Top 5 Payroll Outsourcing Service Providers For Small Business in India
Payroll processing is a highly specialized area that goes far beyond just writing checks. It is responsible for a host of other activities as well that can include: managing the health and pension contributions of every employee, filing reports every quarter, arriving at the exact payable amount even for overseas employees among several other functions.
What to look for in a Outsourcing Payroll Provider?
Of course, like any other type of business partnership, choosing a payroll provider needs to be taken seriously as not all providers are the same. The following represent some important considerations to keep in mind when choosing a payroll provider for your small business.
- Service options
- Are reports available?
- Can they process different type of taxes?
- Partners & Integration
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1.PaySquare – 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.
With its highly customizable and robust ‘Precision’ software platform, Paysquare offers complete automation while offering managed payroll services to its clients. A real-time synchronization of ‘Precision’ with its web-based ‘myPayroll’ portal offers employees complete access to their salary related information and provides a single window for the HR/Finance teams to interact online with the Paysquare teams. Powerful MIS reports help in making life easy for the HR & Finance divisions.
Their specialties are:
Payroll Outsourcing, Statutory Compliance, Payroll Services, Web based employee self service portal, Expense reimbursement
Meet the core team of Pay Square
- Rakesh Jain is a CEO at PaySquare. Rakesh is a seasoned finance professional with 20 years of industry experience. He is the CEO and founder member of Paysquare. With his industry experience and vision, he has been a catalyst for developing Paysquare as one of the preferred destinations for payroll outsourcing.
- Amit Kumar is a Manager Sales at PaySquare. A mathematics graduate, a certified MBA, a true sales professional,and a strategic thinker. Have 7 years of experience in Sales & Marketing(B2B sales, corporate sales, payroll solution sales, consultative sales ,institutional sales ,client relationship management, sales strategies)
- Rekha Jain is a AVP Sales at PaySquare. Extremely hard working and has strong work ethic. She also has very good interpersonal relations with all her colleagues. It is an absolute pleasure to work with her.
PaySquare specializes in:
Paysquare wants you to focus your time on core business activities instead of tackling operational challenges related to run a consistent and error free payroll for your employees.
Paysquare will take care of the entire payroll management, right from consolidating HR/Finance & employee inputs, to processing of payroll, providing the respective outputs and managing statutory filing, Paysquare helps you manage it all.
- 24*7 access to data – Payslips, Taxsheet, CTC Re-Imbursements Etc.
- Simulated Taxsheet with Tax workings/Tax Liability.
- Online Query Resolution.
- Employee Master Data.
Apart from payroll, PaySquare deals in
- Employees can directly apply for leave online, comp off, en-cashment, 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 updation of shift roistering/ approval of leaves/ adjustment in leaves etc
2. Electronica Finsmart Solutions- Pune
Founded in the year 2007, The team at Finsmart Solutions comprises of qualified Chartered Accountants supported by accountants. As a team our strength lies in the area of accounting and payroll.
Finsmart Solutions aims to play an integral role in the growth of our customers. Over a period of time many companies from different business segments including SMEs, Startup units and MNCs have trusted Finsmart Solutions for their accounting and payroll needs.
Their specialties are: Company incorporation, Payroll services, Audit and review, Reconciliation and Accounting
Meet the core team of Electronica Finsmart Solutions
- Abhishek Shrivasatava is a Business Solution Advisor. Abhishek is a seasoned professional having over 11 years plus experience in strategy planning, sales & marketing, business development, key account management, team management with excellent understanding of business dynamics and updated market knowledge combined with creative strategies.
- Shalaka Joshi is a MD/CEO at Electronica Finsmart Consultancy. She is responsible for Business Development and Customer Management from a broader perspective. Over a period of time – She has worked with various reputed companies from different sectors such as Manufacturing, Software development, Sales and Services for their accounting and payroll related requirements. Her passion for work and desire for excellence is well appreciated by clients.
- Uma Pardasani is a Operations Manager at Finsmart Consultancy. Developing and managing the core processes of Card Personalisation, Return Management and Tele-calling Assisting Marketing team in the launch of new card product. Administering the operations of Outsourced activities
Electronica Finsmart Consultancy specializes in:
- Monthly processing of payroll
- Monthly computation of payroll related statutory liabilities
- Monthly preparation of Bank Transfer Letter
- Monthly preparation of Employee Payslips and Income Tax Computation report
- Attending to employee queries
- Generation of Form 16annually
Apart from payroll, the company also offers:
Company incorporation services:
- Decide an entry strategy (for example: Pvt. Ltd. or LLP or JV etc.)
- Company Registration with Company Law Board
- Issue of Share Capital
- Meeting compliances stipulated by the Reserve Bank of India
- Registrations with various local government authorities
- Opening bank account(s)
- Designing employee payroll structure
- Setting up business procedures and systems
Accounts Outsourcing services
- Monthly Accounting Entries
- Bank Reconciliation
- Statutory dues calculation and Payment
- Statutory Compliances
- Monthly Closing
- Monthly Management Reports
- Record Maintenance
- Advice on accounting process and controls
- Providing necessary information and details to auditors
- Attending to auditor queries
3. Remunance – Pune
Founded in the year 2004 . “Remunance Systems (formerly known as EXL-Source) provides bespoke solutions and consulting services ranging from End to End Payroll administration, Attendance & Leave management to setting up offices in India for businesses abroad.
The mission of Remunance Systems is to provide high quality, reliable, consistent service to its clients enabling them to dedicate focus and attention on their core activities and at the same time harness the benefits of availing the expertise in specific business domain.
- Their specialties are: Payroll Processing, TDS computation, IT, PF, TDS Returns filing,, Investment declaration, Investment and Insurance advisory, Actuary services,, Leave & Attendance Management, IT, PF, TDS Returns filing,, Reimbursement, PF, ESIC, Salary Slip generation
- Rajendra Vaidya is a Founder & MD of Remunance. He has have over 20 years of experience in complex project management, business administration and organization development. I have developed a deep focus and substantial expertise in building, nurturing and growing service-based businesses from inception to maturity.
- Anuja Mahajan is a HR Assistant at Remunance
- Jatin Prajapati is a Business development at Remunance. Research and build relationships with new clients.
Following up new business opportunities and Setting up Meeting. Focus in Business Implement and Business Planning. He has handled Pre-Sales and Post-Sales Activity
Remunance specializes in:
Outsourcing Payroll Services
- End to End payroll administration right from employee joining to full & final settlement.
- Pan India presence with services being provided in more than 29 locations.
- Expertise and proven track record of working with businesses from diverse industry verticals and size.
- India partners of three Multi-country payroll service providers.
- Provide customizable tax tables, calculations and forms.
- Track vacation, sick & holiday pay in addition to regular bonus and commissions.
- Maintain Payroll history for each employee.
- Pay by hourly, weekly & monthly schedules, as applicable & manage expert payroll.
- Maintain a Checks issue register. Generates Cost Accounting Reports, Wage reports (monthly, quarterly & annual) and Management dashboards.
- Issue Pay slips to each employee in PDF format.
- Maintains all statutory records such as Tax deducted at Source, Provident Fund contributions.
- Generates all year end and quarterly reports for electronic filing.
- All statutory forms such as Form 16, Form 12, Form 6, and Form 24Q, Form 24 etc. required for filing quarterly and yearly returns.
Apart from Payroll services, Remunance offers Leave and Attendance Management and Business Incubation services.
4. TopSource – Pune
Founded in the year 2004, TopSource 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 was founded by four partners who wanted to combine their desire to build a great business with their belief that basic business services could be done better.
- Their specialties are: Payroll Processing, Accounting Support Services, HR and Payroll, Statutory Compliances, Leave Management, Expense Management, Accounting Support Services, Online Document Storage, Document Archive and Workflow, HR Data Tracking, Timesheet Processing, Purchase To Pay
Meet the core team of TopSource
- Sachin Disa is a VP Finance and Strategic Projects at TopSource. He is a qualified Chartered Accountant with 16+ years of experience, of which last 12 in the financial services outsourcing industry. Currently working as a Vice President – Finance and Strategic projects with TopSource Global Solutions, India and am responsible for the groups’ financial reporting and controls and involved in new service/product development, features and sales. Previously, I was the General Manager – Operations and had the responsibility of overall service delivery for the company managing 200+ FTEs that are servicing our 650+ clients.
- Sunil Bane is a Director and CTO of TopSource. As a key member of the team, successfully led the development effort and built the related global sales ,recruitment and operational business around it in a short time-frame.
Madhura More is a Business Consultant at TopSource
TopSource offers specialized services which include:
- Is truly comprehensive – from timesheet to payment. It can even link to your biometric systems.
- Includes a huge range of reporting and system options, which can be expanded into leave management, attendance tracking and HR systems.
- Is secure, and available via the web, 24/7.
- Ensures you and your staff will have access to up-to-date and correct information, at all times.
- Is managed by Chartered Accountants – so quality is built in.
- Is fully compliant with all legal reporting requirements.
- Are fully supported via our local support centres in: Mumbai, Pune, Hyderabad and Bangalore.
Other than Payroll services, it offers:
- 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.
TopSource also provides services like Statutory filing, Attendance recording, Expense claim processing, and Staffing solutions.
5. Naman Integrated Management Services – Mumbai
Founded in the year 2004, Naman Integrated Management Services Private Limited (Naman) is a strategic management-consulting firm dedicated to address HR and Management challenges faced by Client organizations.
With offices in Mumbai & Vadodara, we are one of the fastest growing associations of Human Resource consultants of Indian origin partnered with 200+ clients from diverse industries and business sectors operating in India, South Asia and UAE. Naman possesses expertise in offering end-to-end HR consulting including training & development, OD interventions, organization design & diagnostic services, compensation benchmarking & survey, designing & implementing performance management systems & talent management initiatives, HR System design & deployment and psychometric services, and recruitment services.
- Their specialties are: OD, HR & Assessment, Training & Coaching, Pscyhometric Assessment, Recruitment
Meet the core team of Naman Integrated Management Services
- Sudhir Kulkarni is a Former Head HR & L & T Power at Larsen & Toubro Power. Led the HR function for the E&C Business of L&T, (Hydrocarbon and Power) initially in Powai (Mumbai) and later in Baroda, collectively for 18 years. Took over as the Head of the HR function since the formation of the separate Power Business, to grow the Power Business through Human Resource. Was a member of the core Business Committees for Power and HR Council for the integrated HR function of L&T Corp.
- Samir Parikh is MD & CEO of Naman HR. Samir is a versatile international leadership trainer, accomplished entrepreneur, successful mentor & prominent speaker with 24+ years’ experience including 15 years in corporate sector as an HR professional. He has delivered 5000+ man days of training; lead 40+ major HR & OD assignments and personally coached 25+ leading entrepreneurs and senior management executives.
- Deepali Tandon is a Business Development manager at Naman HR. Introducing and promoting Naman to the new and target clients. Maintaining client relationships and writing proposal. Developing and Maintaining client database. Social Media Marketing & Branding – Updating and driving traffic on social media platforms.
Naman Integrated Services specializes in:
- Their payroll Consultants abides to all the statutory laws
- Best practices that ensure 100% confidentiality and data security.
- Competitive pricing with no hidden charges/fees
- A full suite of payroll services for you to choose from to manage leave and attendence etc.
- Expert assistance and advice across all industrial and corporate sectors
- Access to payroll experts on the phone and in person
- HR payroll and Outsourcing services by Expert financial advisors
Image source: bellspayrollservices.co.uk
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