOS and Android apps access to operate payroll via their mobile devices. Additionally, cloud payroll outsourcing provides a well managed infrastructure to keep business accounting work well managed and maintained.
India Emerging as Payroll Outsourcing Hub
India has recognized worldwide as a payroll outsourcing hub. A number of software companies are already providing payroll cloud and in-house systems to the SMEs based out across the world. The industry is rising fast with the entry of service providers across the industries and government sectors. As the more SMEs are choosing to implement payroll outsourcing, the advancement in the technology has also increased. Likewise, more software companies are coming up with cost effective payroll software to provide accurate results.
Things Every SME should to know about outsourcing of Cloud Payroll in India
Generally, all businesses withhold and compute government taxes from their employees’ salary. Many of them also have employees’ welfare and benefits plans including leaves, health insurance, house & travel allowance and others and all require deductions and calculations along keeping salary record. Cloud payroll outsourcing protects SMEs from this complicated process and maintains a record of all allowances including house rent, transport, medical, meals, leave travel, education, and all other special allowances.
Why SMEs’ Confidence on Cloud Payroll Outsourcing Has Increased
Software Advice an international organization surveyed SMEs to judge their level of confidence in cloud payroll solutions in 2014 and reveled:
ü Most of SMEs were quite confident in payroll solutions but were concerned about security
ü About half were unlikely to adopt a cloud-based accounting solution in the future.
The same company again conducted a follow-up survey in 2015 to study that how the SMEs’ behaviour has changed towards payroll services within one year. The survey also asked about the benefits they are getting from cloud payroll outsourcing. It revealed:
The top benefits cited by users of cloud-based systems include:
|Easier access to the system
|Security and safety of data
|Ease of use
Small-business concerns about security and safety of data were lessening in 2015
- The number is lessen from last year’s 46 percent
- About 50% of participants are “very confident” in the reliability of cloud-based software
Seventy percent of respondents are “moderately” to “extremely likely” to invest in cloud-based accounting solutions in the future. Only 30 percent say they are not at all likely to invest, down from nearly 50 percent in 2014. (Source of Information: www.softwareadvice.com )
Most of the SMEs Leveraging Cloud Payroll Outsourcing in India
SMEs these days not only look for economic solutions to do businesses systematically but also expect value added services in order to handle everything from core- activities to do day to day tasks hassle-free. Payroll and accounting has become one of the main outsourced services for small businesses as it allow them managing accounting and payroll work better to make informed decisions for business growth. Cloud payroll software often demanded by those startups that have limited budget and lack of wide extended infrastructure to manage an in-house team. They are best to employ in the beginning as limited data can be shared and transferred easily via cloud.
Does cloud payroll outsourcing suits to you? Can it meet the specialized needs of businesses like yours? Don’t get stuck within these types of questions. Just visit SME Join up and find out a refined list of cloud payroll vendors including Intersoft International, Divergent Infosoft Technologies, ePeople Bespoke Consulting, Pact Software Services, GreytHR, Alp Consulting, Seed Management and many more online. These companies are recognized to provide a comprehensive range of cloud payroll software especially for SMEs and large size companies. Also, SME Joinup will guide you to take on easy, fast, affordable small business cloud payroll solution plus a professional assistance for running it smoothly.
In addition, the description about cloud payroll outsourcing given below will help you to decide whether you should outsource payroll for your business or not.
Cloud Payroll Outsourcing Promised Accurate Results and Better Management
Cloud payroll outsourcing can be beneficial as it helps businesses to generate 99.9 per cent accurate results. This, in turn, ensures better management of back office functions. Industry experts help small businesses to handle payroll whereas dedicated staff under them handles all services efficiently.
Ensure Augmented Money Savings
Sometimes small businesses face difficulties to maintain payroll efficiently. However, hiring an expert or having an in-house team for this task is likely money burning process. But after outsourcing of payroll operations small businesses can simply save up to 20 percent of total cost every month. Saved amount can be utilized toward the funding of other core business processes.
Ensure Productivity and Time savings
Managing payroll processing is not an easy task. Keeping track of everything from employees’ salaries to deductions and leaves to benefits sometimes leads to a number of frustrations, unnecessary stress and a lot of time consumption. But cloud payroll outsourcing allows employers to focus on their business core activities by liberating them from all this.
No Fraud Transactions
Cloud payroll outsourcing service provider companies take responsibilities of everything. They are accountable for every single money transfer as well as its accuracy and high quality services delivery. It also helps in controlling any kind of fraud sometime done by anybody within the organization or from the outside.
Enables Quick Money Transfer and Direct Deposits
Cloud payroll outsourcing helps employers to do direct deposits to the employees’ accounts from anytime anywhere. This reduces the risk of employees’ dissatisfaction and fraud by eliminating documentation and the use of any kind of paper etc. In addition, it also keeps everything confidential and safe.
Help in Avoiding Penalties during Tax Processing
Handling payroll inappropriately leads to anger among employees, penalties, unnecessary audits and many other painful challenges. Also government’s rules and regulations are always keep changing and new business owners are not expert to understand everything about government tax regulations. Cloud payroll outsourcing offers a plethora of services to handle everything with the help of a recognized team of experts.
Reaping Benefits of Advanced Technology
Payroll technology is varying continuously and small business owners can avail benefits of such progressive technology through outsourcing. Payroll software helps employers to save a lot of time and money all along an easy access. It also generates personalized reports that help to analyze financial situations efficiently.
So, it means Cloud Payroll Outsourcing ensures;
In conclusion, payroll is a complex and risky business operation and employers many times fails to find the right cloud payroll outsourcing company. However if you talk to SME Joinup, it can provide you apt tips and consultancy to choose a perfect service provider company for you. So, hurry up fill your info in the attached form and get a right payroll service.
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