How To Choose The Best Payroll Service For Your Business
If there is anything that can be more painful than going through the monotonous and tiresome process of payroll management, it is to mess up with it. Even if you manage to keep the mistakes to minimum, doing your payroll in-house can still cost you. The valuable time and efforts you spend on calculating the money that you have to give away could instead be spent on making money! This is the reason why so many SMEs are turning to outsourced payroll services.
“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.
The apparently simple process of getting your employees paid is actually a complex procedure. It is much more than keeping track of their work days and preparing a few checks. It can be overwhelming for small business owners who are not well acquainted with accounting and payroll processing.
Payroll outsourcing for SME can actually be a huge relief to small business owners. This is the time when small businesses should consider the advantages of outsourcing. Payroll outsourcing India is fast developing and adjusting to the needs of SMEs. It has become much easier for small businesses to leverage best payroll services in India, their domain expertise and benefit from the latest technologies.
Why Payroll Outsourcing Is a Wise Choice For Small Businesses?
The dilemma of whether to keep payroll in-house or go for payroll system outsourcing can be really confusing.
“If a small business owner has a good background in accounting and is willing to research all the laws, remember all the deadlines, and has a very simple payroll, then they could consider doing the payroll themselves,” said Clare Wherley, CPA and co-founder of accounting firm Lassus-Wherley.
Even if a business owner has the ability and skills needed for efficient payroll management, is it wise to spend his most valuable resources i.e. time and money on such a non-core function?
How to Choose The Best Payroll Service: What to Look For?
The reason to outsource payroll is strong and reasonable. Payroll consultant India or payroll services India vary in cost, however their pricing structure is quite standard. Most of the online payroll services charge their clients a monthly flat rate, based on the services used and number of employees.
As you start looking for payroll services India you will find that there are many online payroll services that can offer much more than simple salary transfer to your employees. Some of the other services that they offer are –
- Employer tax payment
- HR forms management
- Report filing
- Benefits administration
- Track of employee breaks and overtime hours
- Retirement services
According to Ken Darrow, editor of Payroll for Dummies, and group marketing manager at Intuit Payroll, “There’s three things that payroll should do for you. It pays employees on time, it pays your payroll taxes on time, and it actually files your payroll tax forms on time. You want to do all three of those to be compliant with the law, and you also better do the last two or you’ll get fined.”
Let us look into some of the key factors that you should consider while choosing the best payroll service for your business.
* Make sure that the payroll outsourcing company offers all the services that you need for your business.
* Though pricing differs according to the service used and number of employees, you need to make sure that you know whether you’re being charged by the month or by the pay period. Also do not get fooled into buying more than what you need. Depending on your requirements choose the package that most suits you.
* Get information on whether or not the outsource payroll service offers a web platform that ensures no duplication of data i.e. the data you enter into the system is the data that actually gets processed. There are chances that the payroll firm re-enters the data you submit, thus leading to possibility for human error.
* Take a look at company’s client portfolio and if possible talk to some of them. Take feedback on payroll outsourcing firm’s expertise, credibility, accuracy and capability.
* Seek to get answers to relevant questions like –
- What specific payroll services does the outsource payroll company provide?
- What is their pricing structure and contract policies?
- Do they have clients from your industry?
- Can they integrate with your accounting software?
- What back-office technology do they use?
- How often will you hear and receive reports from the outsource payroll company?
- If the service makes a mistake, who is liable for those mistakes?
- Is there an additional cost to file taxes in multiple states?
- How can you monitor and track all of your payroll transactions with the payroll company?
One of the right ways to find the best payroll service provider is to get reference from reliable businesses in the industry.
Pat Carson, founder of the San Jose-based bookkeeping and accounting firm Carson & Crew, says, “There will be folks who absolutely love the service they have and would be very willing to recommend people.”
Coming to making suggestions for best payroll service companies, TopSource is a reputed name in payroll outsourcing business. TopSource provides a comprehensive range of payroll and related services like leave management, attendance tracking, payroll document management, investment and K calculations. They have been providing high quality web-based services to over 500 clients, processing more than 3 million payslips per annum.
More about TopSource…
An ISO 9001:2008 certified company, TopSource is a NASSCOM member. They were finalist in the Payroll Awards 2013 and won the Service Provider of the Year award, by Pay & Benefits Magazine in 2014. All their Information Security Policies and procedures are certified and compliant under ISO 27001:2013
TopSource brings to SMEs a level of expertise and business value that had been available only to the largest corporations. One of the best payroll service provider, their services are easy to deploy, highly affordable, and are readily scaled from basic payroll and accounting functions to deliver enhanced value as your needs and your company grows.
TopSource is Statement on Standards for Attestation Engagements (SSAE) 16 Type II compliant. Their secure payroll service is BACS approved, which means their payroll systems can automate your entire payroll process, from timesheet, to payment.
“Our decision to go with TopSource was great. The team is highly reliable, well-trained and they understand customer service. Our association with TopSource has added value and scale to our HR/Admin team.” – Pyrotek India Private Limited.
In the league of TopSource, Paysquare is another reliable name in the market. Their client portfolio encompasses reputed names such as ITC, Kirloskar, Fiat, Atlas Copco, Johnson Control, Hitachi Consulting, Kimberly-Clark, Marico, Coca Cola and JCB. 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.
Another great suggestion is Finsmart Solutions. Backed and managed by qualified Chartered Accountants, Finsmart offers company incorporation services, outsourced accounting services, outsourced payroll services, audit and review services, and outsourced reconciliation services.
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